A new independent international Investment Committee strengthens Coinvest Capital team

A newly elected, independent Investment Committee has commenced its role at Coinvest Capital, the sovereign venture capital fund based in Vilnius. The committee was selected through a highly competitive international process, which attracted 121 candidates from 36 countries, and includes seasoned experts in venture capital, angel investing, and Lithuanian startup ecosystem, the Fund announced.

Mary McKenna, Jussi Savukoski and Eimantas Norkūnas join Coinvest Capital and independent non-executive investment committee members

This new committee marks a pivotal step for Coinvest Capital, as the fund enters a new phase in supporting private risk capital investments and innovative founders. In November 2024, the fund’s mandate was expanded geographically to cover not only Lithuania but also the wider European market.

“The Fund co-invests with private investors and business angels in European startups that create value for Lithuania, operating under two investment models: pari-passu (equal terms), targeting later-stage startups and scaleups, and a globally unique profit-sharing incentive model designed to encourage accredited private co-investors to support very early-stage startups — those less than five years old,” said Viktorija Trimbel, Managing Director at Coinvest Capital.

Viktorija Trimbel has led Coinvest Capital since February 2023. According to Dealroom, the fund was the most active VC fund in Lithuania in both 2023 and 2024, and ranked among the top three in Central and Eastern Europe in 2024, according to PitchBook.

“The launch of Coinvest Capital was a turning point for Lithuania’s early-stage capital market. We laid a strong foundation for its growth — uniting the angel investor community and backing promising startups. Now, as the fund matures, we’re excited to welcome new investment committee members. It’s especially encouraging to see not only Lithuanian, but also international experts joining the team. We believe their experience will help Coinvest Capital grow even stronger and elevate Lithuanian startups,” noted Andrius Barštys, one of the outgoing investment committee members.

Jussi Savukoski, personal archives

Among the newly elected members of the Investment Committee, Jussi Savukoski, a VC veteran with 25 years of experience that includes two unicorn exits and being ranked for three consecutive years as the “World’s Most Consistent Venture Manager” by Preqin. He has managed 12 funds across various sector-focused and generalist strategies. Originally from Finland, he has lived and worked in the UK, USA, South Africa, Brazil, France, and Singapore, and currently resides in Spain. Jussi holds partner-level roles at Hatch Blue and at Sifter Capital.

Mary McKenna, personal archives

Mary McKenna brings over 20 years of experience in entrepreneurship and angel investing. She was named European Female Angel Investor of the Year 2023/24 and UK Business Angel of the Year 2023, and was awarded an MBE by Queen Elizabeth II in 2014 for services to digital technology, innovation, and learning. Mary has personally invested in more than 35 early-stage tech startups across Europe, with 65% of her portfolio led by women founders. She is also the co-founder of AwakenHub and AwakenAngels, and serves as a mentor to numerous organizations including the EIC Scaling Club, University of Oxford and Imperial College London.

Eimantas Norkūnas, personal archives

Eimantas Norkūnas, a seasoned IT entrepreneur, is one of the co-founders of MailerLite — a bootstrapped Lithuanian startup launched in 2005 that evolved into a leading global email marketing SaaS platform with a fully remote team across 40+ countries. It achieved the largest full startup exit in Lithuania to date. He also founded the Unicorns.lt database, which grew into the influential Unicorns Lithuania community. Eimantas is a strong advocate for building efficient digital services and successful startups in Lithuania.

“Today we also want to express heartful appreciation to our outgoing investment committee members, that have been with the fund since its inception 8 years ago. Andrius Barštys, Giedrius Martusevičius and Edvinas Vosylius, who joined the committee later. These experienced entrepreneurs have played a key role in investment decisions and have generously shared their knowledge and expertise,” said Viktorija Trimbel.

„We are proud to see the fund’s consistent success and growing influence in both the Lithuanian and Baltic startup ecosystems. We sincerely thank Andrius, Giedrius, and Edvinas for their commitment and invaluable contributions over the years – their work laid a strong foundation for what the fund has achieved so far. Looking ahead, we are excited about the next stage of Coinvest Capital’s journey, confident that the new Investment Committee will help us continue to grow impactful, high-potential ventures that bring long-term value to Lithuania,” noted Inga Beiliūnienė, Member of the Board and Chief Business Development Officer at ILTE.

“I would like to sincerely thank Giedrius, Edvinas, and all past and present members of the Coinvest Capital team for their tireless work in supporting the startup ecosystem — often going above and beyond to create real impact,” added Andrius Barštys.

As Coinvest Capital transitions to this new phase, it celebrates the legacy of the outgoing investment committee. To the date, the Fund has co-invested in 44 startups and exited from 6 of portfolio companies. The total risk capital, co-invested with private partners, amounts to EUR 45.8 million, of which EUR 20.2 million was the Fund’s contribution.

EUR 11.8 million came from private co-investors under the profit-sharing model, and EUR 13.8 million was co-invested under the pari-passu model.

With current dry powder of EUR 17.85 million, Coinvest Capital is well positioned to continue coinvesting across diverse sectors, including AI, life sciences or single-use defence. Further updates will be shared during the Fund’s portfolio day on May 12, 2025.