Vilnius-based venture capital firm FIRSTPICK has announced the launch of a new $29 Million fund dedicated to supporting early-stage startups across the Baltic region. This second fund reinforces the firm's commitment to backing founders at the inception and pre-seed stages, particularly those who may not fit the conventional investor mold. The initiative aims to identify and nurture underpriced local talent before they gain widespread market attention.
A Focus on Untapped Potential
FIRSTPICK distinguishes itself by prioritizing conviction and execution over traditional credentials, such as experience at major tech firms or degrees from elite universities. This approach is particularly relevant in the Baltic startup ecosystem, where a significant number of entrepreneurs are launching their first company. The firm seeks to back individuals whose grit and clarity of thought stand out from the beginning.
Partner Andra Bagdonaitė likens their strategy to discovering talent before it reaches the grand stage, much like Cinderella before the ball. The firm prefers to engage with founders while they are still developing their ideas away from the spotlight. This philosophy centers on recognizing the hard work and character that underpin future success.
A Track Record of Successful Early Investments
The firm's strategy is validated by its portfolio, including an early investment in Samphire Neuroscience, founded by Emile Radyte. FIRSTPICK supported the women's health tech company when its product was still in a high-risk development phase. Samphire has since attracted thousands of clients and recently closed a $5 million seed round.
Another key example is Copla, a cybersecurity compliance company led by serial entrepreneur Aurimas Bakas. FIRSTPICK acted as the first investor in its $755.000 pre-seed round when the concept was still nascent and overlooked by others. This initial backing was pivotal for Copla, which has since raised a $7 million Series A round.
Strategic Backing and Fund Mechanics
The new $29 Million fund will concentrate on AI-first software ventures, providing initial investments ranging from $116,000 to $581,000. It also reserves capital for follow-on rounds of up to $1.16 million to support its portfolio companies as they grow. This vehicle follows the firm's inaugural $23 million fund, which was established in 2022.
Support for the fund comes from a robust network of local entrepreneurs, angel investors, and founders from prominent companies like Tesonet, Oberlo, and Kilo. Key anchor investors include Lithuania’s Ministry of Economy and Innovation and the state-financed ILTE fund. This public-private partnership signals strong regional confidence in FIRSTPICK's mission and capabilities.
Tadas Gudaitis, a board member at ILTE, emphasized the strategic importance of their $10 million commitment to encourage further private investment. He praised FIRSTPICK's proven ability to select and cultivate promising early-stage companies. The collaboration is expected to ensure a consistent funding pipeline and bolster the region's innovation landscape.
Ultimately, FIRSTPICK's vision extends beyond individual company success to fostering broader economic resilience throughout the Baltics. Managing Partner Dmitrij Sosunov stated that the goal is to empower the best local talent to launch their ideas and build sustainable businesses within the region. By backing overlooked founders, the fund aims to catalyze growth in the Baltic tech sector and strengthen the entire economy.