FIRSTPICK VC Research
Overview
FIRSTPICK is a Vilnius-based venture capital firm specializing in inception and pre-seed investments in Baltic founders from Lithuania, Latvia, and Estonia. Founded in 2022 with a €20M first fund, the firm closed its second fund of €25M in March 2026, bringing total committed capital to approximately €45M (~$49.5M). The firm operates the fastest deal cycle in the Baltic VC ecosystem, self-described as the "highest-speed VC fund" in the region.
Investment Thesis
FIRSTPICK's core thesis is that the Baltic region consistently produces world-class engineering and entrepreneurial talent that is systematically overlooked by larger European and global funds. The fund specifically targets founders who don't fit conventional VC templates—those without FAANG backgrounds or Ivy League credentials—believing that grit, market insight, and technical depth are more predictive of success than pedigree. As GP Andra Bagdonaitė describes it: "we prefer to meet founders while they're still hustling below the radar."
The fund has a strong focus on AI-first software companies, while maintaining a generalist mandate across SaaS, fintech, deeptech, and consumer markets. The firm invests in Baltic founders regardless of headquarters location, including those who have relocated to the US, UK, or Western Europe.
Stage Focus
FIRSTPICK is a true first-check investor targeting companies at the inception stage (pre-product, idea validation) and pre-seed stage (early product, initial user traction). They explicitly avoid Series A and later-stage companies as primary investments. The fund maintains follow-on reserves up to €1M for their strongest portfolio companies.
Check Size
Initial investment tickets range from €100,000 to €500,000 (~$110K–$550K). For accelerator program participants, initial checks are smaller (€50,000–€250,000). Follow-on capacity extends up to €1,000,000 per company.
Fund Structure
Fund I (€20M) launched in 2022 and has been fully deployed across approximately 100 Baltic startups. Fund II (€25M) closed in March 2026. Key LPs include Lithuanian entrepreneurs and angels from Tesonet, Oberlo, and Kilo Health, Lithuania's Ministry of Economy and Innovation, and ILTE state-financed fund (€9M commitment via EU's NextGenerationEU program).
Portfolio Highlights
FIRSTPICK has built a portfolio of 43+ companies including:
Star Performers:
- Copla (cybersecurity compliance): FIRSTPICK's €650K pre-seed led to 100+ regulated EU customers, seven-figure ARR, and a €6M Series A in February 2026
- Samphire Neuroscience (neurotech wearable for menstrual pain): First institutional check led to $5M seed round led by Inventure
- Holo (AI content engine): Achieved €5M ARR within just nine months of launch
AI/SaaS: Algori, Chaseit, GREÏ, Evergrowth, Unive, Whitebridge, Narratone, AceWaves Fintech: Handwave, Finfra, Amlyze, Softloans, Commody, Beesure Deeptech: Samphire Neuroscience, Psylink, Sort A Brick (BR1CK), MBito Security: Copla, Amlyze, Buck4Bug Consumer: Tingit, Liledu, Lovi
Exits include Realtify, Nobe, and a partial exit in kevin.
Accelerator Program
FIRSTPICK runs a structured accelerator program (Batch 5 ran January–April 2025). The program provides smaller initial checks (€50K–€250K), 13-person mentor network from companies including Vinted, Surfshark, and Wargaming.net, and follow-on investment opportunities. The accelerator has produced several portfolio stars including Holo, Skarbe, and Handwave.
Team
Dmitrij Sosunov (Managing Partner): Serial entrepreneur with multiple exits; management consulting background; deep expertise in product-market fit, sales, and strategy.
Andra Bagdonaitė (General Partner): 10+ years working with early-stage founders; co-founder of FIRSTPICK; former Investment Manager at Startup Wise Guys (50+ investments); leads investments and LP engagement.
Jonė Vaitulevičiūtė (General Partner): Former Startup Wise Guys fund manager (50 investments); IBM background; expertise in fundraising, strategy, marketplaces, wellness tech, and fintech.
Marijus Andrijauskas (General Partner): 15 years of international experience; founded award-winning SaaS company Teamgate; managed 200+ startup portfolio; mentors on strategy and fundraising.
Support team includes Finance & Compliance (Nikodemas Valiušaitis), Investment Analysis (Rūta Sičiūnaitė), Platform (Tadas Gudauskas), and Content & Brand (Simona Rybakovaitė).
Value-Add
Beyond capital, FIRSTPICK provides access to a 250+ founder community, 100+ operator network, operational support in product-market fit, fundraising, and go-to-market strategy, Baltic ecosystem connections, and follow-on capital for breakout companies.
Geographic Focus
Exclusively Baltic founders (Lithuania, Latvia, Estonia), including those who have relocated internationally. Primary ecosystem: Lithuania (Vilnius headquarters at Gedimino pr. 27). Does not invest in non-Baltic founders.
Decision Process
Partnership model with three GPs and a managing partner. Known for fast decisions—self-described as the fastest VC in the Baltics. Comfortable making quick conviction-based bets at the earliest company stages without requiring full due diligence packages.
Recent Activity (2025–2026)
Actively deploying Fund II since March 2026 close. Recent investments include Skarbe (AI sales platform, $600K pre-seed led by FIRSTPICK, June 2025) and Psylink (biotech, €501K pre-seed participation, July 2025). BirdyChat (social/platform software) invested in May 2026. Portfolio company Copla closed a €6M Series A in February 2026 and Samphire Neuroscience raised $5M from Inventure.