FIRSTPICK Launches €25M Fund to Support Early-Stage Baltic Startups

Vilnius-based venture capital firm FIRSTPICK has announced the launch of a new €25 million fund dedicated to investing in early-stage startups across the Baltic region. The fund will focus on supporting founders who don’t fit the traditional venture capital profile, specifically those without experience at major tech companies (FAANG) or Ivy League education.

A Focus on Undervalued Talent

FIRSTPICK aims to identify and support entrepreneurs often overlooked by conventional investors. According to the firm, this approach involves recognizing potential in founders before the broader market acknowledges their value. The fund emphasizes backing individuals based on their grit and ideas, rather than relying on recognizable CVs or prior high-profile experience.

Fund Backing and Investment Details

The €25 million fund is backed by a combination of local entrepreneurs, angel investors, and founders from successful Baltic companies such as Tesonet, Oberlo, and Kilo Health. Additional support comes from Lithuania’s Ministry of Economy and Innovation and the state-backed ILTE fund, which has committed €9 million to the initiative.

FIRSTPICK typically invests between €100,000 and €500,000 as an initial investment, with the potential for follow-on funding up to €1 million. The fund is a generalist early-stage investor, with a particular interest in AI-enabled software.

Second Early-Stage Fund for FIRSTPICK

This new fund marks FIRSTPICK’s second early-stage investment vehicle, following a €20 million fund launched in 2022. Founded in 2022, FIRSTPICK operates as a first-check VC fund, providing capital to Baltic founders at the inception and pre-seed stages.

Portfolio Successes

FIRSTPICK highlights previous investments as evidence of its ability to identify promising startups. Samphire Neuroscience, founded by Emile Radyte, received early investment from FIRSTPICK whereas its product was still in development. The company now serves thousands of clients in Europe and the US and recently secured a $5 million seed round led by Inventure. Another portfolio company, Copla, a cybersecurity compliance firm, received initial funding from FIRSTPICK and subsequently closed a €6 million Series A round.

“We see our investments as the start of a wider impact,” said Dmitrij Sosunov, managing partner at FIRSTPICK. “When the Baltic tech sector grows, the entire economy becomes stronger. Our goal is to help the best people kickstart their ideas right here, and build resilient businesses that benefit the whole region.”