FIRSTPICK, a Vilnius-based first-check venture capital fund, has launched a new €25 million fund to invest in early-stage Baltic startups. It focuses on founders who don’t fit the typical VC mould and are open to entrepreneurs with no FAANG background or an Ivy League degree.
According to the VC fund, this approach involves identifying and nurturing undervalued talent, providing local teams a genuine chance before the rest of the market catches on.
The fund was backed by local entrepreneurs, angel investors, and founders of companies such as Tesonet, Oberlo, and Kilo Health. It focuses on high-potential areas in AI-first software and focuses on the earliest stages of new startups across the Baltics. This is FIRSTPICK’s second early-stage fund; its first was a €20 million fund launched in 2022. The fund is also backed by Lithuania’s Ministry of Economy and Innovation and the Lithuanian state-financed ILTE fund.
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.”
Founded in 2022, FIRSTPICK is a first-check VC fund backing Baltic founders at inception and pre-seed. It is a generalist early-stage investor with a strong focus on AI-enabled software.
Explaining the idea behind the new fund, the VC fund explained, “Strong founders often follow unconventional paths. Drawing on seven years of experience investing in nearly 100 Baltic startups, FIRSTPICK has seen the market consistently underestimate the kind of talent they’re looking for. When foreign investors arrive in emerging markets with fixed checklists, they risk overlooking founders who do not look like the standard bet. So instead of relying on recognisable CVs or previous high-profile experience, FIRSTPICK will back people whose grit and ideas stand out well before the industry takes notice.”
It typically invests €100k to €500k as an initial check, with follow-on capacity up to €1 million. FIRSTPICK also notes that, beyond capital, portfolio companies gain access to a platform with a community of over 250 founders, experienced operators, and practical early-stage expertise.
“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.
The VC fund claims to have a record of finding potential outside what the mainstream expects. One example is its investment in Emile Radyte, who founded Samphire Neuroscience in 2023. The startup offers science-backed support for period pain, low mood, and brain fog. FIRSTPICK invested while the product was still under development. Currently, the company is selling products with thousands of clients in Europe and the US and has also recently raised a €4.3 million ($5 million) Seed round led by Inventure.
Another example is Copla, a cybersecurity compliance company led by serial entrepreneur Aurimas Bakas. FIRSTPICK was the first investor in Copla’s €650,000 pre-Seed round. Copla has since closed a €6 million Series A round.
“We see our investments as the start of a wider impact. 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,” said Dmitrij Sosunov, managing partner at FIRSTPICK.
Read the orginal article: https://www.eu-startups.com/2026/03/firstpick-launches-e25-million-fund-to-act-as-vc-fairy-godmother-to-baltic-founders-before-their-cinderella-moment/
