A new partnership between Baltic venture capital fund FIRSTPICK and venture builder Lost Astronaut aims to invigorate the region’s startup scene by investing in 100 early-stage companies over the next three years. The initiative places a particular emphasis on supporting Gen Z founders, recognizing a growing trend of young entrepreneurs entering the tech world with innovative ideas. This collaborative effort seeks to address a critical need: providing resources and guidance to young talent at the very inception of their ventures, helping Baltic startups compete on a global scale.
The move comes as the average age of founders of AI “unicorn” companies – privately held startups valued at over $1 billion – has dramatically decreased. According to recent reports, the average age dropped from 40 in 2020 to 29 in 2024, signaling a “youthquake” disrupting traditional Silicon Valley norms. This trend is fueled by a generation comfortable with rapid innovation and unafraid to challenge established systems. The Baltic states are hoping to capitalize on this momentum, fostering an environment where young founders can thrive.
Investing in the Next Generation of Baltic Innovators
FIRSTPICK, established in 2022, focuses on first-check venture capital for Baltic founders, although Lost Astronaut, founded by Tadas Burgaila of the “Kilo” group, is a venture builder and early-stage investor. The partnership aims to combine FIRSTPICK’s financial backing with Lost Astronaut’s hands-on approach to building companies from the ground up. This includes not just funding, but also mentorship, strategic guidance, and access to a network of investors.
Andra Bagdonaitė, a partner at FIRSTPICK, explained that the investment strategy goes beyond simply providing capital. “Together, we will help all selected companies develop an investment attraction strategy, provide them with feedback, and connect them with suitable investors from a network of 700 venture capital funds,” she said, according to reporting from VZ.lt. This comprehensive support system is designed to increase the likelihood of success for these young companies.
A Focus on Early-Stage Support
The collaboration specifically targets founders at the “idea stage,” recognizing that early support is crucial for navigating the challenges of launching a startup. Lost Astronaut acknowledges that reaching the goal of 100 investments will be ambitious, and the company plans to proactively seek out promising founders. This proactive approach underscores the commitment to identifying and nurturing talent within the Baltic region.
The initiative is particularly relevant given the increasing number of young people choosing to forego traditional education to pursue entrepreneurial ventures. The article in Unicorns.lt highlights this trend, noting that Gen Z founders are “dropping out of college, vibecoding, and starting tech companies before they’re 25.” This shift reflects a changing landscape where practical experience and innovative thinking are increasingly valued alongside formal education.
Andra Bagdonaitė’s Background
Andra Bagdonaitė brings significant experience to her role at FIRSTPICK. Prior to launching the fund, she led investments at Startup Wise Guys, a leading European accelerator, according to her LinkedIn profile. She has over a decade of experience in the startup and venture capital ecosystem, positioning her as a key figure in supporting the next generation of Baltic entrepreneurs.
The Baltic Startup Ecosystem
The Baltic region has emerged as a promising hub for startups, attracting attention from investors and entrepreneurs alike. The combination of a skilled workforce, a supportive regulatory environment, and a growing network of investors has created a fertile ground for innovation. This new partnership between FIRSTPICK and Lost Astronaut is expected to further strengthen the region’s position as a key player in the global startup ecosystem.
The focus on Gen Z founders is a strategic move, recognizing the unique perspectives and skills that this generation brings to the table. Their comfort with technology, their entrepreneurial spirit, and their willingness to challenge conventional wisdom create them well-suited to lead the next wave of innovation. By providing targeted support and resources, FIRSTPICK and Lost Astronaut aim to empower these young founders to build successful and impactful companies.
The next step for the partnership will be identifying and selecting the first cohort of startups for investment. The companies involved have not yet been announced, but the initiative is expected to generate significant interest from entrepreneurs across the Baltic states. Interested founders can identify more information about FIRSTPICK and Lost Astronaut on their respective websites, and are encouraged to reach out to learn more about the investment process.
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