Lithuanian-founded startup Tingit, developing a repair platform for fashion items and everyday electronics, has raised EUR 1.5 million in funding. The lead investor in this funding round is TEGOS client, venture capital fund Coinvest Capital, joined by Firstpick, NGL Ventures, as well as international funds that had previously invested in Tingit: Germany-based Heartfelt, Latvia’s BADideas, and the Czech fund Purpose Tech.
Coinvest Capital’s contribution to this round amounts to EUR 500,000.
“We believe that this investment will enable the team to successfully implement cutting-edge solutions and achieve its strategic goals. Coinvest Capital is pleased to support the development of original ideas – in this case, Tingit has not only successfully brought its concept to market but has also begun shaping new consumption culture trends,” says Viktorija Trimbel, Managing Director of Coinvest Capital.
Tingit plans to allocate the raised capital to further development of its artificial intelligence (AI) algorithm and expansion into European Union markets.
Tingit’s goal is to make repairing everyday items a habitual practice. The company’s key technological priority is the development of an AI-based algorithm capable of automatically identifying item damage from user-uploaded images, instantly matching users with the most suitable repair professional, and providing accurate price and turnaround time estimates.
As emphasised by a co-founder of Tingit, the platform’s mission is not only environmental – contributing to the reduction of overconsumption – but also emotional. Repairing items allows consumers to save money and reduce their CO₂ footprint, while also preserving items that carry personal value and memories.
In this transaction, Coinvest Capital was advised by TEGOS Partner Dalia Tamašauskaitė-Žilienė, together with associates Meda Stankutė, Inesa Grybova, and Patricija Julija Nedveckytė.
