Early stage funding plays a critical role in shaping the future of startup ecosystems, particularly in emerging technology hubs where promising founders often struggle to secure their first institutional investment. In the Baltic region, where many entrepreneurs are launching their first ventures, access to early capital can determine whether new ideas evolve into globally competitive companies. Vilnius based venture capital firm FIRSTPICK has announced the launch of a new €25 million fund designed to support founders at the earliest stages of building technology startups across the Baltics.
New fund focused on first checks
The newly launched €25 million fund will concentrate on inception and pre seed stage startups, providing the first institutional investment for founders developing new companies. FIRSTPICK positions itself as a first check investor, meaning it aims to support entrepreneurs when their ideas are still in the early stages of development and before they attract broader venture capital attention.
The fund’s strategy focuses on identifying founders whose potential may not fit the traditional venture capital profile. Rather than prioritising well known professional backgrounds or elite academic credentials, FIRSTPICK emphasises the importance of determination, original thinking and the ability to build resilient companies.
By backing founders before their success becomes widely visible, the firm hopes to uncover undervalued talent and provide early support that can help startups gain traction in competitive global markets.
Backing overlooked founders
The Baltic startup ecosystem has grown steadily over the past decade, producing internationally recognised companies and attracting increasing venture capital interest. However, many founders in the region are still launching their first ventures and may lack the credentials that typically attract venture investors.
FIRSTPICK believes this environment creates an opportunity to identify high potential founders before they are widely recognised. The firm’s investment philosophy centres on discovering entrepreneurs who demonstrate strong ideas and persistence even if they do not match the traditional venture capital profile.
According to the firm, this approach allows it to support founders who are building companies quietly and steadily before the wider investment community becomes aware of their work.
Track record of early investments
The venture firm points to several early investments as examples of its strategy. One such investment was in Samphire Neuroscience, a startup founded in 2023 by Emile Radyte. The company develops science based solutions designed to support issues such as period pain, low mood and cognitive symptoms often associated with hormonal cycles.
When FIRSTPICK initially invested in Samphire, the company’s product was still in development and carried significant risk. Since then, the startup has launched its product and gained thousands of customers across Europe and the United States. The company has also raised a $5 million seed round led by Inventure.
Another example is Copla, a cybersecurity compliance company founded by serial entrepreneur Aurimas Bakas. FIRSTPICK became Copla’s first investor during a €650,000 pre seed round when the product was still in its earliest stage. The company has since continued to grow and recently secured a €6 million Series A round.
Strengthening the Baltic startup ecosystem
The new fund builds on FIRSTPICK’s earlier €20 million fund launched in 2022, reinforcing its commitment to early stage investment in the Baltic region. The fund is backed by a network of local entrepreneurs, angel investors and founders from companies including Tesonet, Oberlo and Kilo.
Public sector support also plays an important role. The new fund is backed by Lithuania’s Ministry of Economy and Innovation and the state financed ILTE fund, reflecting national efforts to strengthen the country’s technology sector.
With a €9 million commitment, ILTE aims not only to provide capital but also to encourage additional private investment in early stage companies.
Supporting the next generation of Baltic startups
FIRSTPICK plans to concentrate investments in high potential areas such as AI first software companies while remaining open to other innovative technologies emerging from the region. By providing early capital and mentorship, the firm aims to help founders develop ideas that can grow into globally competitive businesses.
Beyond financial returns, the firm sees its work as contributing to the long term development of the Baltic technology sector. As more successful startups emerge, they can help create jobs, attract international investment and strengthen the broader regional economy.
Through its new €25 million fund, FIRSTPICK hopes to ensure that promising founders across the Baltics receive the early support needed to transform ambitious ideas into impactful technology companies.
