Lithuanian biotech Psylink raises €501K in pre-seed round to develop innovative mental health treatments

Psylink, a Lithuanian startup focused on developing innovative treatments for people facing mental health challenges, has raised €501,521 in a pre-seed investment round led by the venture capital fund Coinvest Capita. Firstpick, BSV and syndicate of angel investors also participated at this investment round.

About Psylink 

• Psylink is a Lithuanian biotechnology company developing treatments for mental health disorders. Its R&D strategy includes a sustainable platform using engineered yeast cells to produce fungi-derived compounds, offering an eco-friendly alternative to traditional methods. 

• The company also focuses on discovering novel compounds for conditions like depression and PTSD, studying psilocybin and related metabolites to uncover new therapeutic agents.

“At Psylink, we’re developing science-based therapies inspired by nature to help those who haven’t benefited from conventional treatments. We’re proud to partner with investors who recognize the urgency and potential of this work. Our multidisciplinary team is united by a clear mission: to create safe, effective, and sustainable solutions for mental health, drawing on the rich diversity of bioactive compounds found in plants and fungi,” said Laura Korsakova, CEO of Psylink.

Investment details

The round led by the venture capital fund Coinvest Capita and backed by Firstpick, BSV and syndicate of angel investors.

• Coinvest Capital is an early-stage venture capital fund established by Lithuania’s national development institution, Investicijų ir Verslo Garantijos (INVEGA). The fund invests public capital entrusted by the EU and the Republic of Lithuania. Its recent portfolio includes Astrolight, Commody, Airvolve and Pixevia.

• Firstpick is a €20 million high-speed venture capital fund and an accelerator for tech startups in the Baltics. The fund mainly invests in pre-seed Fintech, SaaS, Deeptech and Consumer marketplace startups, with an initial ticket of €50-€250K.

• BSV Ventures invests in early-stage R&D-focused individuals and teams solving complex technical challenges with large potential for commercial application. BSV Ventures targets industries such as biotech, space technology, and artificial intelligence. 

The capital will advance Psylink’s biotechnology platform for sustainable plant- and fungi-derived compounds and accelerate the screening and evaluation of novel molecular candidates for preclinical validation.