Defence & Dual-Use startup ecosystem

C Coinvest Capital

Coinvest Capital is a state-backed co-investment fund established in 2018 as a 100% subsidiary of the National Development Bank ILTE, itself owned by Lithuania's Ministry of Finance, and co-funded by the European Union. The fund's model requires all investments to be made alongside accredited business angels or other VC funds, splitting upside in favour of private co-investors to grow Lithuania's angel ecosystem. With €44.3 million in committed capital, it has deployed over €25.9 million into 51 portfolio companies spanning AI, climate, biotech, defence, and frontier tech. Since 2023 it has earmarked roughly €6.8 million specifically for aerospace, defence, and dual-use startups, making it one of the earliest European sovereign funds to lean into defence tech.