Vilnius-based FIRSTPICK has launched a new €25 million fund aimed at backing early-stage startups across the Baltic region, with a particular focus on founders who might be overlooked by traditional venture capital filters. The first-check investor typically writes initial tickets between €100K and €500K and plans to support teams from idea stage through pre-seed, particularly in AI-enabled software. Backed by local entrepreneurs as well as Lithuania’s Ministry of Economy and Innovation and the state-backed ILTE, the fund seeks to strengthen the regional startup pipeline by identifying promising founders early and helping them validate products and scale within the Baltic tech ecosystem.
FIRSTPICK invests in early-stage startups across the Baltic region. The fund focuses on companies at the inception and pre-seed stages, typically providing initial investments ranging from €100K to €500K, with the ability to participate in follow-on rounds. FIRSTPICK primarily backs software startups, including those developing AI-enabled products, and works with founders before they attract broader venture funding. In addition to capital, the firm connects portfolio companies with a network of regional founders, operators, and investors to support early company development.
FIRSTPICK’s new fund will focus on the earliest stages of new startups throughout the Baltics, supporting teams from inception and pre-seed. Backed by local entrepreneurs, angels, and founders of companies like Tesonet, Oberlo, and Kilo Health, the fund will target high-potential areas in AI-first software. This is the second early-stage fund from FIRSTPICK. Their first, a €20M fund, was launched in 2022.
The fund is also backed by Lithuania’s Ministry of Economy and Innovation and the Lithuanian state-financed ILTE fund. “We are continuing our collaboration with FirstPick, having witnessed their strong ability to professionally select and nurture early-stage companies,” says Tadas Gudaitis, Member of the Board at ILTE and Head of Business Development unit. “As a strategic investor with a EUR 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.”
The idea behind the new fund is simple: 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 recognizable CVs or previous high-profile experience, FIRSTPICK will back people whose grit and ideas stand out well before the industry takes notice.
“It’s not so different from the fairy godmother who knew Cinderella before the ball,” says Andra Bagdonaitė, a partner at FIRSTPICK. “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 recognizing the real work and character behind the scenes.”
This is not FIRSTPICK’s first trip to the ball. Over the years, the fund has built a record of finding potential outside what the mainstream expects. One example is their early investment in Emile Radyte, who founded Samphire Neuroscience in 2023. Samphire offers science-backed support for period pain, low mood, and brain fog. When FIRSTPICK invested, the product was still in the development stage and the risk was high. Today, Samphire is selling products with thousands of clients in Europe and the US. The company has also recently raised a $5 million seed round led by Inventure.
Along similar lines, Copla is a cybersecurity compliance company led by a proven team and serial entrepreneur Aurimas Bakas. But when Copla was first building its product, the idea was still very early and few investors paid attention. FIRSTPICK became their first investor in their €650,000 pre-seed round, supporting their thesis before most others were ready. Copla has since closed a €6 million Series A round.
Holo offers a view of younger founders building quickly. This team of Gen Z entrepreneurs had little outside validation and no track record at launch, but FIRSTPICK was the first to support them. In less than nine months, Holo has reached €5 million in annual recurring revenue, driven by a focused product and fast iterations. These cases reflect the belief that returns come from backing talented people early, regardless of background or experience.
Ultimately, FIRSTPICK’s aim is to help the Baltic tech sector take a bigger role in boosting the region’s economic future, starting with overlooked founders.
“We see our investments as the start of a wider impact,” says 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.”
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Read the orginal article: https://arcticstartup.com/firstpick-launches-e25-million-fund/
