FIRSTPICK launches €25 million fund to act as VC “fairy godmother” to Baltic founders before their Cinderella moment
Vilnius-based venture capital fund FIRSTPICK has launched a new €25 million fund aimed at supporting early-stage Baltic startups. This initiative signifies a significant commitment to nurturing emerging tech talent within the region, particularly focusing on founders who may not fit the conventional venture capital mold, such as those without extensive FAANG backgrounds or Ivy League affiliations. The fund's strategy centers on identifying and empowering undervalued entrepreneurs, offering them crucial support before their innovations gain wider market recognition. This new fund, FIRSTPICK's second early-stage vehicle, builds on the success of its previous €20 million fund launched in 2022. It targets high-potential AI-first software companies at their inception and pre-seed stages across the Baltic region. Backed by prominent local entrepreneurs, angel investors, and founders of successful companies like Tesonet and Oberlo, the fund also benefits from support from Lithuania’s Ministry of Economy and Innovation and the state-financed ILTE fund, which has committed €9 million. FIRSTPICK's investment thesis emphasizes supporting founders based on their grit and innovative ideas rather than solely on traditional credentials. The fund typically invests between €100,000 and €500,000 initially, with follow-on capacity up to €1 million. Beyond capital, portfolio companies gain access to a robust platform, including a community of over 250 founders and experienced operators, fostering a supportive ecosystem for growth and resilience.
Curated and translated by Europe Digital for our multilingual European audience.
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