FIRSTPICK Secures €25M for Baltic AI Startups

Vilnius-based venture capital firm FIRSTPICK has announced the launch of a new €25 million fund, strategically aimed at bolstering the burgeoning Baltic startup ecosystem. This latest capital injection, their second early-stage fund, is specifically designed to identify and empower nascent tech ventures, particularly those led by founders who might not fit conventional venture capital profiles. The initiative underscores a growing recognition of untapped potential within the region's dynamic, yet often underestimated, startup landscape.

The fund's core thesis revolves around backing exceptional talent and innovative ideas at the earliest stages, often pre-seed and inception, with a strong emphasis on AI-first software. This approach is particularly pertinent in the Baltics, where approximately half of all founders are launching their first company. By focusing on grit and novel concepts over traditional credentials like FAANG backgrounds or Ivy League degrees, FIRSTPICK aims to provide crucial early-stage support, enabling these teams to validate their visions and scale before broader market recognition.

Significant backing for the €25 million fund comes from a robust consortium of local entrepreneurs, angel investors, and founders of successful regional enterprises such as Tesonet, Oberlo, and Kilo Health. Further solidifying its strategic importance, the fund has also secured commitments from public sector entities, including Lithuania’s Ministry of Economy and Innovation and the state-financed ILTE fund. Tadas Gudaitis, Member of the Board at ILTE and Head of Business Development, highlighted their €9 million commitment as a strategic move to not only provide capital but also to catalyze private investor involvement, ensuring a consistent funding pipeline for high-growth potential startups and strengthening Lithuania's innovation ecosystem.

This new fund builds on FIRSTPICK's established track record, which includes a prior €20 million fund launched in 2022. Over seven years, the firm has invested in nearly 100 Baltic startups, consistently demonstrating an ability to spot overlooked potential. Notable successes include early investments in companies like Samphire Neuroscience, founded by Emile Radyte, which secured a $5 million seed round led by Inventure after initial high-risk product development. Similarly, Copla, a cybersecurity compliance firm led by serial entrepreneur Aurimas Bakas, received its first investment from FIRSTPICK in a €650,000 pre-seed round, subsequently closing a €6 million Series A round. Another example is Holo, a Gen Z-led team that achieved €5 million in annual recurring revenue in under nine months with FIRSTPICK's early support.

The Baltic region has emerged as a vibrant hub for tech innovation, attracting substantial venture capital. According to the recent Baltic Startup Funding Report, foreign investors participated in 43% of all Baltic deals in 2025, contributing significantly to the overall €607 million in venture investments. However, this influx of capital often comes with a challenge: identifying the most promising founders, especially those who deviate from conventional profiles. FIRSTPICK's localized expertise and commitment to 'backing founders, not resumes' positions it uniquely to bridge this gap, ensuring that promising local teams receive the necessary support to thrive.

Andra Bagdonaitė, a partner at FIRSTPICK, emphasized the firm's philosophy: "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." This sentiment encapsulates the fund's strategy to uncover and nurture talent before it becomes widely recognized, thereby maximizing potential returns and fostering a more inclusive and robust regional tech ecosystem. The firm's ultimate goal, as articulated by Dmitrij Sosunov, is to empower the Baltic tech sector to play a more significant role in the region's economic future, starting with these often-overlooked founders.