FIRSTPICK has just closed a €25 million fund to keep doing what it already does — backing Baltic founders before there’s much to show. This time, the firm is moving even earlier, into ideation, while adjusting to a market where pre-seed rounds are getting bigger and harder to win.
That move comes from Fund I experience: some companies backed at formation are now reaching €1–10M ARR, some deals it didn’t win against other investors, and some opportunities missed due to where companies are incorporated. In this interview, Andra Bagdonaitė talks through what changed between the two funds, why going earlier is a deliberate move, and how they think about founders who don’t fit the usual pattern — but still execute.
about adjusting fund structure and tickets to market reality
You closed your first €20 million fund in 2022 — how has it performed so far?
The fund is performing strongly. While we cannot disclose exact metrics publicly, the underlying portfolio growth is impressive. One company has already surpassed €10 million in ARR, two are above €6 million in ARR, and five are in the €1–2 million ARR range.
This is particularly meaningful given our strategy as a first-check investor. We typically invest when teams are just forming, often with 2–3 people and an early product. Seeing this level of traction from such an early starting point validates our approach.
A good example is Samphire Neuroscience, founded by Emilė Radytė in 2023. When we invested, the product was still in development, and the risk was high. Today, Samphire serves thousands of customers across Europe and the US and recently raised a $5 million seed round led by Inventure.
Another example is Copla, a cybersecurity compliance company led by serial entrepreneur Aurimas Bakas. We invested at a very early stage in their €650,000 pre-seed round, when few investors were paying attention. Since then, Copla has scaled significantly and raised a €6 million Series A.
What’s your biggest “we passed on this one” regret from Fund I?
There is no single case we regret passing on. In several instances, we identified strong companies and issued term sheets but ultimately lost the deal to other investors.
In those cases, we treat it as a learning opportunity — understanding how we can improve our positioning and win similar deals in the future. Some missed opportunities were also driven by structural constraints, such as companies being incorporated outside Europe, which falls outside our mandate.
What were the biggest lessons from Fund I that shaped how you’re approaching Fund II?
Two key learnings shaped our strategy.
First, we want to go even earlier. The best founders often emerge before the market recognizes them, so we are doubling down on backing talent at the ideation stage. This led to the launch of our All-Stars platform, where we invest €100,000 at the earliest stage.
Second, round sizes have increased significantly. The median pre-seed round in the Baltics has grown from around €150,000 in 2019 to approximately €500,000 today. We have adjusted our fund structure and ticket sizes accordingly.
How challenging was it to raise the second fund, and how long did the process take?
The fundraising environment has been challenging. 2025 marked a decade low in global VC fundraising, with continued geopolitical uncertainty, volatile public markets, and limited liquidity for LPs.
Despite this, we are satisfied with our progress. Our anchor LP, ILTE, played a critical role. Having supported our previous funds, their continued backing was instrumental in launching the new fund and attracting additional LP commitments.
Has your investment focus evolved with Fund II in any way?
Our core strategy remains consistent, with a stronger emphasis on earlier-stage investing and larger ticket sizes to reflect market dynamics.
You’re backing early-stage startups in the Baltics — what makes the region interesting right now?
We see three structural advantages:
- Founder DNA forged by constraint — small markets and limited capital have produced founders who are global-first, capital-efficient, and execution-driven from day one.
- A reinforcing flywheel of talent — exits from companies like Bolt, Wise, and Vinted are generating repeat founders and experienced operators.
- Alignment with the AI-defence-infrastructure super-cycle — as capital shifts toward physical AI and strategic technologies, Baltic founders are building in sectors that matter globally.
What gives you conviction when investing at such an early stage?
The founding team. Based on our experience investing in nearly 100 Baltic startups, we have seen that the market often underestimates unconventional talent.
Many foreign investors rely on pattern-matching — recognizable CVs or prior experience — and miss founders who do not fit the standard profile. We focus on grit, clarity of thought, and the ability to execute early. That is where we consistently find outliers.
What kind of founders or opportunities are you most excited about right now?
We are particularly excited about AI-first software companies — teams that are building with AI at the core of their product and can move faster, operate leaner, and compete globally from day one.
