Lithuanian Tesonet invested in the proptech platform Flanco

Lithuanian Tesonet invested in the property technology platform Flanco. The amount of investments is undisclosed. The deal is an exit for previous investor Civinity, which 8% of  Flanco’s shares was also bought by Tesonet. Tesonet became a major strategic investor in the startup. 

Flanco is a workspace managing platform that optimizes the office's flow. Flanco technology solution helps to link access controls, parking controls, vending and coffee machines, and utility consumption. Flanco automates the building’s spaces (office spaces, shared meeting rooms, event spaces), helping manage, bill tenants, and providing on-demand paid benefit services. Its co-founders are Tomas Meizys and Mindaugas Juška.

According to Tesonet, their decision to buy off extra shares connected to a successful collaboration with Flanco, which had been developing solutions for the real estate project Cyber City. 

Lithuanian company Civinity (engaged in constructing, managing, and maintaining real estate objects) invested in Lithuanian real estate startup Pinguin.Space in 2021. The amount of financing was not disclosed.

In April 2022, Pingin.Space acquired the trademark and all intellectual property of office space management solution Flanco. The acquisition of Flanco allowed Pingin.Space to cover more commercial property management solutions, from building to workplace management.

Tesonet is a Lithuanian incubator and venture company, established in Vilnius in 2008. It has accelerated over 30 companies. Among them are Lithuanian unicorn Nord Security and cyber security company Surfshark. Tesonet was founded by co-founders of Nord Security Tom Okman and Eimantas Sabaliauskas.