Private investors will funnel 100 million euros in the future business incubator.

Lithuania has announced plans to establish a 55,000-square-meter campus for tech startups and high-profile companies, the largest technology business incubator in Europe. It is expected to open in Vilnius’ new town area in 2024, on the basis of an old Soviet-era factory.

The TechZity project costs a preliminary 100 million euros, which the government wants to attract from private investors.

Of the total, 30 million has been already committed by Vinted, and the rest is expected from banks and other private investors. 

TechZity will provide office infrastructure and marketplace for some 5,000 entrepreneurs, employees, and freelances from the technology sector. The campus will be open 24/7, which means tenants will be free to work or socialize there any time. It will also have a core selling point for hybrid working, restaurants, bars, and co-living space.

It’s worth noting that “Tech Zity” is the name of a real estate company behind the project. It has launched until now four smaller business accelerators in the Lithuanian capital and surrounding area: Tech Park, Tech Loft, Tech Arts, and Tech Spa.