Tingit funding news – Vilnius-based Tingit Secures €500k in Pre-Seed Funding

With the additional money, Tingit intends to introduce the Service Provider Gateway, allowing any specialist in repair to independently market their services on the site. Any brand, e-commerce site, or marketplace will be able to seamlessly integrate a repair service into their operations by plugging Tingit's repairs network into their websites using an upcoming API.

Following a prosperous launch in Lithuania, the firm intends to grow internationally and incorporate new sectors like consumer electronics, toys, and sports items.

Indrė Viltrakytė, Co-Founder and CEO of Tingit said, “We own a lot of things and everything breaks at some point. Our possessions need and can be maintained to remain in use. We want to make repairs so simple it becomes a habit, just like brushing your teeth,”.

Tadas Maslauskas, Co-founder and CTO at Tingit said, “Users upload a quick video and we provide a quote for the best possible repair services tailored to that specific item. This way, we remove the hassle of selecting a service upfront, as many people aren’t sure what is even possible when it comes to repairs, Before joining Tingit, Tadas was leading engineering teams at Kilo Health, the second fastest-growing company in Europe.

Venture capitalists (VCs) prefer tech-driven companies that increase product longevity and enable customers to make cost savings. Vinted, the first unicorn in Lithuania, is an online second-hand clothing store that has grown to be the leading C2C marketplace in Europe. Its 105 million registered users and nearly €600 million in income in 2023 demonstrated the need for sustainable consumerism.

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Jonė Vaitulevičiūtė, Managing Partner at Firstpick, added: “There is still a void of knowledge when it comes to leveraging technology to enhance sustainability. That is why we are super excited to see how Tingit will educate consumers and help them create sustainable habits.”

Viltrakytė said, “We are entering the repair economy. Brands like Zara and Uniqlo have recently introduced after-sales repairs, There are over 300,000 clothing retail businesses in Europe that will eventually join this move towards more sustainable consumption. With Tingit, we are committed to being at the forefront of this societal shift.”

About XO Life

A young, dynamic eHealth company, XO Life stands for an advanced platform solution for long-term patient insights from real-world, real-time information exchange between patients and pharmaceutical companies. Their scientifically based questionnaires, applicable to all treatments and indications, set a new standard for patient data collection.