Vilnius-based first-check VC fund FIRSTPICK has raised €25 million to back early-stage Baltic startups. The fund will target founders at the very beginning of their journey, investing from inception through pre-seed.
- Launched in 2022 by Dmitrij Sosunov and Andra Bagdonaitė, FIRSTPICK is an early-stage VC fund investing in Baltic founders at inception and pre-seed. It writes initial checks of €100,000 to €500,000, with follow-ons up to €1 million, focusing on AI-enabled software. Portfolio companies gain access to a 250+ founder community and operational support. Its investments include Samphire Neuroscience, Copla, and Holo.
“It’s not so different from the fairy godmother who knew Cinderella before the ball. 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," explains Andra Bagdonaitė, partner at FIRSTPICK.
- The new fund will back overlooked Baltic founders at inception and pre-seed, mainly in AI software, providing early capital, guidance, and access to a founder network to support growth before other investors notice.
- The €25 million FIRSTPICK fund is backed by local entrepreneurs and angels from companies like Tesonet, Oberlo, and Kilo Health, as well as Lithuania’s Ministry of Economy and Innovation and the state-financed ILTE fund.
“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," claims Tadas Gudaitis, Member of the Board at ILTE and Head of Business Development unit.
