FIRSTPICK Launches €25M Fund To Support Early-Stage Baltic Founders

The fund targets founders who don’t fit the traditional VC profile, welcoming entrepreneurs without FAANG experience or Ivy League credentials.

The VC emphasizes identifying and supporting undervalued talent, giving local teams an early opportunity before the broader market recognizes their potential.

The fund is backed by local entrepreneurs, angel investors, and founders of companies such as Tesonet, Oberlo, and Kilo Health. It focuses on AI-first software and early-stage startups across the Baltics.

This marks FIRSTPICK’s second early-stage fund, following a €20 million launch in 2022. Additional support comes from Lithuania’s Ministry of Economy and Innovation and the state-backed ILTE fund.

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Founded in 2022, FIRSTPICK is a first-check VC fund that backs Baltic founders at inception and pre-seed stages. The fund is a generalist early-stage investor with a strong focus on AI-enabled software.

FIRSTPICK typically invests €100k to €500k as an initial check, with follow-on capacity up to €1 million. Beyond capital, portfolio companies gain access to a community of over 250 founders, experienced operators, and practical early-stage expertise.

The fund has a track record of identifying potential where others may not. For example, it invested in Samphire Neuroscience, founded by Emile Radyte in 2023, supporting science-backed products for period pain, low mood and brain fog while still in development.

The company now serves thousands of clients across Europe and the US and recently raised a €4.3 million Seed round led by Inventure.

Another portfolio company, Copla, a cybersecurity compliance startup led by serial entrepreneur Aurimas Bakas, received FIRSTPICK’s first investment in a €650,000 pre-seed round and has since closed a €6 million Series A.

Tadas Gudaitis, Member of the Board at ILTE and Head of Business Development unit, said, “We are continuing our collaboration with FirstPick, having witnessed their strong ability to professionally select and nurture early-stage companies.

“As a strategic investor with a €9 million commitment, our role is not only to provide capital, but also to encourage the involvement of private investors. We believe that this partnership will help ensure a consistent funding pipeline for high-growth-potential startups from acceleration to later stages of development and will strengthen Lithuania’s innovation ecosystem in the long term.”

“It’s not so different from the fairy godmother who knew Cinderella before the ball. Everyone wants to back success once it’s visible and on the biggest stage, but we prefer to meet founders while they’re still hustling below the radar. It’s about recognising the real work and character behind the scenes,” said Andra Bagdonaitė, a partner at FIRSTPICK.