Developed by Lithuanian infrastructure firm Tech Zity, the development was inspired by renovation projects such as Battersea Power Station and the Tate Modern in the UK.
city of technology
Lithuania is building the largest large-scale technology park in Europe in the capital Vilnius, hoping to become the new technology capital of the Baltic countries.
Built by Lithuanian infrastructure project Tech Zity at a cost of 100 million euros ($109.6 million), the campus will cover 55,000 square meters and accommodate 5,000 digital employees, the company said on Friday.
This would make it even larger than Station F, Paris, currently the largest startup campus in all of Europe.
The development was inspired by conversion projects such as Battersea Power Station and Tate Modern in the UK.
Tech Zity developers will convert some sewing factories in abandoned industrial spaces in Vilnius New Town, preserving factory-style office floors with ceiling heights of at least 7 meters.
The campus aims to encourage tech workers in Vilnius to return to the office after the pandemic.
city of technology
The project aims to encourage technicians in Vilnius to return to the office after the pandemic. Tech companies are increasingly pushing employees back into the office in a bid to reverse the pandemic-era work-from-home trend.
Lithuania’s growing tech scene
Tech Zity founder Darius Zakaitis told CNBC that Lithuania’s tech ecosystem has grown tremendously over the past decade.
“When I started working 30 years ago, there were 200 people in the Lithuanian tech ecosystem,” Zakatis said. “Now there are 18,000 people.”
The development is a restoration of a disused old industrial space in Vilnius New Town, known as the fashion district of the town.
city of technology
“It’s the result of a decade of active young people creating new companies every day. Some of them are very successful,” he said.
“Lithuanians are very productive, very results-oriented, highly skilled and very motivated to build their companies,” he added.
Vilnius, the Baltic state’s second-largest city, is home to a thriving tech industry that includes major unicorns such as second-hand clothing retailer Vinted and cybersecurity firm Nord.
Nord has its own 300m² campus in Vilnius, about 300 meters from Tech Zity and about 200 meters from Vinted headquarters.
Tech Zity’s new campus will include co-living spaces, restaurants and bars, as well as cultural and educational facilities.
Tech Zity hopes the campus will foster a lively nightlife and other social opportunities, including co-living spaces, restaurants and bars.
city of technology
Vilnius Mayor Valdas Benkunskas said in a statement on Friday: “Thanks to rapid innovation and visionary companies such as Tech Zity, Vilnius is a leader in the European tech scene. maintained a solid position.”
“Crowded with innovative entrepreneurs, multinational talent and ambitious investors, the capital has evolved into a modern tech hub that inspires bold ideas, successful collaborations and human-centered solutions.”
About 99 percent of Lithuanian technology companies’ revenue comes from overseas, he said. He added that the country’s tech scene is modeled after Israel, which has had many successes in global tech, including self-driving technology company Mobileye and mapping app Waze.
Tech Zity manages three tech parks in Vilnius, including Tech Park, Tech Loft and Tech Spa, which are home to companies such as Google, Bored Panda and Kilo Health.
The project is a monumental undertaking – at 55,000 square meters, it is expected to be the largest tech start-up park in all of Europe.
city of technology
US streaming platform Netflix Filmed with Tech Zity, including The Playlist, a documentary series focusing on Spotify founder Daniel Ek.
Tech Zity currently occupies 20,000sqm, with plans to reach 80,000sqm over time, taking into account new campuses, existing locations and other projects.
Long way to go
Despite its recent success, Lithuania is far from becoming a major tech hub on a par with countries like the UK, France or Germany.
In 2022, the country attracted €222 million in venture capital funding, dwarfing its Western European counterparts. By comparison, British tech startups raised $30 billion, while their French counterparts raised €13.5 billion.
But the country has attracted more interest from venture capitalists, according to local founders.
“All the top VCs are coming to Lithuania now to talk to startups, angel investors, everybody else,” Nord Security CEO and co-founder Tom told CNBC on the sidelines of the Web Summit tech session in Lisbon, Portugal. , last November.
“A Lithuanian startup called Kevin’s last funding was from Accel, and Vineted owns Insight Partners, EQT, Accel, and many others.”
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