Infrastructure to make Vilnius Tech-famous

Lithuania has experienced remarkable growth in its digital economy, expanding by 16.8 times annually between 2017 and 2022, with the ecosystem now valued at over €9.5 billion. Despite the turbulent year for the global technology sector in 2022, Lithuania demonstrated resilience in tech funding, recording its second-best year ever in terms of venture capital (VC) funding. In 2022, renowned investors like General Catalyst, Accel, Eurazeo, Antler, and Speedinvest made their initial investments in the Baltic state’s ecosystem.

The city of Vilnius, Lithuania, is witnessing a surge in the number of startups, with the total reaching 740. Furthermore, last year saw 67,100 expats relocating to Vilnius, and this number is expected to rise annually as many professionals join the country’s digital sector. Currently, the tech and digital ecosystem in Vilnius employs around 17,000 individuals, a figure projected to double in the next three years.

Vilnius stands out in Europe due to its purpose-built real estate infrastructure for the digital ecosystem. Rather than adapting existing properties, as seen in other European tech hubs, Vilnius has developed commercial real estate that caters specifically to the needs of tech startups, scale-ups, and multinationals, fostering community and collaboration.

Tech Zity, a leading player in Vilnius’ tech ecosystem, has announced an infrastructure-first project worth €100 million. This project aims to establish Europe’s largest campus for the digital ecosystem in Vilnius’ New Town. Anticipated for completion by late 2024, it will accommodate 5,000 workers within its sprawling campus, providing private workspaces, extensive co-working and co-living spaces, event locations, meeting rooms, and various dining options. The site will operate 24/7, with a focus on becoming a vibrant hub for nightlife, culture, education, and innovative workplaces.

The Mayor of Vilnius, Valdas Benkunskas, emphasises that the city’s position in the European tech scene is maintained through innovative ventures like Tech Zity. Vilnius has become a thriving tech hub that nurtures audacious ideas, successful collaborations, and people-centric solutions. Tech Zity’s ambitious tech campus aligns with the city’s forward-thinking values.

Tech Zity adopts an infrastructure-first approach, providing all the necessary amenities on-site to cater to the needs of tech companies. This includes free-to-use cafe and co-working spaces for micro-companies, commercial co-working spaces for pre-seed/seed-stage firms, and private office spaces ranging from 10 to 1,000 desks. The heart of its offering lies in its co-living spaces, which offer close proximity to work, city amenities, and cultural attractions, fostering a sense of community among residents with access to on-site bars, sports facilities, and more.

Darius Žakaitis, the founder of Tech Zity, highlights the rapid growth of Vilnius’ tech ecosystem, necessitating significant investment in real estate infrastructure. Tech Zity is a groundbreaking project, exceeding the scale of any previously developed tech campus in Europe by 30%. With its commitment to preserving the architectural heritage of the renovated sewing factories, Tech Zity aims to provide expansive office spaces with high ceilings, reminiscent of 21st and late 20th-century renovation projects like the Tate Modern and Battersea Power Station in London.

Tech Zity has been a driving force in the development of Vilnius’ digital ecosystem since 2013 when it first established bespoke office spaces for the tech sector.