Lithuanian startup Tingit raises €1.5M
Lithuanian startup Tingit, which develops a platform for repairing fashion items and everyday electronics, has raised €1.5M. The startup's investors include Coinvest Capital, FIRSTPICK, NGL Ventures, and existing investors.
Tingit is developing a repair marketplace for shoes and other items: lining or replacing linings or zips, refurbishing shoe soles, and many more. All users need to do is record a video of the item they want to repair, showing the problem and briefly describing it. Once the video has been uploaded to the platform, a response will be sent to the user's email within two hours with the cost of the service. If the conditions are suitable, the user is redirected to the payment section and, after payment, the item is sent by post and repaired after 1-3 weeks. The company was founded in 2023 by Indrė Viltrakytė, Robertas Kalinkinas, Tadas Maslauskas, and Laimis Lomonosovas.
The company will use the investment to develop its platform, improve its artificial intelligence algorithm, and expand into European Union markets.
Coinvest Capital stands out as a sovereign VC fund, fully funded by the Lithuanian state and the EU. It is a 100% subsidiary of the National Development Bank ILTE, which is, in turn, owned by the Ministry of Finance. Government ownership ensures the Fund's stability and reliability, acting as a shareholder on behalf of the Republic of Lithuania. Coinvest Capital was founded in 2018. The managing director of Coinvest Capital is Viktorija Trimbel.
Firstpick is a venture capital firm and accelerator founded by the former team of the Estonian accelerator StartupWiseGuys, which operated in Lithuania. The company invests in Lithuanian-based startups in a wide range of sectors, from enterprise applications to consumer and retail. The partners of Firstpick are Jone Vaituleviciute, Marijus Andrijauskas, Andra Bagdonaite.
NGL Ventures was founded in April 2024 in Lithuania by former LitBAN Managing Director Justinas Pasys and Ieva Dargyte-Pasiene as a family business. There are 92 members in the network. NGL has placed eight advisory board members in four startups.
