Draft:FIRSTPICK

FIRSTPICK is a European venture capital fund based in Vilnius, Lithuania, that invests in early-stage technology startups in the Baltic states. The firm was fou

FIRSTPICK
TypePrivate
IndustryVenture capital
Founded2022
Key people
Dmitrij Sosunov (Managing Partner), Jonė Vaitulevičiūtė, Andra Bagdonaitė, Marijus Andrijauskas (General Partners)
Websitefirstpick.vc

FIRSTPICK is a European venture capital fund based in Vilnius, Lithuania, that invests in early-stage technology startups in the Baltic states. The firm was founded in 2022 by Jonė Vaitulevičiūtė, Dmitrij Sosunov, Andra Bagdonaitė, and Marijus Andrijauskas. FIRSTPICK primarily invests at the inception and pre-seed stages, with a focus on AI-enabled software companies founded by Baltic entrepreneurs.

History

Prior to establishing FIRSTPICK, Vaitulevičiūtė, Sosunov, and Bagdonaitė were involved in the establishment and management of a €7.7 million venture capital fund under the Startup Wise Guys brand in Lithuania, through which they invested in early-stage startups across the Baltic region.[1] Members of the founding team had previously invested in more than 50 startups, including Ondato, GoRamp, VocalImage, Jeff, InSoil, and Turing College. These investments resulted in five exits, including Realtify, Nobe, and a partial exit in Kevin. In 2022, FIRSTPICK was established as an independent venture capital fund with €20 million in committed capital to invest in early-stage technology startups in Lithuania, Latvia, and Estonia.[2] In 2023, FIRSTPICK reported investing €1.73 million across 22 startups graduating from its programmes.[3] In 2026, FIRSTPICK launched Fund II, a €25 million venture capital fund focused on early-stage startups in the Baltic region, with an emphasis on AI-enabled software. The fund is backed by private investors and entrepreneurs from companies including Tesonet, Oberlo, and Kilo Health, as well as Lithuania's Ministry of Economy and Innovation through the state-backed investment vehicle ILTE.[4][5][6]

Investment strategy

FIRSTPICK focuses on startups founded by Baltic entrepreneurs, regardless of company headquarters, particularly at the idea, inception, and pre-seed stages of development. The firm typically makes initial investments ranging from €100,000 to €500,000 and may provide follow-on capital of up to €1 million in later funding rounds. FIRSTPICK leads investment rounds or co-invests alongside other venture capital funds and angel investors. The fund invests across technology sectors including artificial intelligence, software as a service (SaaS), financial technology, computer security, and digital marketplaces.

Investments

FIRSTPICK is a generalist fund and has invested in startups operating across sectors such as fintech, artificial intelligence, health technology, and cybersecurity. Notable investments include Copla, Samphire, Holo, WhiteBridge AI, Handwave, Algori, Finfra, and Amlyze.[7]

Partners

FIRSTPICK is led by its four founding partners:

  • Dmitrij Sosunov (Managing Partner) has a background in entrepreneurship, consulting, and venture capital. He previously worked at the management consulting firm Civitta and served as a managing partner at Startup Wise Guys.
  • Jonė Vaitulevičiūtė has been active in the Lithuanian startup ecosystem since 2011. She previously held roles at IBM and Invest Lithuania, led innovation projects at Civitta, and later became a general partner at Startup Wise Guys.
  • Andra Bagdonaitė has worked with early-stage startups through entrepreneurship and coding education initiatives and consulting roles, including at Civitta. She also served as an investment manager at Startup Wise Guys and is a board member of the Lithuanian Private Equity and Venture Capital Association.
  • Marijus Andrijauskas is a former founder of the customer relationship management company Teamgate, acquired by Xenon Partners, and has experience in venture capital through his work at Startup Wise Guys.

References

  1. ^ "Startup Wise Guys' Lithuanian team forms its own VC, FIRSTPICK". Sifted. 2022.
  2. ^ "Startup Wise Guys' Lithuanian team forms its own VC, FIRSTPICK". Sifted. 2022.
  3. ^ "FIRSTPICK: Fund Already Invested €1.73M in 2023, With 22 Startups Graduating from Their Programs". The Baltic Times. 2023.
  4. ^ "FIRSTPICK closes €25M second fund to back Baltic founders". The Next Web. 2026.
  5. ^ "FIRSTPICK launches €25 million fund to act as VC "fairy godmother" to Baltic founders". EU-Startups. 2026.
  6. ^ "Baltic VC FIRSTPICK rolls out €25 million fund targeting Baltic pre-seed founders". ArcticStartup. 2026.
  7. ^ "Baltic VC FIRSTPICK rolls out €25 million fund". ArcticStartup. 2026.

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