Tingit Secures €500,000 Pre-Seed Funding to Build Repairs Marketplace in Vilnius

Vilnius-based startup Tingit has successfully secured a €500,000 pre-seed investment to accelerate the growth of its innovative repairs marketplace platform. This round of funding was led by Firstpick, a prominent Lithuanian venture capital fund, and accelerator dedicated to tech startups in the Baltics. Joining them in this round were BADideas.fund from Latvia, PurposeTech from the Czech Republic, and Heartfelt Capital from Germany.

Tingit’s platform is designed to revolutionize the repair experience by connecting consumers with skilled repair specialists through an integrated app that simplifies service booking, payment, and shipping processes. With this fresh infusion of capital, Tingit plans to enhance its offerings by launching the Service Provider Gateway, a feature that will enable repair specialists to independently offer their services on the platform. Additionally, the company is developing an API that will allow brands, e-commerce sites, and marketplaces to seamlessly integrate Tingit’s repair network into their existing operations.

After establishing a solid foundation in Lithuania, Tingit is eyeing expansion into other countries and is set to introduce its services to additional industries, including sports goods, toys, and consumer electronics. The move comes as part of a broader vision to scale the business across Europe, leveraging the growing demand for sustainable consumerism.

The success of Lithuania's first unicorn, Vinted, an online marketplace for second-hand clothes, underscores the potential of Tingit’s model. Vinted, which has become Europe’s leading C2C second-hand fashion marketplace, reached 105 million registered users and nearly €600 million in revenue in 2023, highlighting the burgeoning demand for platforms that promote sustainability.

Since its inception, Tingit has already completed over 600 orders and processed more than 2,500 repair requests, many from repeat customers. One of the platform's key differentiators is its simplified process for initiating repairs. Users can upload a short video of the item in need of repair, after which Tingit provides a tailored quote for the best possible service. This approach eliminates the guesswork for consumers who may be unsure about what repairs are possible for their belongings.

Co-founder and CTO Tadas Maslauskas, who previously led engineering teams at Kilo Health, Europe’s second fastest-growing company, emphasizes Tingit’s mission to make repairs as simple and habitual as daily routines like brushing teeth. This simplicity, paired with a strong commitment to sustainability, is at the core of Tingit’s business model.

Indrė Viltrakytė, Co-Founder and CEO of Tingit, brings a wealth of experience from her 15-year tenure in the fashion industry, where she witnessed the detrimental effects of overproduction and overconsumption. Viltrakytė sees Tingit as a vital player in the emerging repair economy, where the demand for sustainable practices is on the rise. With the global fashion industry producing 92 million tons of textile waste annually, there is a significant market opportunity for circular business models, which are projected to grow to $700 billion by 2030.

Viltrakytė also notes the growing trend among major fashion brands like Zara and Uniqlo, which have begun offering after-sales repairs. As more of Europe’s 300,000 clothing retail businesses adopt sustainable practices, Tingit aims to be at the forefront of this societal shift. In the long term, Viltrakytė envisions Tingit evolving into a global sustainability marketplace, where brands, repair specialists, and consumers converge to facilitate frictionless repairs. She aspires for Tingit to become the go-to name for any type of repair, solidifying its role as a leader in the transition towards a more sustainable economy.