CV Group (carVertical)

Is CV Group a public company?

No. CV Group, which operates carVertical, is a privately held Lithuanian company. It does not trade on any stock exchange and is controlled by its founding team.

Who owns carVertical?

carVertical is owned and operated by CV Group, the private company its founders established in Vilnius. Co-founders Rokas Medonis, Audrius Kucinskas, Arnas Vasiliauskas, and Robertas Boravskis built the business and remain in leadership roles, with Medonis as CEO.

How does carVertical make money?

The company sells per-report vehicle history checks to consumers and subscription or API data access to businesses. It aggregates records from more than 1,000 sources including national registries, insurers, law enforcement, and classifieds, and compiles them into per-VIN reports.

What was carVertical's revenue in 2025?

Revenue reached EUR 75.8 million in 2025, up 40% from EUR 53.9 million in 2024, with net profit of EUR 13.2 million. B2B revenue grew 83% year on year.

Did carVertical do an ICO?

Yes. In January 2018 the company raised approximately EUR 16 million through an initial coin offering of the CV token to fund the build-out of its vehicle data platform. Token buyers did not receive equity, and the company has since operated on conventional revenue.

Where is CV Group based?

The company is headquartered in Vilnius, Lithuania, where the founding team is based. Its service operates in 37 markets across Europe, North America, and Oceania.

The company was founded in Vilnius in 2017 by four Lithuanian co-founders: Rokas Medonis, Audrius Kucinskas, Arnas Vasiliauskas, and Robertas Boravskis. The founders targeted odometer fraud and hidden vehicle damage, problems they saw as acute in European cross-border used car sales where buyers could not easily access foreign registries.

In January 2018 the company launched one of the Baltic tech scene's most prominent initial coin offerings, issuing the CV token and raising approximately EUR 16 million. The original concept proposed anchoring vehicle records on a blockchain, and the company joined MOBI, the automaker-backed blockchain consortium. The blockchain mechanics faded from the product over time, but the raise funded the data acquisition build-out.

Vehicle history reports launched in Estonia and Lithuania in 2018. Expansion was steady: the United States opened in 2019 as the first market outside Europe, revenue quadrupled in 2020 with coverage at 23 countries, and the United Kingdom became the 25th market in March 2021. A rebrand in 2023 refreshed the visual identity while keeping the carVertical name.

Recognition followed the growth. The company placed 26th on the Financial Times FT1000 ranking of Europe's fastest-growing companies in 2023 and 200th in 2024, and it won Lithuania's LRT Business Leadership of the Year award in 2023.

The 2024 and 2025 period was the company's strongest stretch. Revenue grew from EUR 53.9 million in 2024 to EUR 75.8 million in 2025, up 40%, while net profit reached EUR 13.2 million. The company entered six new markets in 2025, including Ireland, Austria, Moldova, New Zealand, Bosnia and Herzegovina, and the Netherlands, passed 1,000 global data sources, and grew the B2B line by 83% in a single year after it had already doubled in 2024.

The product itself moved up the value chain during that stretch. Reports added previous-owner driving habit insights, vehicle price history, future value forecasting, and mileage prediction, shifting the offer from "what happened to this car" toward "what is this car worth and what will it cost you," a scope that supports both consumer upsell and B2B integration into dealer and lender workflows.

A long-running legal dispute with competitor Diginet LTU, operator of the rival AutoDNA service, resolved in carVertical's favor: the Vilnius Regional Court dismissed Diginet's claims in February 2025, and the Lithuanian Court of Appeal upheld the decision in June 2025, ordering Diginet to reimburse part of CV Group's legal costs.

Diginet LTU litigation: A multi-year legal dispute with competitor Diginet LTU, which operates AutoDNA, concluded in carVertical's favor in 2025. After a retrial, the Vilnius Regional Court dismissed Diginet's claims in February 2025 and the Lithuanian Court of Appeal upheld the dismissal in June 2025, with Diginet ordered to reimburse part of CV Group's legal costs.

ICO legacy: The January 2018 initial coin offering that funded the company's launch attracts periodic scrutiny, both because ICO-era raises broadly drew regulatory attention and because the blockchain elements of the original pitch were later deemphasized. No enforcement action against the company has been recorded, and the CV token's role in the current business is minimal.

Data scope limitations: Consumer review platforms periodically carry complaints about reports that lack expected detail. The underlying cause is structural: the company can only report data that contributing national sources actually hold, and it discloses that coverage varies by market.