€25M Fund Backs Baltic AI Startups Where Others Won't Dare
A new €25 million fund has launched to support Baltic founders at the very start of their journeys. FIRSTPICK, which specialises in AI-first software and early-stage startups, aims to fill a gap in pre-seed funding across Estonia, Latvia, and Lithuania. The fund's strategy focuses on backing unconventional but high-potential founders often overlooked by larger investors.
FIRSTPICK's first €20 million fund, launched in 2022, has already financed nearly 100 startups in the region. Among its success stories is Samphire Neuroscience, founded by Emilijė Radytė. The company, which develops femtech hardware, received backing in 2021 when it had no revenue, no clear market path, and a high-risk proposition. Since then, Samphire has sold out twice, secured a $5 million seed round, and established itself as a leader in Europe.
Another portfolio company, Copla, a cybersecurity compliance startup, now serves over 100 customers and generates seven-figure annual recurring revenue. The fund's approach targets founders who follow unconventional paths, believing larger funds often miss these opportunities.
The Baltic startup scene has seen rapid growth, with venture investment rising from €505 million in 2024 to €607 million in 2025. AI remains the dominant sector for capital deployment. FIRSTPICK's new fund will provide initial investments of €100,000 to €500,000, with follow-on support up to €1 million.
Backing for the fund comes from Lithuanian entrepreneurs, angel investors, the Ministry of Economy and Innovation, and the state-financed ILTE fund, which committed €9 million. The goal is to help founders turn ideas into resilient businesses that strengthen the wider economy.
The success of FIRSTPICK's new fund will depend on its portfolio companies reaching later-stage funding rounds. By identifying and supporting high-potential founders early, the fund aims to drive returns while boosting the Baltic startup ecosystem. The focus remains on AI-first software and filling the pre-seed funding gap in the region.
