Change Ventures secures €20M for its new pre-seed Fund III

Estonia-based venture capital firm Change Ventures has secured €20 million to launch its third fund investing in the Baltic states. Fund III will focus on pre-seed investments in founder-driven companies from Estonia, Latvia, and Lithuania.

  • Founded in 2016 by Andris K. Berzins, Rait Ojasaar, and Yrjo Ojasaar, Change Ventures is the first pre-seed/seed VC fund with completed investments in all three Baltic states. The VC firm backs founders from Estonia, Latvia, and Lithuania.
  • Since 2017, the firm has backed over 33 startups, which keeps demonstrating an ability to generate outsize startup success stories relative to the population and size of the regional economy. The third fund continues its focus on founders from the Baltic states or Baltic diaspora.
Change Ventures Executive Team
Image: Change Ventures Executive Team

Change Ventures Fund III

  • Fund III will provide initial investments of between €100,000 — €500,000 with about half the fund reserved for follow-on investments. The firm plans to further invest in such industries: software and hardware, e-commerce, AI, B2B software, SaaS and consumer businesses, etc.
  • The firm will also try to take a more flexible approach toward leading investment rounds. Fund III will be co-investing alongside pre-seed funds and angel investors, occasionally taking the lead role.
  • Change Ventures’ first investment through the fund was made in early 2023. Back then, Trace.Space, a Latvian spin off from Lokalise, raised $1.5 million in a pre-seed round. The startup aimed to re-invent product requirements document management software.