FIRSTPICK raises €25M to find the Baltics’ next breakout founders
Baltic VC FIRSTPICK has launched a new €25 million fund dedicated to identifying and nurturing early-stage founders across the Baltic region, specifically targeting individuals who may not fit the traditional venture capital mold. This initiative aims to democratize access to funding, moving beyond conventional requirements like FAANG experience or elite educational backgrounds, thereby supporting "underpriced talent" and fostering local innovation before it gains wider market recognition. The fund's strategy prioritizes grit and distinctive ideas, mirroring a "fairy godmother" approach to supporting promising entrepreneurs at their nascent stages. The fund's investment thesis is exemplified by its early backing of Samphire Neuroscience, which developed science-backed solutions for menstrual health, and Copla, a cybersecurity compliance startup. In both cases, FIRSTPICK provided crucial pre-seed or early-stage capital when these companies were still in development or when investor interest was limited. Samphire has since achieved significant traction with European and US customers, securing a $5 million seed round, while Copla successfully closed a €6 million Series A round. These successes underscore FIRSTPICK's ability to spot potential and support transformative technologies from inception. FIRSTPICK's second early-stage fund will concentrate on inception and pre-seed rounds, with a strategic focus on AI-first software applications. This endeavor is supported by a consortium of prominent local entrepreneurs, angel investors, and founders of successful tech companies, alongside significant backing from Lithuania’s Ministry of Economy and Innovation and the state-financed ILTE fund. ILTE's €9 million commitment signifies a strategic partnership aimed not only at capital infusion but also at catalyzing private investment and ensuring a sustained funding pipeline for high-growth potential startups, thereby bolstering Lithuania's long-term innovation ecosystem.
Curated and translated by Europe Digital for our multilingual European audience.
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