FIRSTPICK 2025

2025 update

Baltic Startup Funding Report

This is our annual deep dive into early-stage startup funding in the Baltics, built on original data collected by FIRSTPICK, Practica Capital and Change Ventures (2019-2024).

Throughout the year, we stay close to the market. We track every pre-seed and seed round across the Baltics and work directly with founders to gather key round terms – shared with us in confidence. We cover startups headquartered in Estonia, Latvia, and Lithuania, as well as teams building primarily in the region – even if their HQ sits elsewhere.

The result: transaction-level data from more than 62% of all pre-seed and seed rounds closed in the region over the past 6 years. That’s 741 rounds with real numbers behind them – and a growing set of new datapoints that allow us to go beyond snapshots and start showing clear trends over time, which we’ll continue to build on in the years ahead.

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