Lithuanian proptech startup acquisition: PINGIN.SPACE to invest in FLANCO platform

Pingin.Space, a Lithuanian startup offering the real estate market automation of a large part of routine commercial building management activities, is investing in Flanco, a startup offering smart management solutions for office spaces and specific workplaces. According to the investors, the move allows them to combine the strengths of two startups created in Lithuania and already well-known in Europe, to strengthen their leadership in the regional market and plan for attracting additional investments.

Pingin.Space, a commercial property management platform managed by Gigsis, a company registered in Lithuania, currently operates in Lithuania, Latvia, and Poland and is planning to expand into Southern European markets. Mindaugas Juška, the founder of the platform, says that the new investment in Flanco will allow it to cover the entire spectrum of commercial property management solutions – from building to workplace management.

“Until now, we have had a solution that has been used by more administrators or developers of commercial buildings and business centres in different countries, but Flanco’s product is focused on the needs of a specific office. Even individual workplaces can be planned and intelligently managed, booked, tracked, and scheduled, and the service does not require complex processes or investments in physical assets. As the pandemic recedes and more and more people return to their offices, flexible management of office needs, opportunities, and services is already perhaps the most relevant service in the commercial real estate market, which is a trend not only in Lithuania but also in Western Europe, where we are becoming increasingly visible,” comments M. Juška.

According to Mr Juška, by combining the solutions of both startups and expanding into the commercial real estate market in Southern and Western Europe, they plan to double the current volume of operations and increase the market value of both startups to EUR 20 million within a period of about a year. These plans and investment opportunities for the Lithuanian startups were recently presented at MIPIM, one of the world’s largest real estate exhibitions in Cannes.

“According to the founders of Pingin.Space they are currently talking to potential investors in Germany and other Western European countries, and the investors are most interested in the fact that both startups offer a full spectrum of smart commercial property management.

“From our perspective, Flanco’s tool is relevant for companies that have at least 20 workplaces in their office and feel the need for flexible scheduling and optimisation of resources and for employees who are able to manage their own needs when returning to the office conveniently. For example, an employee can reserve a specific workstation for a specific working day and if the building is equipped with Pingin.Space, the system can automatically reserve a parking space adjacent to the building or order other services needed in the office. In other words, we are talking about an almost fully automated complex of office services,” says M. Juška, an expert in smart management of the commercial real estate.

According to him, this workplace management tool is of particular interest to advanced Lithuanian companies that operate on the principles of flexible, hybrid workplaces and want to reduce the cost of administration time. The startup Flanco is already active not only in Lithuania but also has experience in foreign markets.

Pingin.Space is a member of the Infobalt association, and the startup is also a member of the PropTech (property technology) group – a group of real estate development and management, IT companies and academic institutions – that aims to become a hub of digital innovation and competence and a collaboration platform for real estate.