FIRSTPICK's €25M fund targets Baltic AI startups at inception stage

FIRSTPICK, a Baltic-focused early-stage investor, has closed a second €25 million fund to back founders at inception and pre-seed. The fund targets startups in Estonia, Latvia, and Lithuania, with a strong emphasis on AI-driven software. Its first fund, launched in 2022, already supported nearly 100 regional startups.

One of its earliest bets was Samphire Neuroscience, a femtech hardware company now thriving after a €5 million seed round and multiple sell-outs since its European launch.

FIRSTPICK specialises in identifying founders in overlooked domains or geographies. In 2021, it took a high-risk bet on Emilijė Radytė's Samphire Neuroscience when the company was still developing its first AI-driven product. That gamble paid off: the business has since sold out twice in Europe, secured €5 million in seed funding, and established itself as a credible player in femtech hardware.

The new €25 million fund will provide initial investments of €100,000 to €500,000, with follow-on support up to €1 million. Backers include Lithuanian entrepreneurs, angel investors, the Ministry of Economy and Innovation, and the state-financed ILTE fund, which contributed €9 million. The strategy relies on generating enough successful exits from its AI-focused portfolio to deliver returns for its limited partners.

The Baltic startup scene has seen rapid growth, with venture investment climbing from €505 million in 2024 to €607 million in 2025. AI remains the dominant sector by capital deployed, aligning with FIRSTPICK's focus on AI-first software and early-stage innovation.

With its second fund now closed, FIRSTPICK will continue targeting high-potential Baltic founders at their earliest stages. The firm's track record—including early support for AI-driven companies like Samphire Neuroscience—positions it as a key player in the region's expanding startup ecosystem. The fund's success will hinge on the performance of its AI-focused portfolio in the coming years.