FIRSTPICK Launches €25M Fund to Back Baltic Startup Talent
Vilnius-based venture capital firm FIRSTPICK has raised a new €25 million fund to invest in early-stage startups throughout the Baltics. The fund targets founders outside typical venture capital networks, focusing on high-potential areas like AI-first software. Backed by local entrepreneurs, public institutions, and angel investors, the fund aims to strengthen the region's tech ecosystem.
Vilnius-based venture capital fund FIRSTPICK has announced a €25 million fund targeting early-stage startups across the Baltic region. The fund specifically aims to support local founders who may not have elite credentials or backgrounds typically favored by major investors.
FIRSTPICK’s strategy is to identify promising entrepreneurial talent before it becomes widely recognized. “It’s about recognising the real work and character behind the scenes,” notes partner Andra Bagdonaitė, likening their approach to seeking out future success stories while they are still under the radar.
Examples of FIRSTPICK’s past investments include early backing of Emile Radyte’s Samphire Neuroscience, which launched a science-based menstrual health wearable, and Copla, a cybersecurity compliance startup led by Aurimas Bakas. In both cases, FIRSTPICK invested at development stages when market risk was significant. Both companies have since achieved substantial growth, raising larger follow-on rounds and expanding their client bases in Europe and beyond.
The newly launched fund will invest in startups at inception and pre-seed levels, with a particular focus on AI-first software solutions. Backing comes from notable local entrepreneurs, including founders of Tesonet, Oberlo, and Kilo, as well as institutional support from Lithuania’s Ministry of Economy and Innovation and the ILTE fund. ILTE, the Lithuanian state-financed investment entity, has committed €9 million to the initiative.
Tadas Gudaitis, a board member of ILTE and Head of Business Development, emphasized the importance of consistent funding to nurture high-growth potential startups and reinforce Lithuania’s innovation ecosystem.
This second fund builds on FIRSTPICK’s previous €20 million initiative launched in 2022. The firm remains focused on providing entrepreneurs with access to early capital and support frameworks, aiming to boost both the regional tech sector and broader economic growth.
FIRSTPICK managing partner Dmitrij Sosunov stated, “Our goal is to help the best people kickstart their ideas right here, and build resilient businesses that benefit the whole region.”
For more details, visit tech.eu.
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