By attracting one million euros to expand its operations, Lithuanian open data company Okredo plans to enter the Latvian and Polish markets to offer easily accessible corporate data on a user-friendly platform that can help companies increase sales and manage business risks.
The two largest Lithuanian investors have invested in the Lithuanian start-up – the Lithuanian Business Angels Fund and the Czech Presto Capital Fund.
The Okredo online platform acts as a credit risk assessment and monitoring service, helping small and medium-sized businesses reduce business risks by using open data in business management.
Okredo currently sells services to more than 2,700 companies, planning revenue growth of 80 percent over the year. In 2021, the European Union’s Open Data Directive entered into force, which forces Member States to open various data for re-use.
Open data is for the “new oil” business. We are glad that investors have trusted our business idea and see the prospect of such services not only in Lithuania, but also in other markets, ”emphasizes Gerda Jurkoniene, the founder of Okredo.
She emphasizes that the aim is to increase the financial literacy of small and medium-sized enterprises by understanding how data can help them grow their business effectively by providing them with simple and easy access to data and financial statements.
We enjoyed the diverse and professional experience of the Okredo team with a clear and in-depth understanding of the impact of data on business prospects. We want to contribute to the development of the company in other countries and strengthen this unique new business direction, ”says Arvīds Strumskis, Head of the Business Angels Foundation.
“We rarely find start-ups with deep professional knowledge and experience, but at the same time they re-evaluate market opportunities and potential – especially when the market is changing so fast. We believe that Okredo will become a platform that unites all European data, ”emphasizes Roman Novova, a partner at Presto Ventures.
In the open data platform “Okredo” companies can find open data from the State Revenue Service, the Register of Enterprises, the State Employment Service, the Labor Inspectorate, the Road Traffic Safety Directorate, the Court Administration, as well as official registers – financial statements, business websites. Users can follow changes in the status of companies, search for companies by desired criteria. The platform provides solutions to the partner company “Scorify” – the company’s credit rating calculation, credit reports and other data.
–
