Open data company ‘Okredo’ plans to enter the Latvian market

By attracting one million euros to expand its operations, the Lithuanian open data company Okredo plans to enter the Latvian and Polish markets, the company informs.

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The Lithuanian Business Angels Foundation and the Czech Presto Capital Foundation have invested in the Lithuanian start-up.

The online platform “Okredo” operates as a credit risk assessment and monitoring service using open data in business management. Okredo currently sells its services to more than 2,700 companies, with revenue growth of 80% over the year.

In 2021, the European Union’s Open Data Directive entered into force, requiring Member States to open up various data for re-use. “Open data is for the ‘new oil’ business,” says Gerda Jurkoniene, 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.

Arvīds Strumskis, the head of the Business Angels Foundation, points out that the Okredo team has diverse and professional experience with a clear and in-depth understanding of the impact of data on business prospects. “We rarely find start-ups with deep professional understanding and experience, but at the same time they re-evaluate market opportunities and potential – especially when the market is changing so fast,” says 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.

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