FIRSTPICK raises €25M Fund II to target overlooked Baltic founders
FIRSTPICK, a Baltic-focused venture capital firm, has launched Fund II, a €25 million vehicle aimed at backing early-stage founders across the region—particularly those who may be overlooked by traditional venture filters such as elite university pedigrees or FAANG work experience.
The firm said the new fund will focus on AI software companies at the pre-seed stage, where capital and hands-on support can materially shape product direction, early hiring, and go-to-market strategy. The thesis centers on identifying high-potential teams in the Baltics that may not fit the conventional “resume-first” pattern often rewarded in global venture markets.
Backed by Baltic operators and repeat ecosystem builders
Limited partners for the fund include prominent regional tech players such as Tesonet, Oberlo, and Kilo Health. Their participation signals continued institutionalization of the Baltic startup ecosystem, where successful founders and operators increasingly recycle capital and expertise into new generations of companies.
While FIRSTPICK did not disclose specific fund economics or deployment timelines, the focus on pre-seed suggests a strategy built around smaller initial checks, high conviction, and the potential for follow-on participation as companies validate product-market fit.
Riding the AI wave—without the pedigree bias
The launch comes as European investors intensify competition for early-stage AI deal flow. By explicitly prioritizing founders without marquee corporate backgrounds, FIRSTPICK is positioning Fund II as a counterweight to credential-driven screening, betting that talent density in the Baltics is underpriced and that non-traditional profiles can outperform when paired with strong support networks.
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