Tingit obtains €500,000 in pre-seed funding for fashion repair platform
Description:
On August 23, 2024, Tingit announced €500,000 in pre-seed funding led by Firstpick, BADideas.fund, PurposeTech, and Heartfelt Capital. The Lithuanian startup aims to address the problem of clothing overconsumption through the repair of damaged and distressed fashion items. Tingit's digital platform enables users to snap photos of their clothes, shoes, and accessories and instantly get connected to businesses with appropriate repair services. To date, Tingit has facilitated 650 repairs and received over 2,500 repair requests from users, with shoe repairs accounting for 70% of orders. The company's co-founders bring extensive experience from the fashion industry, having previously collaborated with leaders of Lithuanian-based Vinted, one of the world's largest marketplace platforms for secondhand fashion. European Union regulations provide a favorable environment for Tingit, as policies promoting repairs and eco-design are being pushed to transition to a circular economy and achieve net-zero emissions by 2050. Currently operating as a B2C marketplace, Tingit plans to expand into a B2B2C business model. The company also aims to integrate AI technology to automate damage analysis and apparel valuation in the future.
Leadership:
Indrè Viltrakytė - Co-Founder & CEO
Tadas Maslauskas - Co-Founder & CTO
Laimis Lomonosovas -Co-Founder and Head of Service Providers
Robertas Kalinkinas - Co-Founder
Investors:
Firstpick - a high-speed VC fund and an accelerator for tech startups in the Baltics.
BADideas.fund - an angel investor syndicate investing €50-€150K tickets in post-MVP startups in CEE.
PurposeTech - a pre-seed fund that backs founders from Central and Eastern Europe dedicated to transforming health, sustainability, and education.
Heartfelt Capital - Europe’s First Cheque Fund, investing in exceptional earliest-stage founding teams as their first investor.
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