Lithuanian Tech Zity Vilnius raises €37M

Lithuanian Tech Zity Vilnius has raised €37M. Tallinn-based Bigbank invested €28M in the form of a loan. €6.1M was secured from 49 private investors, including Darius Zakaitis and Mantas Mikuckas, and €3M - from the EfTEN Special Opportunities Fund, managed by Estonian real estate fund EfTEN Capital.

Part of the €37M investment will be used to acquire the Tech Zity Vilnius complex and develop the first phase of the campus. The total amount allocated for the first phase is €57M, of which €30M has already been raised in 2023 from the co-founder of Lithuanian marketplace Vinted, co-founder of venture fund Practica Capital Mantas Mikuckas (contributed around €24M), and Tech Zity founder Darius Zakaitis (€6M). 

Another part of the newly raised investment will be used for the design of the second phase. Tech Zity Vilnius plans to implement the second and third phases in the next 3 years. The first phase will be opened in the summer of 2025 and will have an area of 16.5K square meters. In addition, the new investment will be used to partially refinance existing financial obligations. 

75% of the space is already rented or reserved. Tech Zity Vilnius will host the Lithuanian e-commerce marketing automation platform, Lithuanian fintech HeavyFinance, web3 coding school Turing College, and game development studios Pepi Play and TutoTOONS.

The tech campus, which will have five locations in Vilnius and Druskininkai, is considered to be the largest hub in Europe.