FIRSTPICK is launching a new €25 million fund to invest in early-stage Baltic startups, focusing on founders who may be overlooked by traditional VC criteria. Backed by local entrepreneurs and private investors, FIRSTPICK aims to support early-stage teams from inception, helping them validate ideas and grow the regional tech ecosystem.
Foreign investment firms often look toward emerging markets to get in early on tech startups. But the toughest challenge is knowing from afar which founders to back. Nowhere is this clearer than in the Baltic startup scene. According to the recently published Baltic Startup Funding Report, foreign investors were involved in 43% of all Baltic deals in 2025, contributing significantly to last year’s overall €607M attracted in venture investments.
But quick market entry does not always guarantee access to the best founders, especially those who don’t fit the usual profiles. This mix of enthusiasm and local knowledge gap in the Baltics sets the stage for new kinds of venture investors: those in a position to spot early talent that others miss.
Baltic opportunity is real, but easy to miss
FIRSTPICK, a Vilnius-based first-check venture capital fund, is addressing this issue by launching a new €25 million fund focused on early-stage investments. The aim is to support Baltic founders who don’t fit the typical VC mold. No FAANG background or Ivy League degree needed. In a startup ecosystem where half of the founders are starting their first company, this approach is about finding and supporting underpriced talent, giving local teams a real shot before the rest of the market catches on.
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, from 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.”
Backing founders, not resumes
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.”
A track record of spotting winners early
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.”
About FIRSTPICK
FIRSTPICK is a first-check venture capital fund backing Baltic founders at inception and pre-seed. The fund is a generalist early-stage investor with a strong focus on AI enabled software. FIRSTPICK typically invests €100K to €500K as an initial check, with follow-on capacity up to €1M. In addition to capital, portfolio companies gain access to a platform of a 250+ founder community, experienced operators, and practical early-stage know-how.