Vilnius-based venture capital firm FIRSTPICK has launched a new €25 million fund focused on supporting early-stage startups across the Baltic region.
The fund aims to provide early financing for founders who may not fit the typical venture capital profile, including entrepreneurs without experience at major technology companies or elite academic backgrounds.
Supporting Undervalued Entrepreneurial Talent
FIRSTPICK focuses on identifying promising founders and teams before they attract broader investor attention. The firm positions itself as a first-check investor, providing early capital to help startups move from idea stage to initial traction.
The fund is backed by local entrepreneurs, angel investors, and founders of companies including Tesonet, Oberlo, and Kilo Health. Its primary investment focus is on AI-driven software companies and other early-stage technology ventures emerging from the Baltic ecosystem.
This new vehicle represents FIRSTPICK’s second early-stage fund, following the launch of a €20 million fund in 2022. Additional backing comes from Lithuania’s Ministry of Economy and Innovation and the state-supported ILTE fund.
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Early Investments And Portfolio Growth
FIRSTPICK typically invests between €100,000 and €500,000 as an initial check, with the capacity to follow up with investments of up to €1 million as portfolio companies grow.
In addition to funding, founders gain access to a network of more than 250 experienced entrepreneurs, operators, and investors who provide guidance and operational support during the early stages of company building.
The fund has already supported several startups that later secured larger investment rounds.
One example is Samphire Neuroscience, founded in 2023 by Emile Radyte. The company develops science-based products addressing issues such as period pain, low mood, and cognitive fatigue. FIRSTPICK invested in the startup during its early development phase, and the company has since expanded internationally and raised a €4.3 million seed round led by Inventure.
Another example is cybersecurity compliance startup Copla, founded by Aurimas Bakas. FIRSTPICK participated in the company’s €650,000 pre-seed round before Copla later secured a €6 million Series A.
Strengthening The Baltic Startup Ecosystem
The fund also aims to strengthen the broader innovation ecosystem across the Baltics by encouraging collaboration between institutional investors and private capital.
With a €9 million commitment, ILTE acts as a strategic investor, supporting the fund’s mission to provide early-stage financing while attracting additional private investment into the region’s startup pipeline.
About FIRSTPICK
FIRSTPICK is a Vilnius-based venture capital firm founded in 2022 that focuses on first-check investments in Baltic startups. The fund supports founders at inception and pre-seed stages, with a strong emphasis on AI-enabled software companies and early-stage technology ventures.
