Vilnius-based Tingit Secures €500k to digitally streamline the repair industry

Vilnius-based start-up Tingit, a zero-effort fixings industry, has actually protected a pre-seed financial investment of EUR500k, led by Firstpick, a Lithuanian VC fund, and accelerator for technology start-ups in the Baltics, with engagement from BADideas.fund (Latvia), PurposeTech (Czech Republic), and Heartfelt Resources (Germany).

With the fresh financing, Tingit intends to introduce the Provider Entrance which will certainly allow any type of repair service expert to individually use their solutions with the system. An upcoming API will certainly permit any type of brand name, ecommerce website and industry to connect Tingit’s fixings network right into their sites and perfectly incorporate a fixing solution right into their procedures. After an effective begin in Lithuania, the start-up intends to increase to various other nations in addition to present extra sectors such as sporting activities items, playthings, and customer electronic devices.

By linking customers with repair service experts, the application supplies a smooth repair service experience with solution reservation, settlement and delivery totally incorporated right into the system.

” We have a great deal of points and whatever breaks eventually. Our belongings require and can be preserved to continue to be being used. We intend to make fixings so straightforward it ends up being a practice, much like cleaning your teeth,” commented Indrė Viltrakytė, Founder and Chief Executive Officer of Tingit.

Streamline the procedure

Tingit has actually currently finished over 600 orders and took care of over 2,500 repair service demands, several from returning customers. What collections Tingit in addition to various other repair service systems is the streamlined procedure.

” Individuals publish a fast video clip and we supply a quote for the very best feasible repair service solutions customized to that certain thing. In this manner, we get rid of the trouble of choosing a solution upfront, as many individuals aren’t certain what is also feasible when it involves fixings,” claimed Tadas Maslauskas, Founder and CTO at Tingit. Prior to signing up with Tingit, Tadas was leading design groups at Kilo Health and wellness, the 2nd fastest-growing firm in Europe.

The VC financiers acknowledge the worth of tech-driven services that expand the life expectancy of items and aid individuals conserve cash. Lithuania’s initial unicorn, Vinted, is an on the internet industry for pre-owned clothing and has actually come to be the leading C2C pre-owned style industry in Europe. In 2023, it had actually 105 million signed up individuals globally and got to virtually EUR600 million in profits, showing the need for lasting consumerism.

Jonė Vaitulevičiūtė, Taking Care Of Companion at Firstpick, included: ” There is still a devoid of understanding when it involves leveraging innovation to boost sustainability. That is why we are extremely delighted to see exactly how Tingit will certainly enlighten customers and aid them produce lasting practices.”

Riding the repair service economic climate wave

Viltrakytė co-founded Tingit along with 3 various other companions in 2023 after 15 years in the garment industry, where she saw overflow and overconsumption firsthand. Around the world, 92 million tons of fabric waste are created yearly, with products usually put on just 7 to 10 times prior to being thrown out. Maintaining these clothing out of land fills is a significant service chance: round service versions are predicted to get to a market of $700 billion by 2030 and take 23% of the international style market.

” We are going into the repair service economic climate. Brand names like Zara and Uniqlo have actually lately presented after-sales fixings,” mentioned Viltrakytė. ” There more than 300,000 garments retail services in Europe that will ultimately join this action in the direction of even more lasting usage. With Tingit, we are devoted to being at the center of this social change.”

In the long-term, the chief executive officer pictures Tingit as a worldwide sustainability industry where brand names, repair service experts, and customers collaborated for smooth fixings.

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