Lithuanian Tiings raises investment from Firstpick, BADideas.Fund and PurposeTech

Lithuanian repair marketplace Tiings has raised investments from Lithuanian accelerator Firstpick, Latvian BADideas.Fund and Czech PurposeTech. 

UPD: The company has changed its name from Tiings to Tingit and has closed €500K in a pre-seed investment round, led by Firstpick. Berlin-based VC Heartfelt_ also participated in the deal.

The Vilnius-based repair marketplace will use the investment to launch the Service Provider Gateway, which will allow repair specialists to offer their services through the platform. An upcoming API will allow any brand, e-commerce site, or marketplace to integrate Tingit's repair network into their websites and seamlessly integrate a repair service into their operations. The startup plans to expand to other countries and introduce additional repair industries such as sporting goods, toys, and consumer electronics. 

Tiings is developing a repair marketplace for shoes and other items: lining or replacing linings or zips, refurbishing shoe soles, and many more. All users need to do is record a video of the item they want to repair, showing the problem and briefly describing it. Once the video has been uploaded to the platform, a response will be sent to the user's email within two hours with the cost of the service. If the conditions are suitable, the user is redirected to the payment section and, after payment, the item is sent by post and repaired after 1-3 weeks. The company was founded in 2023 by Indrė Viltrakytė, Robertas Kalinkinas, Tadas Maslauskas, and Laimis Lomonosovas.

Venture capital firm and accelerator established by ex-Lithuanian team of Estonian accelerator StartupWiseGuys. The size of the fund is €20M. The initial ticket starts at €50-€200K. The partners of Firstpick are Jonė Vaitulevičiūtė, Marijus Andrijauskas, Andra Bagdonaite. 

BADideas.fund is a Latvian fund, launched in April 2022. It focuses on pre-seed and seed-stage startups from the Baltics and CEE region. The typical ticket size is €100K. The fund has more than 40 business angels, founders, executives, and employees from Bolt, Vimeo, Printify, PandaDoc, Pipedrive, and others.