Fundraising Fox
Change Ventures
Venture capitalOperating companyTallinn · Pre-Seed–Seed · 19 people tracked
Find your way into Change Ventures
Sign up to see every warm intro you have to Change Ventures
- Paths you didn't know you had: your email and LinkedIn already hold routes to the Change Ventures team. We find them for you
- 2nd- and 3rd-degree connections: the friend-of-a-friend routes that take hours to manually find through your inbox or LinkedIn
- Answers now, not in days: momentum is everything in a raise. Skip asking around whether someone knows someone
Days of research, done the moment you sign in, with every route ranked by how warm it is.
Investment thesis
Change Ventures makes initial pre-seed investments of €100k-500k in teams building globally scalable businesses. It focuses on local Baltic founders based in Estonia, Latvia or Lithuania, or Baltic founders in the diaspora worldwide. The firm's primary criterion is the quality and grit of the team. Beyond capital, it offers hands-on support to help startups reach product-market fit and provides access to a deep network of later-stage investors and partners.
Source: firm website, verified Sep 26, 2026.
Team · 19 people
from the firm's website & public directories
What they invest in
from 38 of 60 portfolio companiesSaaS ×18AI & Machine Learning ×17Enterprise Software ×8Fintech ×7Advanced Manufacturing ×5Deep Tech ×5E-commerce ×4EdTech ×4
HQs:Estonia×7United States×4United Kingdom×2Bulgaria×1Canada×1Germany×1
Who they back
founder profiles across 22 portfolio companiesFounding team size:solo founder×62 founders×103 founders×34+ founders×3
Where their founders studiedfrom 23 founders with education data
Latvijas Universitate ×3Indian Institute of Management, Lucknow ×2Rīgas Tehniskā universitāte (Riga Technical University) ×2University of Oxford ×2University of Tartu ×2
What their founders studiedfrom 23 founders with field-of-study data
Business & Management ×8Computer Science ×7Engineering ×3Law ×2Mathematics & Statistics ×2
Where their founders worked beforefrom 27 founders with career history
BADideas.fund ×2Silatech ×2TEDxTehran ×2
Accelerator rootsportfolio companies that came through a program
1 founders hold a PhD · 5 hold an MBA (of 25 with degree data)
Investments · 60 tracked
founders shown can be your intro pathBy year:2026 · 22025 · 12024 · 32023 · 42022 · 62021 · 72020 · 22019 · 12018 · 127 dated
Aerones provides robotic inspection, cleaning, coating, and repair services for wind turbine blades.
Advanced ManufacturingCleantechClimate TechDeep TechEnergyRoboticsRiga, LV
Dainis Kruze(CEO)inJanis Putrams(CTO)in
BoardBala Nagarajan(Director)Paul Neal Jordan(Director)Andris Berzins(Director)inPHILIPP GOEHRE(Director)
Board seatAndris K. Berzins· per SEC Form D
Co-investorsACTIVATE CAPITAL PARTNERSAhren Innovation CapitalCarbonEvergy VenturesFranz Haniel & Cie. GmbHFuture Positive Capital+18 more
Estonian edtech company running a gamified, multiplayer math-fluency practice platform used by teachers and students.
Co-investorsFlyer One VenturesPlay VenturesGeek Ventures
Algori operates a consumer panel platform that collects real-time, SKU-level shopper data from 45,000 shoppers in Spain to provide granular market insights for FMCG (fast-moving consumer goods) companies.
AI & Machine LearningData & InfrastructureRetail Tech
Co-investorsFirstpickRed BullShilling VCClave Capital
AM Craft manufactures customized plastic components for aircraft seating using 3D printing technology, serving aerospace suppliers and airlines seeking reduced lead times and part consolidation.
Advanced ManufacturingDeep TechHardwareNew Materials
Co-investorsBADideas.fund
askRobin is an online loan marketplace that matches individuals with loan offers from financial institutions based on a free user profile.
FintechMarketplaces
Asya.AI is an AI research and software development company that creates products designed to augment human capabilities while maintaining user control.
AI & Machine LearningDeep TechDeveloper ToolsSaaSSector Agnostic
Ēvalds Urtāns(Founder, CEO)inAriels A. Tabaks(Founder, Creative Director)
Co-investorsStartersHub
BirdyChat is a work-focused messaging app for professional 1:1 chats, topic-based group chats, and communities, letting users reach contacts by email and message WhatsApp contacts while keeping work and personal conversations separate.
Future of WorkSaaSSocialSofia, BG
Rolands Mesters(Co-founder)Martins Spilners(Co-founder)
Co-investorsDig Ventures Management LimitedFirstpick
Tallinn, EE
Taavet Hinrikus(Co-founder)in
Co-investorsFirstpickHeartfelt CapitalSpecialist VCL Catterton
An AI-powered platform that automates the creation and optimization of user-generated content (UGC) and influencer ads for Meta and TikTok.
AdTechAI & Machine LearningDirect to ConsumerMarketing Tech
Co-investorsOsage Venture PartnersCipio PartnersFounders FundHoxton Ventures
Cloud Factory is a metal 3D printing company that mass-manufactures fine jewelry using proprietary printing parameters without molding or casting.
Advanced ManufacturingCircular EconomyCreator EconomyE-commerceHardwareTallinn, EE
Co-investorsSuperhero CapitalBADideas.fund
Complok provides Know Your Business (KYB) compliance software that automates customer onboarding and risk assessment for financial institutions and regulated businesses.
AI & Machine LearningFintechSaaSTallinn, EE
Co-investorsGoose Valley VenturesTechstars
Dogo is a gamified mobile app that provides personalized dog training programs with guidance from certified trainers.
ConsumerEdTechWellness & Fitness
Rasa(Co-founder, Veterinary Doctor)Tadas(Co-founder, Software Developer)Eliza(Co-founder)
Co-investorsCaesar Business AngelsCaesar VenturesHeartfelt CapitalR/GA Ventures
Evergrowth provides AI agents for B2B research, lead qualification, and copy generation, built with enterprise-grade security and compliance controls for sales and marketing teams.
AI & Machine LearningSaaSSales Tech
Aivaras Rastenis(Founder)Algimantas Padegimas(Founder)Jean-Baptiste Daguene(Founder)Mantas Urnieza(Founder)Tadas Cekavicius(Founder)
Co-investorsFirstpickImpellent VenturesPractica Capital
Formaloo offers a customizable ROI calculator form template that lets users enter an initial investment and exit value to compute net profit and ROI percentage in real time, and save the results.
AI & Machine LearningEnterprise SoftwareMarketing TechSaaSToronto, CA
Farokh Shahabi(Founder)inNoosh Baratpour(Founder)inAmir Hashemi(Founder)Hasan Noori(Founder)
Co-investorsDMZ VenturesExpert DOJOHyde Park Venture PartnersMana VenturesStartup Wise Guys
Fyma develops AI-powered computer vision software for commercial real estate that analyzes spaces for occupancy, footfall, and anomaly detection while maintaining GDPR compliance and individual privacy.
AI & Machine LearningData & InfrastructureEnterprise SoftwarePropTechLondon, GB
Karen Burns(Founder)inSam Pound-Jones(Head of Sales)inKaarel Kivistik(Head of Software)inEd Halliday(COO)inTaavi Tammiste(Founder)
Co-investorsSecond Century VenturesSuperAngel
Gelatex Technologies develops nanofiber production technology for use in food production, medical applications, and sustainable materials.
Advanced ManufacturingBiotechCleantechClimate TechHealthtechNew MaterialsTallinn, EE
Mari-Ann Meigo Fonseca(Founder)in
Co-investorsJuniperTechstarsSuperAngelY Combinator
.jpeg){kind=logo}
Giraffe360 sells a subscription 360° camera and AI software that turn one property scan into a full real estate listing media kit.
Mikus Opelts(Founder)inMadars Opelts(Founder)
Co-investorsBADideas.fundCipio PartnersHCVCHoxton VenturesKreos CapitalLauncHub Ventures+8 more
GoCardless provides bank payment collection and open banking data access services.
FintechLondon, GB
Hiroki Takeuchi(CEO)inTom Blomfield(Founder)inMatt Robinson(Board Member)Joe Root(Sales)inJames Cunningham(DevOps)Chris Ashby(Software Engineer)in
Co-investorsAccelBain Capital VenturesBalderton CapitalBalnord Sp. z o.o.GV (Google Ventures)Notion Capital+15 more
Handhold builds AI agents that run tailored product demos and onboarding for prospects and new customers, available 24/7 in over 50 languages.
AI & Machine LearningSaaSSales Tech
Uku Tammet(Founder)in
Co-investorsEntourage Ventures
Inspectle is a food safety inspection and task management platform that automates compliance documentation, non-conformity tracking, and report generation for food producers.
Enterprise SoftwareFoodTechSaaSTallinn, EE
Co-investorsFirstpickTechstarsHEARTFELT_
Inspectle provides solutions for large food manufacturers to ensure compliance with SQF food safety standards.
Advanced ManufacturingEnterprise SoftwareFoodTechSaaS
Co-investorsHeartfelt CapitalFirstpickHEARTFELT_
Interactio provides remote simultaneous interpretation software for meetings and conferences, enabling real-time multilingual communication across on-site, hybrid, and remote setups.
AI & Machine LearningEnterprise SoftwareFuture of WorkSaaS
Henrikas Urbonas(Founder)inSimona Andrijauskaite(Founder)inDomas Labokas(Founder)in
Co-investorsCoinvest CapitalKima VenturesLitBANMetaplanetNotion CapitalStorm Ventures+1 more
INZMO is a digital insurance provider offering coverage for consumer items such as gadgets, bikes, and rental deposits, with an app-based process for managing policies and claims.
ConsumerFintechInsurTech
Markus TreiMeeri RebaneRisto Klausenin
Co-investors500 GlobalSpecialist VCHelvetia Venture Fund
Co-investorsKarma VenturesKAYASpecialist VCSpring Capital
Memby offers online group tutoring in mathematics, Afrikaans, and physical science for South African students following CAPS or IEB curricula, with groups capped at 10 students per class led by experienced tutors.
EdTech
Sarah-Eva Marchese(Founder)in
Co-investorsBrighteye Ventures
Memby provides a platform for healthcare and educational providers to create, prescribe, and track play-based interventions for children from birth onwards, addressing documented declines in childhood play and associated developmental outcomes.
Digital HealthEdTechHealthtechRockford, US
Co-investorsTechstarsBrighteye Ventures
Modash provides a platform for influencer marketing teams to automatically track creator content and campaign performance across social media, with integrated Shopify sales attribution to measure ROI without manual data collection.
AI & Machine LearningCreator EconomyMarketing TechSaaS
Avery Schrader(Founder)in
Co-investorsHENQ InvesthenQ vc
Roberts Bernans(Founder)Rolands Mesters(Founder)
Co-investorsBalnord Sp. z o.o.InventureInventureSpecialist VCSuperAngel
Oberlo provides free tools and resources for entrepreneurs to start and grow ecommerce businesses through dropshipping.
Direct to ConsumerE-commerceSaaS
Co-investorsInreach VenturesPi CampusSuperhero Capital
Origin Robotics develops autonomous systems for European and NATO defense markets, combining cost-efficient hardware with advanced software to address modern battlefield challenges.
Deep TechDefense TechHardwareRobotics
Agris KipursinIlja Nevdah
Outvio provides an all-in-one post-purchase software for eCommerce retailers and B2B sellers, covering order fulfilment, shipping, tracking, customer notifications, returns, exchanges, and analytics.
E-commerceLogistics & Supply ChainSaaSMiami, US
Kaidi T(Founder)Juan J. Borras(CEO)inMykyta Bazhenov(CTO)inKaidi Tiitson(COO)
Co-investorsFresco CapitalTMT Investments
Printify is a print-on-demand platform that enables entrepreneurs to build eCommerce businesses by connecting them with a global network of printing providers.
B2B MarketplacesCreator EconomyDirect to ConsumerE-commerceLogistics & Supply ChainSaaSWilmington, US
Janis Berdigans(Executive Officer, Director)inGatis Dukurs(Founder)inJames Janis Berdigans(Founder)inArtis Kehris(Founder)inEdgars Peics(Executive Officer)inArtis Grizans(Executive Officer)in
Co-investors500 GlobalAlleyCorpAlumni VenturesBling CapitalDreamers VCFJ Labs+8 more
A company that uses a robotic large-scale printing system to paint big murals, composing images from 8mm dots in five colors.
HardwareRobotics
Solution that prints artwork directly onto walls.
Richard Murutar(Founder)in
Teamdash is an applicant tracking system that integrates with LinkedIn to help recruiters manage the full hiring process from job posting to candidate collaboration in one platform.
AI & Machine LearningEnterprise SoftwareHR TechSaaS
Paavo HeilinMarie EvartinKarl Sander Erssin
Co-investorsBADideas.fundSuperAngel
Monetizr operates an advertising and data platform that connects brands with mobile gamers through in-game rewarded experiences, using opt-in player data for targeting without relying on IDFA.
AdTechData & InfrastructureGamingMarketing TechSan Francisco, US
Andris Merkulovs(Founder and CEO)inMartins Bratuskins(Founder and COO)in
Co-investors1435 CapitalAlfabeatBerkeley Angel NetworkLudus VenturesTechstars
Timbeter is a software platform that uses image-based technology to measure the volume, diameter, and count of logs in piles and trucks with precision.
AgTechAI & Machine LearningIoTSaaS
Vallo VisnapuuAnna-Greta Tsahkna(Founder)Martin Kambla
Co-investorsSpecialist VCTMT InvestmentsTrind Ventures
Trace.Space offers Space Agent, an AI agent for systems engineering that works inside a requirements traceability chain to perform coverage analysis, risk and impact assessment, requirement and test creation, quality checks, and trace suggestions.
AI & Machine LearningDeep TechDeveloper ToolsEnterprise SoftwareSaaS
Karlis Broders(Founder)inMatthew MaclaineJanis Vavere(Founder)Mikus Krams(Founder)
Co-investorsCherry VenturesCoinFundJump Capital
Veriff provides identity verification services for online platforms, using document recognition and multi-language support to verify that users are who they claim to be.
AI & Machine LearningCybersecurityDeveloper ToolsEnterprise SoftwareFintechSaaSTallinn, EE
Kaarel Kotkas(CEO)inJaner Gorohhov(COO)inKristina Lilleõis(Head of HR)Kristiine Kukk(Recruiter)Luke Govier(Head of Recruitment)Viktoriia Pentina(Senior Tech Recruiter)
Co-investorsAccelMosaic VenturesAlkeon InnovationIVP (Institutional Venture Partners)MetaplanetNordicNinja+11 more
Werk, founded in 2022, builds technology for the construction sector focused on skills assessments and learning content to ensure companies have the right competencies on-site.
AI & Machine LearningConstruction TechEdTech
Martin Kalamees(CEO, Co-Founder)
Wysa for Teams is a mental health SaaS product that delivers emotional wellbeing support to organizations with 200 employees or less through self-guided exercises, anonymous access to reflection spaces, and resources based on cognitive behavioral approaches.
AI & Machine LearningDigital HealthHealthtechMental HealthSaaSWellness & Fitness
Jo Aggarwal(Founder)inRamakant Vempati(Founder)inHarsh Guptain
Co-investorsHealthQuadKae CapitalW Health Ventures Gp LlcAjax HealthBritish International Investmentpi Ventures
Other
Tracked investments with no reachable website or further public details — typically companies that wound down, renamed, or were absorbed.
AggregatemarketsAuditryCloud Factory JewelryDrovoFestivalityHumansappInecom Pty LtdKwotaPromosQoorioRecruitLabRivalSense
Portfolio news
latest coverage across their companiesGiraffe 360 · thesaasnews.com · Mar 26, 2026
Algori · finsmes.com · Dec 9, 2025
Aerones · aerones.com · Jun 3, 2025
Frequently asked questions
- How many investments has Change Ventures made?
- Change Ventures has 60 tracked investments, 1 of which have exited, including 4 dated in the last 24 months.
- What stage does Change Ventures invest at?
- Change Ventures invests at the Pre-Seed, Seed stages.
- What is Change Ventures's typical check size?
- Change Ventures typically writes checks of $100K – $750K.
- What sectors does Change Ventures focus on?
- Change Ventures focuses on Sector Agnostic.
- Where is Change Ventures located?
- Change Ventures is headquartered in Tallinn, EE.
- Does Change Ventures lead rounds?
- Yes, Change Ventures leads investment rounds.
- Who does Change Ventures co-invest with?
- Change Ventures most often shares deals with Specialist VC, Firstpick, Techstars, among 91 tracked co-investors.
Media · Podcasts & interviews
featuring the teamGetting Your Startup Ready for VC. Andris K. Berzins, Change Ventures | Startup Fair. Growth 2018
StartupLithuania · Andris K. Berzins
Images
Co-investors · 15
BADideas.fund is an early-stage B2B venture fund investing across Central & Eastern Europe and the Nordics, staffed by former founders who work hands-on with portfolio companies on go-to-market strategy.
FJ Labs is an early-stage investment firm specializing in marketplaces and network-effect businesses, taking an angel-style co-investment approach alongside institutional venture funds worldwide.
Dreamers VC is an early-stage venture firm co-founded by Will Smith and Japanese soccer star Keisuke Honda that partners with founders building companies across consumer, enterprise, entertainment, fintech and health/biotech, positioning itself around community, access and speed.
AlleyCorp is an early-stage investor and incubator based in New York that builds and backs companies across enterprise, consumer, healthcare, and deep tech sectors.
Hyde Park Venture Partners is an early-stage venture firm backing founding teams with Midwest roots, investing from pre-seed through early Series A.
L Catterton is a consumer-focused investment firm that partners with portfolio companies through an in-house operations team and network of strategic experts to drive growth and operational improvements.
Mangrove Capital Partners is a venture capital firm focused on Europe and Israel, known as an early backer of several unicorns including Skype, Wix, and Flo Health.
Two Small Fish Ventures is an early-stage deep tech venture firm that invests in the next frontier of computing and its applications, backing founders from an early stage.
Future Positive Capital is a venture firm backing entrepreneurs building companies that address large-scale global challenges across health, sustainability and technology.
Karma Ventures is a European venture capital firm investing in deep-tech software startups at late seed and Series A stages.
7percent Ventures is an early-stage venture capital firm that backs breakthrough deep tech and moonshot companies at pre-seed and seed stages.
Icebreaker is an early-stage venture capital firm that has backed over 100 teams from the idea stage to seed and beyond since 2017, investing in the Nordic and Baltic region.
▶3 more co-investors
Firms observed investing alongside Change Ventures, from public investor directories. Shared companies are the overlap with Change Ventures's recorded portfolio.
Similar investors
8VC is a venture capital firm investing across logistics, life sciences, healthcare, IT infrastructure, and government/defense, guided by its Smart Enterprise thesis focused on data integration and platform network effects.
August Capital is a venture capital firm that invests in a small number of companies, providing hands-on support to entrepreneurs building their businesses.
Blackbird is a venture capital firm that backs founders from the earliest stages, with a focus on ambitious technology startups across Australia and New Zealand.
Blueyard is a small equal partnership with offices in the US and Europe, investing in early-stage companies.
Cavalry is an early-stage venture fund investing in software businesses across Europe, founded by former company builders and backed by 250+ well-connected individuals.