Change Ventures
Change Ventures is a Tallinn-based pre-seed and seed venture capital firm backing Baltic founders (Estonia, Latvia, Lithuania, and Baltic diaspora globally) with €100k–750k investments, hands-on support toward product-market fit, and access to later-stage investor networks.
- Company typePrivate
- Founded2018
- HeadquartersTallinn, Estonia
- Headcount1–10
- GTM typeB2B
- OfferingServices
What Change Ventures does
Change Ventures is a Tallinn, Estonia-based pre-seed and seed venture capital firm founded in 2018 to back ambitious Baltic founders (Estonia, Latvia, Lithuania, or Baltic diaspora globally). The firm invests €100k–750k in initial rounds and provides hands-on support toward product-market fit, with access to a curated network of later-stage European and global investors for follow-on capital. Investment leadership includes Founder and General Partner Harry Huge, Managing Partner Andris K. Berzins, Investment Partners Rait Ojasaar, Yrjö Ojasaar, and Kärt Siilats, supported by an Operating Partner, Investment Manager, Investment Associate, and Community Manager.
Change Ventures Fund II is institutionally backed by the Baltic Innovation Fund (a cooperation among Estonia, Latvia, Lithuania, and the European Investment Fund), InnovFin Equity under EU Horizon 2020, and the European Fund for Strategic Investments (EFSI), providing co-investment capital and regulatory alignment that is difficult for new entrants to replicate. The firm generates returns through carried interest and equity gains from portfolio company exits, with a revenue model fundamentally dependent on fund realizations rather than operating revenue.
Beyond direct investment, Change Ventures has built an ecosystem brand around proprietary content and research: the semi-annual Baltic Startup Funding Report (tracking 1,093 funding rounds across H1 2019–H2 2024), an Option Regulation Guide for the Baltics developed with COBALT Legal, and curated resources spanning podcasts, newsletters, blogs, books, and communities. The portfolio spans AI agents (Handhold), AI-powered real-estate marketing (Giraffe360), food procurement (Saltz), 3D-printed jewelry manufacturing (Cloud Factory), energy storage (ENGYcell), AI shopper insights (Algori), and professional messaging (BirdyChat), with co-investors spanning Lifeline Ventures, Cherry Ventures, Founders Fund, EBRD, Inovo, and Cipio Partners.
Change Ventures firmographics
Firmographics- Name
- Change Ventures
- Legal name
- Change Ventures
- Website
- https://changeventures.com
- Company type
- Private
- Founded year
- 2018
- Operating status
- Operating
- Headcount range
- 1–10 employees
- Short description
- Change Ventures is a Tallinn-based pre-seed and seed venture capital firm backing Baltic founders (Estonia, Latvia, Lithuania, and Baltic diaspora globally) with €100k–750k investments, hands-on support toward product-market fit, and access to later-stage investor networks.
- Ownership category
- akta.pro rank
Change Ventures industry classification
Industry- Product category
- Venture Capital / Private Equity
- NAICS
- Funds, Trusts, and Other Financial Vehicles (525)
- SIC
- Investment Advice (6282)
- akta.pro primary industry
- Impact Investment & Development Investment Funds (BPADACAO)
- akta.pro secondary industry
- Transition / Engagement & Stewardship Funds (FSANAJAO)
Keywords
Where Change Ventures is headquartered
LocationHeadquarters
- HQ city
- Tallinn
- HQ country
- Estonia
- HQ region
- Europe
Offices1 record
Markets served
Change Ventures business model
Business model- GTM type
- B2B
- Offering type
- Services
- Cost components
- Personnel, Operations, Marketing or Sales, Others
Revenue model
- Venture Capital Returns: Change Ventures generates returns through carried interest and equity gains from successful portfolio company exits. The firm invests at seed/pre-seed stages and leverages its network to connect portfolio companies with later-stage investors for follow-on funding rounds.
Go-to-market motion1 record
Distribution channels1 record
Marketing channels4 records
Change Ventures product offering
Product offeringCore offering
Change Ventures is a Baltic-focused venture capital fund that invests €100k-750k in pre-seed and seed stage startups founded by Baltic entrepreneurs in Estonia, Latvia, Lithuania, or Baltic diaspora globally. The firm provides hands-on support to help portfolio companies reach product-market fit, combined with access to a deep network of later-stage investors and partners for follow-on funding rounds. Returns are generated through carried interest and equity gains from successful portfolio exits.
Product overview
Change Ventures is a venture capital firm focused on backing ambitious Baltic founders at pre-seed and seed stages. The firm provides €100k-750k in initial investments along with hands-on support and a network of later-stage investors and partners. The investment strategy focuses on local Baltic founders in Estonia, Latvia, or Lithuania, or Baltic diaspora globally, with the primary investment criteria being team quality and grit to succeed.
Differentiator
Problem solved
Functional benefit
Products and services
- Baltic Startup Funding Report A semi-annual proprietary research publication providing detailed transaction data, valuations, and market analysis about funding rounds for startups in the Baltic states. Targets investors, founders, LPs, and other ecosystem participants seeking market intelligence on Baltic venture activity.
- Option Regulation in the Baltic States Guide
Companies that use Change Ventures
Customer profileNamed customers1 record
Segments1 record
Ideal customer profiles1 record
Change Ventures technology and API
TechnologyTechnology focussed No
API detail
- Has API
- No
- API docs
- API detail
Core technology
AI maturity
App detail
Change Ventures partnerships and signals
Strategic signalPartnerships
Two partnerships are on record, tiered minor.
- COBALT LegalminorCollaboration with COBALT Legal (formerly COLBALT Legal) to create a guide on option regulation laws in the Baltic states, helping founders understand stock option frameworks.
- FIRSTPICKminorCo-authored the Baltic Startup Funding Report H1 2024 Update together with FIRSTPICK, combining data and research capabilities to track Baltic startup funding trends.
Scale indicators4 records
Recent moves6 records
Expansion highlights4 records
Change Ventures competitors and assessment
Company assessmentDirect peers
- Practica Capital: Lithuania-based early- and growth-stage VC investing across the Baltic region with EU institutional backing. Comparable by region, stage focus, and LP base structure to Change Ventures.
- Superangel: Estonian pre-seed and seed fund investing primarily in Baltic and Nordic founders with comparable ticket sizes and a similar hands-on operating support model.
- Inovo Venture Partners: Polish early-stage VC focused on Central European founders that co-led the Saltz Series A alongside Change Ventures. Comparable by stage (seed/Series A), cheque size, and emerging-market European focus.
- Lifeline Ventures: Finnish-led seed and early-stage investor that has co-invested with Change Ventures in Baltic startups such as Saltz, with comparable cheque sizes and pre-seed/seed focus on Nordic-Baltic founders.
- LAUNCHub Ventures: Bulgaria-based seed VC with a Central and Eastern European mandate that has co-invested alongside Change Ventures in Baltic companies like Giraffe360, sharing a similar early-stage, regionally-focused thesis.
- Karma Ventures: Tallinn-based early-stage VC focused on deep tech and B2B software in the Baltics and Nordics, sharing Change Ventures' regional pre-seed/seed positioning and Estonian home base.
- FIRSTPICK: Baltic-focused seed and pre-seed venture capital firm with a similar regional focus and stage. Change Ventures and FIRSTPICK have co-authored the Baltic Startup Funding Report, indicating overlapping coverage and analyst familiarity with the same deal pool.
Emerging players
- Cherry Ventures: Europe-wide pre-seed/seed fund that has co-invested with Change Ventures in Trace.Space. While geographically broader, its pre-seed focus and Baltic deal activity make it a meaningful adjacent competitor.
Broad incumbents
- Cipio Partners: European growth-stage investor that led the Giraffe360 Series B with Change Ventures participation. While generally larger and later-stage, its repeated co-investment makes it a relevant partner/peer for follow-on activity.
Regional players
- Flashpoint: CVC-backed early- and growth-stage fund investing in CEE and Baltic tech companies that has co-invested with Change Ventures in Algori. Comparable by CEE/Baltic focus and growth-stage cheque sizes.
Market position
Strengths4 records
Weaknesses4 records
Competitive moat5 records
Key risks5 records
Key highlights6 records
Customer concentration
Change Ventures social profiles
Digital presenceChange Ventures financial estimates
Financial estimateRevenue estimate
Valuation estimate
Change Ventures leadership team
Management profileNumber of profiles
Profiles11 records
Change Ventures funding detail
Funding detailFunding overview
Funding rounds
Investors
Funding detail is available on the Subscription and Enterprise plan.Contact sales →
Change Ventures M&A and investment
M&A and investmentM&A
Investments67 records
M&A and investment is available on the Subscription and Enterprise plan.Contact sales →
Frequently asked questions about Change Ventures
What does Change Ventures do?
Change Ventures is a Baltic-focused venture capital fund that invests €100k-750k in pre-seed and seed stage startups founded by Baltic entrepreneurs in Estonia, Latvia, Lithuania, or Baltic diaspora globally. The firm provides hands-on support to help portfolio companies reach product-market fit, combined with access to a deep network of later-stage investors and partners for follow-on funding rounds. Returns are generated through carried interest and equity gains from successful portfolio exits.
Is Change Ventures a public or private company?
Change Ventures is a private company. It is classified as founder individual operated bootstrapped and is currently operating.
When was Change Ventures founded?
Change Ventures was founded in 2018. It employs 1 to 10 people.
Where is Change Ventures based?
Change Ventures is headquartered in Tallinn, Estonia, in the Europe region.
How does Change Ventures make money?
One revenue line is on record: venture Capital Returns.
Who are Change Ventures's main competitors?
Direct peers on record are Practica Capital, Superangel, Inovo Venture Partners, Lifeline Ventures, LAUNCHub Ventures, Karma Ventures and FIRSTPICK. Cherry Ventures is listed as an emerging player. Cipio Partners is listed as a broad incumbent. Flashpoint is listed as a regional player.
Does Change Ventures have an API?
No public API is recorded for Change Ventures.
What industry is Change Ventures in?
Change Ventures's product category is Venture Capital / Private Equity. Its primary akta.pro industry code is BPADACAO, Impact Investment & Development Investment Funds, with a secondary code of FSANAJAO, Transition / Engagement & Stewardship Funds. Its NAICS code is 525 and its SIC code is 6282.