FIRSTPICK seeks EUR 20m hard cap for two debut vehicles

FIRSTPICK Accel Fund and FIRSTPICK Seed Fund were launched in December 2022 with a combined EUR 15.5m from their anchor investor, Lithuanian governmental financial institution INVEGA, management team, as well as private investors from Baltic tech community, Vaitulevičiūtė said. The company was advised by law firm COBALT on establishment matters, she added.

It aims to raise another EUR 4.5m by the end of this year and will look for investors like corporate VCs, funds of funds, as well as private investors, she added.

FIRSTPICK expects to start raising a larger vehicle, potentially up to EUR 50m in size, from early 2025, Vaitulevičiūtė said, adding it could launch the fund in early 2027. The firm will aim to speak to institutional investors such as European Investment Fund and pension funds for the second-generation vehicle, she added.

Investment plans
FIRSTPICK Accel Fund, which held its final close at EUR 6.4m, will operate as an accelerator offering investments of up to EUR 100,000 per company, Vaitulevičiūtė said. It aims to build a portfolio of 50 companies by the end of its investment period of three years, she added.

FIRSTPICK Seed Fund, which is expected to have up to EUR 14m by the end of this year, will provide follow-on pre-seed and seed-round investments of up to EUR 500,000 for companies from its accelerator arm, Vaitulevičiūtė said. It is likely to provide follow-on investments for around 20 businesses, she said, adding its investment period is scheduled for four years until December 2026. Nonetheless, around 30% of the seed fund could be invested into new companies, Vaitulevičiūtė said.

The company could invest up to EUR 1m per company from its funds, both of whom have a life cycle of eight years, with a possibility for two one-year extensions, Vaitulevičiūtė said.

FIRSTPICK is a Baltics-focused generalist investor, whose founding team is especially experienced in the fintech sector, Vaitulevičiūtė said. The company was founded last year by Vaitulevičiūtė, Andra Bagdonaitė, Dmitrij Sosunov and Marijus Andrijauskas, all of whom previously managed an early-stage VC fund in Lithuania under Startup Wise Guys, according to the company's website data.

The company already has eight companies in its portfolio, and expects to make another 12 investments this year, Vaitulevičiūtė said. Some of its portfolio companies include Ama Care, a New York-based mobile app for skin care advise; AMLYZE, a Lithuanian RegTech start-up helping to prevent financial crime; Beesure, a Lithuanian insurance products integrator; Softloans, a Lithuanian Lending-as-a-Service provider; StackFlows, a Lithuanian process management platform; and Three Cubes, a Lithuanian game-based learning platform, according to its website.

The team has reviewed 430 applicants since late November, Vaitulevičiūtė said, adding it has seen founders not only from the Baltics, but also from countries like Poland and Ukraine. For example, it has seen companies active in fields like Software-as-a-Service, marketplaces, fintech and healthtech, she added.

FIRSTPICK anticipates exits from portfolio companies through their sale to strategic players interested in teams, client portfolios or markets, moreover it could exit through secondary-buyouts in Series A or B rounds, Vaitulevičiūtė said.

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