FIRSTPICK's $27M Fund Backs Unconventional Baltic Founders

Jan de Vries · 2026-03-05

There's a new player in the venture capital scene, and they're looking for founders who don't fit the usual mold. FIRSTPICK, a Vilnius-based first-check VC fund, just launched a new $27 million fund to invest in early-stage Baltic startups. Here's the twist—they're actively seeking entrepreneurs without the typical FAANG background or Ivy League pedigree. It's a refreshing approach, really. They're betting on grit and raw potential over polished resumes. The idea is to identify undervalued talent and give local teams a real shot before the rest of the market even notices them. ### Who's Backing This Vision? The fund isn't going it alone. It's backed by a solid group of local entrepreneurs, angel investors, and founders from successful companies like Tesonet, Oberlo, and Kilo Health. They're focusing on high-potential areas, especially AI-first software, at the very earliest stages across Estonia, Latvia, and Lithuania. This is actually FIRSTPICK's second early-stage fund. Their first was a $22 million fund launched back in 2022. They've also got support from Lithuania's Ministry of Economy and Innovation and the state-financed ILTE fund, which shows serious institutional belief in their mission. Tadas Gudaitis from ILTE put it well: "We've seen their strong ability to professionally select and nurture early-stage companies. As a strategic investor with a $9.7 million commitment, our role isn't just capital—it's about encouraging private investor involvement too." ### How FIRSTPICK Operates Founded in 2022, FIRSTPICK describes itself as a first-check VC fund that backs Baltic founders right at inception and pre-seed. They're generalist early-stage investors with a particular eye for AI-enabled software. Their investment philosophy is straightforward but powerful. They believe strong founders often walk unconventional paths. With seven years of experience investing in nearly 100 Baltic startups, they've noticed the market consistently underestimates the exact kind of talent they're looking for. When foreign investors come into emerging markets with fixed checklists, they risk missing founders who don't look like the standard bet. So FIRSTPICK flips the script—they back people whose determination and ideas stand out long before the industry takes notice. Here's what that looks like in practice: - Initial investments range from $108,000 to $540,000 - They have follow-on capacity up to $1.08 million - Portfolio companies get access to a platform with over 250 founders - They connect startups with experienced operators and practical early-stage expertise ### The "Fairy Godmother" Approach Andra Bagdonaitė, a partner at FIRSTPICK, uses a great analogy. "It's not so different from the fairy godmother who knew Cinderella before the ball," she says. "Everyone wants to back success once it's visible 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." They've got the track record to prove this approach works. Take Emile Radyte, who founded Samphire Neuroscience in 2023. The startup offers science-backed support for period pain, low mood, and brain fog. FIRSTPICK invested while the product was still in development. Now the company has thousands of clients in Europe and the US and recently raised a $4.6 million Seed round. That's the kind of early belief that pays off. Another example is Copla, a cybersecurity compliance company led by serial entrepreneur Aurimas Bakas. FIRSTPICK was the first investor in Copla's $702,000 pre-Seed round. Since then, Copla has closed a $6.5 million Series A round. ### The Bigger Picture What's really interesting is how FIRSTPICK sees their role in the broader ecosystem. They view their investments as the start of wider impact. When the Baltic tech sector grows, the entire regional economy becomes stronger. Their goal is simple but ambitious: help the best people kickstart their ideas right where they are and build resilient businesses that benefit everyone. It's not just about writing checks—it's about building a community that lifts the whole region up. In a world where venture capital often feels like it's chasing the same types of founders from the same backgrounds, FIRSTPICK's approach feels genuinely different. They're proving that sometimes, the best investments are the ones everyone else is overlooking.