Vilnius-based venture capital firm FIRSTPICK has launched a €25 million fund to support early-stage startups across the Baltic region, with a focus on founders who may not fit traditional venture capital profiles.
The new fund will target startups at the inception and pre-seed stages, particularly those building AI-first software products. FIRSTPICK typically writes initial checks between €100,000 and €500,000 and can invest up to €1 million with follow-on funding. The initiative is designed to identify and support high-potential founders earlier than traditional investors who often rely on conventional credentials or prior startup success.
The fund is backed by local entrepreneurs, angel investors, and founders from companies including Tesonet, Oberlo, and Kilo Health. Lithuania’s Ministry of Economy and Innovation and the state-financed ILTE fund are also strategic investors in the new vehicle. ILTE has committed €9 million as part of the investment, with the goal of encouraging further participation from private investors and strengthening the regional innovation ecosystem.
FIRSTPICK has previously invested in nearly 100 Baltic startups over the past seven years and launched its first €20 million early-stage fund in 2022. The firm positions itself as a “first-check” investor that works with founders from the earliest stages of company formation.
The firm’s approach centers on identifying overlooked founders before they gain broader market recognition. According to FIRSTPICK, the Baltic region continues to attract growing attention from international investors, who were involved in 43% of venture deals in 2025, contributing to the €607 million raised in total venture funding that year. However, the firm believes international investors can miss promising founders due to a lack of local insight and reliance on traditional venture capital criteria.
Several companies in the firm’s portfolio illustrate this early-backing strategy. FIRSTPICK invested early in Samphire Neuroscience, founded by Emile Radyte, which develops science-based solutions for period pain, low mood, and brain fog. When FIRSTPICK first invested, the product was still in development. The company now sells products across Europe and the United States and recently raised a $5 million seed round led by Inventure.
The firm also backed cybersecurity compliance startup Copla at the pre-seed stage, investing in its €650,000 round before broader investor interest emerged. Copla has since raised a €6 million Series A round.
Another example is Holo, a startup founded by Gen Z entrepreneurs with little initial track record. FIRSTPICK supported the team early, and within nine months the company reported reaching €5 million in annual recurring revenue.
Through the new fund, FIRSTPICK aims to continue supporting unconventional founders and help accelerate the growth of the Baltic technology ecosystem.
KEY QUOTES:
“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 recognizing the real work and character behind the scenes.”
Andra Bagdonaitė, Partner at FIRSTPICK
“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 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.”
Tadas Gudaitis, Member of the Board at ILTE and Head of Business Development Unit
“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.”
Dmitrij Sosunov, Managing Partner at FIRSTPICK
