World’s First PropTech Sandbox reaches 2.5 mln. sq. m in size
Vilnius’ PropTech sandbox Realbox, which launched last year with the objective to attract PropTechs from around the world to help boost their success, has already made an impact on the young PropTech scene.
• RealBox is the first PropTech sandbox environment of this scale in the global market and now counts with more than 100 buildings and public spaces totalling over 2.5 million square metres
• City government is committed to turning Vilnius into the world’s business sandbox for tech startups, and will be making its buildings available to the sandbox
Cannes, 12th March 2019. A year since launching, the Vilnius-based Realbox PropTech sandbox has successfully taken the first generation of PropTech startups through their programme, supporting a range of PropTechs in different ways. Recently expanded to count with over 2.5 million square metres of commercial, residential and mixed-use property, Realbox gives PropTech startups the opportunity to test their concepts, improve their technology and showcase their product in a real-life environment they would otherwise not have access to, shortening the time needed to reach market readiness and facilitating exposure to large, international companies.
Realbox was launched at the 2018 edition of MIPIM by PropTech Baltic, the PropTech network for Lithuania, Latvia and Estonia. Its location in Vilnius is strategic. In the last years, the Lithuanian capital has grown to become an important hub for tech startups, with a particularly fast-growing Fintech scene. Today, Lithuania is home to 170 Fintech companies and second only to the UK in terms of electronic money institutions. Vilnius is also home to a vibrant ecosystem and a number of other sandboxes in the area of Fintech but also energy.
“The creation of the Realbox sandbox in Vilnius is not a coincidence. We have worked hard to turn the city into a place where startups want to move to and thrive. Finance and real estate are the next frontiers for technology to disrupt, and we want Vilnius to play a central role. The municipality is committed, and we have made our buildings available to Realbox. Our ambition is to turn the entire city into a business sandbox for startups to come and attempt to find the solutions that will make tomorrow’s world better,” said the Mayor of Vilnius Remigijus Šimašius.
“Vilnius has ideal conditions for tech startups. But with the sandbox we are actually taking an additional step in facilitating support and physical space for any PropTech company to test their ideas, their technology, and even showcase their products in front of potential clients from all over the world,” explains Justina Juršytė, RealBox project lead and Co-Founder of PropTech Baltic.
Vilnius-based Realbox accepts applications from PropTechs around the globe wishing to make use of the sandbox and is looking to increase the number of companies that make use of it. Since launching, the sandbox has doubled the number of properties and square metres, incorporating over 50 additional buildings and public spaces, equivalent to over a million square metres of space, most of which was made available by the City of Vilnius.