Lithuanian-founded FIRSTPICK launches a €20M fund for early-stage startup in the Baltics

The Lithuanian team of the Estonian accelerator Startup Wise Guys has launched the new VC firm, FIRSTPICK. The firm plans to raise of €20 million for the fund, with €15 million already committed, Sifted.eu informs. 

• Founded by four team members of Estonian accelerator Startup Wise Guys Andra Bagdonaite, Jone Vaituleviciute, Marijus Andrijauskas, and Dmitrij Sosunov, new VC firm FIRSTPICK focuses on early-stage deals across the Baltic region.
• FIRSTPICK has already raised €15 million from the targeted €20 million. It’s anchored by €9 million from the Lithuanian state-owned fund of funds INVEGA, the rest of the amount came from private investors.  
• The fund plans to invest in 45 startups over the next three years. It offers a pre-accelerator with grants of up to €20,000 per team, an accelerator with an investment range from €50,000 to €100,000, and investments up to Series A, between €200,000 to €500,000. 

“We as a fund really are more willing to take risks, to make bigger bets, to support founders that maybe don’t have very good traction yet, but who have a very good vision, and that we believe they can execute on this vision,”

Andra Bagdonaite, co-founder, and a partner of FIRSTPICK comments.

• FIRSTPICK has a sector-agnostic approach, and focuses on Lithuania, Latvia and Estonia, but can also invest elsewhere if it sees a great opportunity.