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Change Ventures is a venture capital firm founded in 2018, located in the Baltic region. The firm specializes in early-stage investments, particularly in the pre-seed and seed stages, with a mission to support ambitious founders in building scalable businesses. As the first and only VC covering all three Baltic states—Estonia, Latvia, and Lithuania—Change Ventures plays a crucial role in fostering a thriving startup ecosystem that has already produced notable companies like Skype, Wise, and Bolt.
Currently, Change Ventures manages a fund size of €23 million and has invested in a total of 7 companies. The firm actively engages with its portfolio companies, providing not only capital but also strategic support through a network of over 700 follow-on and co-investors globally. This extensive network enhances the potential for portfolio companies to connect with international investors as they achieve product-market fit.
Change Ventures invests in startups at the pre-seed and seed stages, offering initial investments ranging from €100,000 to €750,000. The firm emphasizes backing teams capable of building global-scale businesses, primarily in the Baltic region. Their investment strategy includes a focus on sectors such as fintech, AI, healthcare, consumer, commerce, and robotics. Change Ventures seeks to identify ambitious founders who demonstrate the capability and determination to scale their businesses.
The firm connects founders to international investors as they progress towards product-market fit, ensuring that startups have the necessary resources to grow. Change Ventures' investment thesis highlights the importance of supporting local Baltic founders and the Baltic diaspora globally, reinforcing their commitment to the region's entrepreneurial landscape.
Change Ventures has a diverse portfolio of 7 notable companies, including:
James Berdigans: Co-founder and Executive Chairman of Printify, with extensive experience in e-commerce and startup growth.
Mantas Mikuckas: Co-founder and former COO of Vinted, an angel investor with a strong background in scaling tech startups.
Rita Sakus: An angel investor and board member of EBAN & LitBAN, bringing expertise in investment and startup ecosystems.
Jānis Krūms: An angel investor and serial entrepreneur with a track record of successful ventures in the Baltic region.
Meeri Savolainen: CEO of INZMO, with a focus on innovation in the insurance sector.
Martins Vaivods: CFO of Aerones, experienced in financial management and operational strategy.
Vytautas Kubilius: Head of Baltics at Google, providing insights into tech and digital strategies.
Ģirts Graudiņš: Former Director of Engineering at Twilio and Venture Partner at Change Ventures, with expertise in technology and engineering.
To pitch to Change Ventures, founders should visit their website for detailed instructions. They prefer pitches that include a clear business model, market analysis, and a demonstration of the founding team's capability. While specific application forms are not mentioned, a well-prepared pitch deck is essential. Response times may vary, but founders are encouraged to follow up if they do not receive timely feedback.
Change Ventures has recently been active in the startup ecosystem, maintaining a portfolio of 7 companies. Their focus on pre-seed and seed stage investments continues to drive growth in the Baltic region. The firm has successfully backed notable companies, including Nordigen, which was acquired by GoCardless, validating their investment strategy.
Additionally, Change Ventures is supported by prominent LPs, including the European Investment Fund, Draper Esprit, and a Baltic pension fund, enhancing their credibility in the investment community. Their first fund, Fund II, recently achieved a first close of €21 million, indicating strong investor confidence.
What are Change Ventures' investment criteria?
Change Ventures focuses on early-stage startups in the pre-seed and seed stages, primarily in the Baltic region. They invest in sectors such as fintech, AI, healthcare, consumer, commerce, and robotics, with check sizes ranging from €100,000 to €750,000.
How can founders apply or pitch to Change Ventures?
Founders interested in pitching to Change Ventures can visit their website at Change Ventures for more information on the application process. They encourage startups to present their business models and demonstrate their potential for scalability.
What makes Change Ventures different from other VCs?
Change Ventures is unique as it is the first and only VC covering all three Baltic states. They provide not only capital but also strategic support, connecting founders with a network of over 700 follow-on and co-investors globally.
What is the geographic scope of Change Ventures?
The firm primarily focuses on the Baltic region, including Estonia, Latvia, and Lithuania, but also extends its investment reach to Europe, Latin America, and the Nordics.
What is Change Ventures' post-investment involvement like?
Change Ventures actively engages with its portfolio companies, providing hands-on support to help them achieve product-market fit and connect with later-stage investors. This involvement includes strategic guidance and access to their extensive network.
What is the fund size and check size of Change Ventures?
Change Ventures manages a fund size of €23 million, with initial investments typically ranging from €100,000 to €750,000.
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