Lithuanian Psylink biotech startup raises €501K
Lithuanian biotech startup Psylink has raised €501,521 in pre-seed round from Coinvest Capital with participation from Firstpick, BSV Ventures and a group of business angels.
Psylink is a biotech startup developing treatments for mental disorders. The company works at the intersection of neurobiology and natural products research, using modified yeast cells to produce compounds of plant and mushroom origin using biosynthetic methods. This method provides an environmentally friendly alternative to traditional chemical synthesis and extraction. The second area focuses on finding and evaluating new therapeutic compounds to treat conditions such as depression and post-traumatic stress disorder. By studying psilocybin and related mushroom metabolites, Psylink aims to find new therapies by deeply understanding their molecular interactions and cellular effects. The company was founded in 2020 in Lithuania. Psylink's founders are Laura Korsakova, Evaldas Ciplys.
Coinvest Capital, a venture capital fund established in 2018 by the national development bank ILTE, invests EU and Republic of Lithuania public funds, in promising Lithuanian startups and into European startups that benefit Lithuania. The managing director of Coinvest Capital is Viktorija Trimbel.
Firstpick is a venture capital firm and accelerator founded by the former team of the Estonian accelerator StartupWiseGuys, which operated in Lithuania. The company invests in Lithuanian-based startups in a wide range of sectors, from enterprise applications to consumer and retail. The partners of Firstpick are Jone Vaituleviciute, Marijus Andrijauskas, Andra Bagdonaite.
BSV Ventures (formerly Baltic Sandbox Ventures) is a venture capital fund specializing in investments in high technology, biotechnology and dual-use technologies in the Baltic States and the rest of Europe. The fund was founded by Sandra Golbreich, Andrius Milinavičius and Erik Bhullar in 2022 in Lithuania. Last year fund has raised $15M from NATO Innovation Fund (NIF), Lithuanian ILTE fund (ex-Invega). BSV Ventures has offices in Lithuania, Estonia and Finland.
