Exactly six years following "Coinvest Capital's" initial investment in "Gusania," a manufacturer of CHAZZ chips, the venture capital fund successfully sold its 26% stake, achieving maximum returns in alignment with the stipulations of its mandate.
The initial financial commitment was made on April 11, 2018, when "Coinvest Capital" (then operating as the Co-Investment Fund) invested approximately 440,000 euros in several stages into the newly formed snack producer UAB "Gusania."
The fund’s stake was subsequently acquired by the company’s founders and additional shareholders. Viktorija Trimbel, Director of "Coinvest Capital," remarked, “This deal holds numerous symbolic elements. We conclude the investment exactly six years later; it was our inaugural investment and undoubtedly the most illustrious, as the founders deliberately adopted the role of industry disruptors. This is a classic management buyout scenario, where the leadership buys out the ownership, assuming full responsibility and expressing firm belief in the company's future. We hold great respect for them and wish them continued success.”
Žilvinas Kulvinskis, Director of UAB "Gusania," expressed gratitude: “We are thankful to 'Coinvest Capital' for believing in our vision to produce healthier snacks, especially at a time when the sole chip producer had exited Lithuania and financial circles repeatedly lamented the absence of successful food startups since independence. This investment obligated us to adhere to the highest operational standards and generate substantial value in Lithuania. For years now, our Lithuanian vegetable snacks have reached over 30 countries globally, we provide our employees with salaries well above the average, and we engage numerous local businesses, prompting the previously inactive snack manufacturing giants to enact positive changes.”
The transaction was facilitated by Dalia Tamašauskaitė-Žilienė, a partner at the law firm "TGS Baltic."
Last year, "Coinvest Capital" significantly revamped its team and strategy, which was introduced to the investment community in May. As a fund focused on early-stage ventures, "Coinvest Capital" targets its investments primarily towards deep tech and other technology enterprises, as well as startups pioneering innovations in defense, climate, and life sciences.
A distinctive profit-sharing scheme limits the fund's annual returns to just 6%, with any surplus profit being redistributed to co-investors, enhancing their overall returns.
"Coinvest Capital" collaborates with business angels and various private or corporate venture capital funds, currently allocating up to 1.6 million euros per startup, from the earliest stages to Series A. The fund now has 9.47 million euros in available capital from a total committed sum of 30 million euros and, together with its partners, has invested 31 million euros in 33 portfolio companies, including two that have already been sold.
ABOUT "COINVEST CAPITAL"
"Coinvest Capital" is an early-stage venture capital fund created by INVEGA, investing funds from the EU and the Republic of Lithuania. The fund invests in promising Lithuanian startups, with 33 companies currently in its portfolio. It offers a unique profit-sharing plan that caps investment returns at 6% annually. Excess profits from successful investment sales are allocated to accredited private co-investors, with 9.47 million euros currently available for new investments out of the total 30 million euros of committed capital.