Change Ventures

Change Ventures is a prominent pre-seed and seed-stage venture capital fund based in Tallinn, Estonia, with a dedicated focus on supporting ambitious founders with Baltic roots, regardless of their current geographical location. The firm positions itself as a crucial early-stage investor, aiming to back companies that can achieve global scale. Their investment thesis centers on identifying strong teams and disruptive technologies emerging from the vibrant Baltic startup ecosystem, providing not just capital but also strategic guidance and access to a broader network.

Change Ventures typically provides initial investments ranging from €100,000 to €500,000, which translates to approximately $108,000 to $540,000 USD based on recent exchange rates. This early-stage capital is often deployed as a first institutional check, helping startups achieve critical milestones and attract subsequent larger funding rounds. The fund also reserves significant capital for follow-on investments, capable of committing up to €1 million (approximately $1.08 million USD) in later rounds to support the continued growth of their most promising portfolio companies.

The firm has successfully raised multiple funds, demonstrating its commitment and growing influence in the region. Their first fund, launched in 2017, closed at €10 million. Building on this success, Change Ventures announced the closing of its second fund in 2021, securing €17 million in commitments. These funds enable them to provide essential capital and strategic guidance to a diverse portfolio of early-stage companies across various sectors, including SaaS, fintech, and deep tech. Their portfolio includes companies like Fyma, Planet42, and Tuum, showcasing their ability to identify and nurture high-potential ventures from the Baltic region onto the international stage.