Lithuania, a burgeoning tech hub in Central and Eastern Europe, is taking ambitious strides towards becoming a focal point of technological innovation and entrepreneurship on the continent. The nation is home to Tech Zity, a pioneer in providing co-working spaces and tech facilities, which recently announced its plan to construct a $110 million tech campus in the capital city, Vilnius. The campus, upon completion in 2024, will contend for the title of the ‘largest tech campus in Europe’.
Ambitious Project For An Ascending Tech Hub
The proposed tech campus will span 55,000 square metres and will be built on the site of a group of former sewing factories. The project will bring sustainable construction practices to the forefront, repurposing factory parts and structural elements across the site. The commitment to a sustainable development strategy is expected to capture and save over 500 million tonnes of carbon throughout the development process.
The city of Vilnius has experienced a rapid surge in its tech scene. From 2017 to 2022, the city has witnessed its digital economy expand at a rate of 16.8x annually. This impressive growth rate has escalated the valuation of its digital ecosystem to over €9.5 billion, making Vilnius the fastest-growing tech hub in Central and Eastern Europe.
Facilities That Foster Growth and Collaboration
The upcoming tech campus aims to cater to the growing needs of the flourishing tech ecosystem in Lithuania. It will house co-working spaces, private offices, and event spaces, accommodating around 5,000 tech workers. Moreover, the doors of the campus will never close, providing a 24-hour working environment.
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Perhaps most notably, the project will also feature co-living spaces, offering tech workers homes in close proximity to their workplace and to the city centre’s myriad amenities and cultural offerings. By creating an environment that fosters a community outside of work, the campus will provide access to bars, sports facilities, and more, all on-site.
Building the Future
Tech Zity’s founder, Darius Žakaitis, expressed his excitement about the project. He reminisced about Vilnius’s journey from the time when he began investing in its tech ecosystem in 2009, to its current status as home to some of Europe’s best-known tech firms. The growth, according to Žakaitis, calls for substantial investment in real estate infrastructure, a need Tech Zity aims to fulfil with this innovative project.
The funding for the tech campus comes from Tech Zity’s existing operations, supplemented by contributions from Mantas Mikuckas, the COO and founder of Vinted, a Lithuania-based e-commerce company. Tech Zity is also engaged in talks with a variety of investment banks, family offices, and institutional investors to secure additional funding.
Valdas Benkunskas, the Mayor of Vilnius, voiced his support for the project, stating, “Tech Zity’s newest tech campus is a testament to the capital’s forward-thinking values.” He added that the project will further solidify Vilnius’s position within the European tech scene.
The development of this new tech campus represents Lithuania’s dedication to fostering innovation, entrepreneurship, and sustainable growth in its burgeoning tech sector. With this project, the country is set to further its standing as a significant player in the European and global tech landscapes.