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The development, from Lithuanian infrastructure company Tech Zity, is inspired by British regeneration projects such as Battersea Power Station and the Tate Modern Art Gallery.
Tech Zity
Lithuania is building a massive technology university campus – the largest in Europe – in the capital, Vilnius, as it looks to become the new tech capital of the Baltics.
Built by Tech Zity, an infrastructure project in Lithuania, the campus is a 100 million euro ($109.6 million) development spanning 55,000 square meters and housing 5,000 digital workers, the company said Friday.
This would make it larger than the F station in Paris, which is currently the largest startup campus in all of Europe.
The development is inspired by British regeneration projects such as Battersea Power Station and the Tate Modern Art Gallery.
Tech Zity developers will renovate a number of sewing factories in a disused industrial area in Vilnius New Town, preserving factory-like office floors with a ceiling height of at least 7 metres.
The campus aims to encourage Vilnius tech workers to return to their offices after the pandemic.
Tech Zity
The project aims to encourage tech workers in Vilnius to return to their offices after the pandemic. Tech companies are increasingly pressing their employees to return to their desks, in a reversal of the pandemic-era trend of working from home.
The growing tech scene in Lithuania
Darius Zakaetis, founder of Tech Zity, told CNBC that the tech ecosystem in Lithuania has grown exponentially over the past decade.
“When I started 30 years ago, there were 200 people in the Lithuanian tech ecosystem,” Zakaetis said. “Now they number 18,000 people.”
The development project is to restore the old abandoned industrial space in Vilnius New Town, which is known as the hipster part of the city.
TechZity
“It’s the result of 10 years of energetic young people building new businesses every day. Some of them are very successful,” he said.
“The Lithuanians are very productive, very result-oriented, highly skilled, and are building their own companies vigorously,” he added.
Vilnius, the second largest city in the Baltic states, is home to a thriving tech industry, including big companies like second-hand clothing retailer Vinted and cybersecurity firm Nord.
Nord has its own 300 square meter campus in Vilnius about 300 meters from Tech Zity’s, while Vinted’s headquarters is about 200 meters away.
The new Tech Zity campus will include co-living spaces, restaurants and bars, and cultural and educational facilities.
Tech Zity wants the campus to foster a buzzing nightlife as well as other socializing opportunities, including communal living spaces, restaurants, and bars.
Tech Zity
“Vilnius maintains a firm position in the European tech scene thanks to rapid innovations and forward-looking companies like Tech Zity,” said Valdas Benkunskas, the mayor of Vilnius, in a statement on Friday.
Filled with innovative entrepreneurs, multinational talent, and ambitious investors, the capital has grown into a modern technology hub that conjures bold ideas, successful collaborations, and people-centered solutions.
He said that Lithuanian tech companies generate nearly 99% of their revenue abroad. He added that the country’s tech landscape is projecting itself after Israel, which has achieved several global tech successes, including self-driving technology company Mobileye and mapping app Waze.
Tech Zity operates three technology campuses in Vilnius, including Tech Park, Tech Loft, and Tech Spa, and is home to companies like Google, Bored Panda, and Kilo Health.
The project is a mega-project – at 55,000 square metres, it is expected to be the largest technical university campus in all of Europe.
Tech Zity
American broadcast platform Netflix Use Tech Zity locations to shoot, including the docu-series “The Playlist” that focuses on Spotify founder Daniel Ek.
Tech Zity currently occupies 20,000 square meters, and plans to reach 80,000 square meters over time, considering new campuses, existing sites and other projects.
Long way to go
Despite its recent successes, Lithuania is far from becoming a major tech hub to rival the likes of the UK, France or Germany.
The country attracted €222m of venture capital funding in 2022, a paltry amount compared to its Western European counterparts. By contrast, UK tech startups raised $30 billion, while their French counterparts raised €13.5 billion.
But the country has been attracting more interest from venture capitalists, according to two local founders.
“All VCs are now coming to Lithuania and talking to startups and angel investors and whoever else,” Tom, the CEO and co-founder of Nord Security, told CNBC on the sidelines of the Web Summit technology conference in Lisbon, Portugal. , last November.
“The latest raise for a startup in Lithuania called Kevin is from Accel, Vineted has Insight Parents, EQT, Accel, and many more.”
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