UAB “Kofinansavimas”
- Company code: 304295647 (information about the company is maintained in the Register of Legal Entities administered by the State Enterprise Centre of Registers).
- Registered address: Palangos g. 4-101, Vilnius, LT-01402
- Office address: Vilniaus g. 33, Vilnius
- info@coinvest.lt
The company is engaged in establishing and managing venture capital funds, making venture capital investments, and providing investment and financial consulting services. The rights of the General Meeting of Shareholders of UAB “Kofinansavimas” are exercised by ILTE, as the sole (100%) shareholder.
The company is responsible for managing the Limited Partnership “Koinvesticinis fondas” (Coinvest Capital) and invests—together with business angel groups and venture capital funds—into start-ups and growth-stage businesses.
The authorised capital of UAB “Kofinansavimas” is EUR 50,000.
ILTE, as the sole shareholder of each subsidiary, exercises the rights of the General Meeting of Shareholders in those subsidiaries. The Articles of Association of all subsidiaries stipulate that the competence of the General Meeting of Shareholders and the shareholders’ rights and obligations are identical to those defined by the Law on Companies of the Republic of Lithuania (LC), with the addition of certain competences not covered by the LC.
Articles of Association of UAB "Kofinansavimas" (LT language)
UAB "Kofinansavimas" is a private limited liability company established and controlled by ILTE. All shares are owned by ILTE, which performs the functions of the Company’s General Meeting of Shareholders, supervises the Company’s operations, and exercises the rights of the sole shareholder.
Governing bodies of UAB "Kofinansavimas":
- General Meeting of Shareholders;
- The Company’s Director – a single-person management body.
UAB "Kofinansavimas" does not establish a Supervisory Board or a Board.
Since all shares of UAB "Kofinansavimas" are owned by ILTE, written decisions of ILTE’s management bodies on matters within the competence of the General Meeting of Shareholders are equivalent to decisions of the General Meeting of Shareholders.
Decisions on matters within the competence of the Company’s General Meeting of Shareholders are made by either the ILTE Board or the ILTE Director, as appropriate. The competences of ILTE’s management bodies in resolving matters assigned to the General Meeting of Shareholders of the Company are defined in ILTE’s Corporate Governance Policy.
UAB "Kofinansavimas" operates as the manager and general partner of the venture capital fund KŪB "Koinvesticinis fondas" (hereinafter – the Fund). In turn, the Fund is the sole shareholder of special purpose entities established to make and implement investments through specific financial instruments (sub-funds). The Fund, as the sole 100% shareholder, manages the Fund’s subsidiaries: UAB "Pirmasis koinvestavimo fondas", UAB "Antrasis koinvestavimo fondas", and UAB "Trečiasis koinvestavimo fondas". All these entities, including the Company, operate under the unified brand "Coinvest Capital". ILTE acts as a limited partner of the Fund.
The Fund has established an independent Investment Committee whose main functions include making investment decisions for implementing and/or exiting Fund investments in startups selected by the Company, and accrediting private investors eligible to participate in profit-sharing investment schemes. The Investment Committee consists of three independent members – professionals from the financial market. The Investment Committee independently makes all investment and investment management decisions of the Fund, which are implemented by the head of the Fund management company "Coinvest Capital" together with a team of specialists. ILTE and ILTE employees do not participate in the decision-making processes related to the Fund’s investment and investment management activities.
The Director (CEO) of UAB “Kofinansavimas” is appointed and dismissed by the General Meeting of Shareholders of UAB “Kofinansavimas”.
Since 21 February 2023, Viktorija Trimbel has been the Director of UAB “Kofinansavimas”. The Director of UAB “Kofinansavimas” is appointed for a five-year term.
The Director of UAB “Kofinansavimas” is responsible for the organisation of the company’s day-to-day operations, for concluding transactions on behalf of the company, and for fulfilling other functions established for the head of a company by the Law on Companies and other legal acts. The Director also implements the decisions adopted by the Investment Committee of the Limited Partnership “Koinvesticinis fondas” (Co-Investment Fund) regarding the execution, management, and divestment of the fund’s investments.
The Director of UAB “Kofinansavimas” also serves as the Director of the intermediary companies established for the financing and accounting of the Co-Investment Fund’s investments: UAB “Pirmasis koinvestavimo fondas”, UAB “Antrasis koinvestavimo fondas”, and UAB “Trečiasis koinvestavimo fondas”.
UAB “Kofinansavimas” employs four additional staff members – an Investment Project Manager and Investment Analysts. A dedicated human resources policy has not been adopted, as staffing needs are assessed when launching new financial instruments or expanding existing ones. Recruitment of new employees is discussed with the shareholder of UAB “Kofinansavimas” as part of the approval process for the annual budget.
The remuneration of the Director of UAB “Kofinansavimas” is determined by a decision of the CEO of ILTE.
The remuneration of UAB “Kofinansavimas” employees is determined by the Director of UAB “Kofinansavimas” in accordance with the budget of the limited partnership “Koinvesticinis fondas”, approved by the limited partner.
On 3 February 2020, by order of the Director of UAB “Kofinansavimas” – based on the Director’s job description approved by the shareholder – a procedure for performance evaluation of UAB “Kofinansavimas” employees (excluding the Director) was adopted. This procedure governs the organisation of the performance evaluation process, defines when evaluations are conducted and the criteria applied to assess performance, day-to-day activities, and competencies. It also sets out the link between performance results and elements of remuneration.
The performance of the Director of UAB “Kofinansavimas” is assessed by a representative of the company's sole shareholder. On 5 March 2020, by decision No. 28.1 26 of ILTE – as the sole shareholder of UAB “Kofinansavimas”, represented by the CEO of ILTE – a procedure for applying variable remuneration to the Director of UAB “Kofinansavimas” was approved. To incentivise the Director to achieve the company’s performance objectives, the procedure foresees that the shareholder approves the Director’s performance evaluation criteria and indicators each year, along with their target values, which determine the application of variable remuneration.
Information about the average salary by position within the ILTE Group is published at: https://ilte.lt/veikla/veiklos-ataskaitos/ilte-veikla/67#c-83/t-286 (in Lithuanian language).
The mission and vision of UAB “Kofinansavimas” are aligned with those of ILTE. The broader strategy and objectives of UAB “Kofinansavimas” are defined within ILTE’s strategy and are implemented through the venture capital fund managed by the company, registered and operating as the limited partnership “Koinvesticinis fondas”.
The strategic direction of UAB “Kofinansavimas” is to increase access to business financing (reduce market failure).
Strategic objectives of UAB “Kofinansavimas”:
- Attracting capital;
- Utilising funds allocated for financial instruments.
ILTE implements its sustainability practices in accordance with its Sustainability Policy, which defines the key ESG (Environmental, Social, and Governance) principles. This policy serves as the main document outlining the ILTE Group’s sustainability principles and their application guidelines.
More information about ILTE’s sustainability goals and principles is available here: https://ilte.lt/en/about-ilte/sustainability/529.
UAB “Kofinansavimas” is partially subject to ILTE procedures and policies or is based on them.
UAB “Kofinansavimas” is subject to ILTE principles.
Impeccable professional reputation is one of the core values of UAB Kofinansavimas and its controlling company ILTE. A zero-tolerance policy for corruption is applied, and corruption and fraud prevention is consistently and purposefully implemented to ensure that employees work transparently and efficiently. We expect the same from our independent investment committee members, founders of portfolio companies, key employees and fund co-investors.
Please report if you have reason to warn about a possible high risk or suspicion of illegal actions, such as corruption or behavior that is qualified as corruption or a criminal act, or possible misappropriation or misuse of fund investments.
We remind you that Lithuanian law prohibits any defamation or false accusation of another person of a crime. Such behavior is punishable by law.
- If you wish to report or warn about the founders, key employees and co-investors of the fund's portfolio companies, please fill out the form here: https://www.coinvest.lt/lt/about-us. Your report will be investigated internally by the fund.
- If you wish to report or warn about the conduct of the Fund's employees and/or independent members of the investment committee, please use the opportunities provided by the holding company ILTE, in accordance with the Group's policies and procedures at this link https://ilte.lt/en/contacts/report-corruption/107.
- In addition, you can report relevant issues directly to the Special Investigation Service of the Republic of Lithuania https://www.stt.lt/.
- In the event of possible non-transparent use of EU structural financial assistance, you can submit a report directly here: https://www.esinvesticijos.lt/lt/pranesimai-ir-korupcija.
Financial reports:
The management report data of the subsidiary and sustainability data are presented in the ILTE Annual Consolidated Reports and Company Financial Reports. The reports are prepared on a consolidated basis. The reports can be accessed here: https://ilte.lt/en/about-ilte/key-activities/ilte-activity-reports/528#c-90/t-299.