FIRSTPICK’s new fund focuses on grit and potential rather than pedigree or Silicon Valley credentials.
Vilnius-based first-check VC fund FIRSTPICK has launched 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.
Instead of relying on recognisable 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 recognising the real work and character behind the scenes.”
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.
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 , the fund will target high-potential areas in AI-first software.
This is the second early-stage fund from FIRSTPICK. Their first, a €20 million 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 €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.”
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.”