A Vilnius-based venture capital fund, FIRSTPICK, has launched a fresh €25 million fund dedicated to investing in early-stage startups across the Baltic region. The fund distinguishes itself by prioritizing founders who don’t conform to traditional venture capital profiles, specifically welcoming entrepreneurs without experience at major tech companies—often referred to as FAANG—or Ivy League education.
Investing in Untraditional Talent
FIRSTPICK’s approach centers on identifying and supporting what it describes as “undervalued talent,” giving local teams opportunities before broader market recognition. The fund is backed by local entrepreneurs, angel investors, and founders of companies including Tesonet, Oberlo, and Kilo Health. It will focus on companies working in AI-first software.
This new fund builds on FIRSTPICK’s existing portfolio and is too supported by Lithuania’s Ministry of Economy and Innovation, as well as the state-financed ILTE fund, which is contributing €9 million. Tadas Gudaitis, a member of the Board at ILTE, stated that their continued collaboration stems from FIRSTPICK’s “strong ability to professionally select and nurture early-stage companies.”
A Different Approach to Venture Capital
FIRSTPICK explained that its strategy is rooted in the belief that strong founders often emerge from unconventional backgrounds. Having reviewed nearly 100 Baltic startups over seven years, the fund believes the market often overlooks promising talent. The fund typically invests between €100,000 and €500,000 initially, with the potential for follow-on investments up to €1 million.
Beyond financial investment, FIRSTPICK offers access to a network of over 250 founders, experienced operators, and early-stage expertise. Andra Bagdonaitė, a partner at FIRSTPICK, likened the fund’s approach to identifying potential “before the ball,” recognizing the “real work and character behind the scenes.”
FIRSTPICK points to investments in Samphire Neuroscience, founded in 2023, and Copla as examples of its success in identifying promising ventures. Samphire, which offers science-backed support for various health concerns, has since raised a €4.3 million ($5 million) seed round. Copla, a cybersecurity compliance company, secured a €6 million Series A round after FIRSTPICK’s initial investment of €650,000.
Dmitrij Sosunov, managing partner at FIRSTPICK, emphasized the broader economic impact of their investments, stating, “When the Baltic tech sector grows, the entire economy becomes stronger.”
Frequently Asked Questions
What types of startups is FIRSTPICK looking to fund?
FIRSTPICK focuses on early-stage startups across the Baltics, particularly those working in AI-first software. They are specifically interested in founders who don’t have backgrounds at major tech companies or Ivy League degrees.
How much funding does FIRSTPICK typically provide?
FIRSTPICK typically invests between €100,000 and €500,000 as an initial check, with the possibility of follow-on investments up to €1 million.
Who is backing FIRSTPICK?
The fund is backed by local entrepreneurs, angel investors, founders of companies such as Tesonet, Oberlo, and Kilo Health, Lithuania’s Ministry of Economy and Innovation, and the Lithuanian state-financed ILTE fund.
As the Baltic startup ecosystem continues to develop, will funds like FIRSTPICK be able to continue identifying and nurturing the next generation of innovative companies?