Vilnius-based first-check venture capital fund FIRSTPICK has launched a new EUR 25 million fund. It is aimed at helping early-stage Baltic startups validate their ideas and grow the region’s technology ecosystem.
The new FIRSTPICK fund will primarily focus on helping the Baltic technology sector become a stronger driver of regional economic growth, starting with founders who often go unnoticed.
The fund typically invests in the development of artificial intelligence–based software and targets startups whose projects often do not meet traditional venture capital criteria—for example, founders without experience at large tech companies or without degrees from prestigious universities. Initial investments range from EUR 100,000 to EUR 500,000, with follow-on investments of up to EUR 1 million in later stages.
Akvilė Bosaitė, partner at legal service provider COBALT, says this step will help shape a successful early-stage startup ecosystem in the Baltic states.
Among the fund’s backers are local entrepreneurs and business angels from various sectors, including the technology company Tesonet, the e-commerce platform Oberlo, the product longevity, wellness, beauty, personal development, and travel brand Kilo, and the venture capital fund Lost Astronaut. The main investors are the Lithuanian Ministry of the Economy and Innovation and the national development bank ILTE.
Startups that have already received support from previous FIRSTPICK funds include Samphire Neuroscience, which offers science-based solutions in Europe and the United States to reduce menstrual pain and low mood. The fund also invested EUR 650,000 in the cybersecurity compliance solutions company Copla and supported the technology startup Holo at a very early stage.
COBALT’s assistance included structuring two funds (Firstpick Seed Fund II and Firstpick Accel Fund II), drafting the fund formation documents, coordinating them with the main investor ILTE, securing approval of the documents from the Bank of Lithuania, and providing comprehensive legal support.
The COBALT team was led by Partner and Head of the Banking and Finance Practice Group Akvilė Bosaitė. The team also included Senior Associate Andrius Ankštutis and Associate Aurelija Šerniūtė.
