The venture capital landscape is often criticized for being an exclusive club that favors polished resumes and connections over raw potential. A Vilnius-based firm is determined to change that narrative entirely. FIRSTPICK has officially launched a new €25 million fund dedicated to finding the next big tech success stories in the Baltics.
They are not looking for the usual suspects with Ivy League degrees or Silicon Valley pedigrees. This firm wants to find the scrappy, hungry founders who are often overlooked by mainstream investors. The goal is to identify talent based on character and hustle rather than a perfect curriculum vitae.
Betting on Hustle and Potential Over Resumes
The core philosophy of this new fund is distinctively different from the traditional venture capital model. Most investors wait for a startup to show significant traction or for a founder to flash credentials from companies like Google or Facebook. FIRSTPICK is taking the opposite route. They are actively seeking out “underpriced talent” in the Baltic region.
Statistics show that in this specific ecosystem, nearly half of all founders are launching their very first company. These entrepreneurs often lack the network or the “right” background to catch the eye of big international funds.
By stepping in early, FIRSTPICK aims to give these local teams a fighting chance before the rest of the market realizes their value.
Andra Bagdonaitė, a partner at FIRSTPICK, describes their approach with a colorful analogy.
“It is not so different from the fairy godmother who knew Cinderella before the ball,” Bagdonaitė explains. “Everyone wants to back success once it is visible and on the biggest stage, but we prefer to meet founders while they are still hustling below the radar. It is about recognizing the real work and character behind the scenes.”
This strategy allows the fund to capture value at the inception stage. They are betting that grit and determination are better predictors of success than a prestigious university name.
FIRSTPICK venture capital fund investing in Baltic technology startups
Proven Track Record With Early Stage Wins
This is not the first time the firm has deployed this strategy. They have a history of spotting winners when others see only risk. The new capital will be their second early-stage fund, following a €20 million fund that launched in 2022.
Their portfolio already includes standout successes that validate their thesis.
One prime example is Samphire Neuroscience. Founded by Emile Radyte, this company offers science-backed solutions for difficult health issues like period pain and brain fog. When FIRSTPICK first wrote a check, the product was still in development. It was a high-risk bet on a founder with a vision.
Today, the reality is much different:
- Samphire serves thousands of clients across Europe and the United States.
- The company successfully raised a $5 million seed round.
- The subsequent round was led by Inventure, a major player in the Nordic investment space.
Another success story involves Copla, a cybersecurity compliance firm. The company is led by Aurimas Bakas, a serial entrepreneur. Despite his experience, the initial concept for Copla was so early that few investors were willing to commit.
FIRSTPICK saw the potential in the team and the idea. They became the first investor during a €650,000 pre-seed round. Their early support bridged the gap until the rest of the market caught up. Copla has since gone on to close a robust €6 million Series A round.
Strong Support From Tech Giants and State Funds
Raising €25 million is a significant milestone that requires trust from major financial players. The new fund has garnered support from a mix of institutional powerhouses and successful local entrepreneurs.
The backing comes from some of the most respected names in the Baltic tech scene:
- Founders of Tesonet (a cybersecurity giant).
- Founders of Oberlo (an e-commerce success story).
- Founders of Kilo Health (a digital health leader).
Having capital from these specific individuals sends a strong signal to the market. These are people who have built global businesses from the region. Their money serves as a vote of confidence in FIRSTPICK’s ability to spot the next generation of leaders.
On the institutional side, the fund is supported by Lithuania’s Ministry of Economy and Innovation and the state-financed ILTE fund.
Tadas Gudaitis, a Member of the Board at ILTE, highlighted the importance of this partnership.
“We are continuing our collaboration with FIRSTPICK, having witnessed their strong ability to professionally select and nurture early-stage companies,” says Gudaitis. “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.”
This public-private partnership is essential for maintaining a healthy startup ecosystem. It ensures there is a consistent pipeline of funding available for companies moving from the idea stage to acceleration and growth.
Fueling the Next Wave of Baltic Innovation
The ultimate vision for this €25 million injection goes beyond just financial returns. The team at FIRSTPICK wants to help the Baltic tech sector mature and take on a larger role in the European economy.
The fund will specifically target high-potential areas, with a keen interest in AI-first software. Artificial intelligence is currently reshaping every industry, and the Baltics are well-positioned to be a hub for this technology.
Dmitrij Sosunov, the managing partner at FIRSTPICK, views their work as an economic catalyst.
“We see our investments as the start of a wider impact,” says Sosunov. “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.”
The firm is essentially building the infrastructure for the future. By supporting founders from inception and pre-seed, they are ensuring that great ideas do not die simply due to a lack of early capital.
This long-term view is critical. Building a resilient business takes time, patience, and investors who are willing to ride out the early storms alongside the founders.
The launch of this fund is a positive signal for every aspiring entrepreneur in Lithuania, Latvia, and Estonia. It serves as a reminder that you do not need to be in Silicon Valley to build a world-class company. You just need a great idea, the grit to see it through, and a partner who believes in your potential.
In a world that often chases hype, FIRSTPICK is doubling down on substance. They are proving that the next unicorn might just be one “yes” away from changing the world.
