The fast-growing carVertical’s revenue grew by 83 percent last year. – AINA

Car data company carVertical’s revenue grew 83 percent. – from 23.3 million euros in 2022 up to 42.7 million euros in 2023 Such a jump was due to the company’s focus on Western European markets, product improvement and attracting new consumer segments.

According to the head of the company, Rokos Medonis, the first months of this year show that carVertical’s growth spurt will continue and predicts that the company should cross 50 million sales this year. EUR income limit and not limited to it.

Orientation to new markets and a wider consumer segment

The annual results achieved last year and exceeding forecasts are still in 2022. the result of a change in the adopted strategic direction. Due to the threat of geopolitical risks, carVertical has made the decision to move its sources of income from Eastern and Central Europe to Western Europe. Thanks to this decision, already in 2023 France, the United Kingdom and Italy were among the company’s largest markets by revenue.

In all these markets, the company grew from 146 percent last year. up to 266 percent Although cultivation in Western European countries started much earlier, it is precisely in 2023. the company was able to unlock exponential growth in these markets.

“Continuous improvement of the product allowed us to offer it not only to car enthusiasts, but also to a wider consumer segment. Last year, we updated our product in all markets, changing its visual appearance and communication. We aim to become a professional advisor both when buying and selling a car,” says R. Medonis.

The head of the company names “carVertical” as a digital export company – the revenue in the Lithuanian market is only 3 percent. of the company’s total revenue.

in 2023 the number of data sources used by carVertical has also increased. As R. Medonis asserts, the company has reached such data sources, the existence of which it had no idea. “The value of data comes over time. In other words, the data you accessed yesterday will show its true value only tomorrow,” says the company manager.

Will focus on new product development

The company recently launched a new product, an app for all drivers’ needs called carOne. According to R. Medonis, although the company has not yet devoted all its capacities to the marketing of the new application, already in the first quarter of this year the app has crossed 50,000 users. limit of active users.

“The fact that you managed to attract a user does not guarantee success. Such apps are difficult to monetize. We improve the application based on results, user feedback and their usage habits. During our years of operation, we have learned to grow products in large and very different markets, so our goal is to adapt the app for foreign countries in the near future,” explains R. Medonis.

They no longer call themselves a young company

CarVertical, which is in its 7th year of operation, no longer calls itself a young company. The number of employees has grown from 95 to over 150 in a year.

Last year, carVertical’s information security management system was awarded ISO/IEC 27001:2017 certification. The company was also included in the Financial Times list of 1000 fastest growing European companies for the second year in a row.

Although the company is growing rapidly, carVertical continues to offer employees the opportunity to work from home and take unlimited vacation. The company also shares the company’s successful results with its employees – last year, it allocated half a million euros to buy out the shares of employees who participated in the option program.

The company also contributes to various social initiatives and last year donated 100,000 euros to the “Sengirės Fund”, which will be used for the preservation of forests.