Change Ventures is a venture capital firm investing in pre-seed and seed technology startup companies operating in the Baltic States that is headquartered in Tallin, Estonia and was founded in 2016. The firm typically invests €100,000-750,000 in pre-seed and seed stage companies with founders from Baltic States, and also provides follow-on capital in later funding rounds.
Change Ventures has made 12 investments and 9 lead investments. Notable investments made by the firm include: 99math, Timbeter, MeetFrank, Qoorio, Asya.ai, Giraffe360, Festivality, Nordigen, and Interatio.
On May 25, 2017 Change Ventures announced raising $6.5 million in capital for their first venture capital fund.
On November 5, 2019 Change Ventures announced raising €30 million in capital for their second venture capital fund. The funds lead investors were the European Investment Fund, Draper Esprit, and a Baltic pension fund manager. The firm plans on using their second fund to continue investing in companies in the Baltic region. Jonathan Sibilia from Draper Esprit made the following comments regarding the investments opportunities in the Baltic region and the firms decision to provide capital for Charge Ventures second fund by saying:
Our investments in Estonian startups Transferwise and RealEyes indicated something special about the Baltic States. This small region with a population of just six million people has produced a disproportionately large number of global success stories, including four unicorns from Estonia alone. We selected Change Ventures as the leading seed fund in the region to invest in the next crop of new teams coming to the market so that we can offer them growth financing when the time comes.
Andris K. Berzins