Change Ventures
Venture capitalTallinn · Pre-Seed–Seed · 17 people tracked
Find your way into Change Ventures
3,900 people in our graph share verified history with the Change Ventures team — schools, employers, funds. One of them is your warm intro.
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 Aug 11, 2026.
Team · 17 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×5United Kingdom×2Bulgaria×1Canada×1Germany×1
Who they back
founder profiles across 21 portfolio companiesFounding team size:solo founder×102 founders×83 founders×24+ founders×1
Where their founders studiedfrom 21 founders with education data
Latvijas Universitate ×3Rīgas Tehniskā universitāte (Riga Technical University) ×2University of Oxford ×2University of Tartu ×2
What their founders studiedfrom 21 founders with field-of-study data
Business & Management ×7Computer Science ×7Engineering ×2Law ×2Mathematics & Statistics ×2
Where their founders worked beforefrom 26 founders with career history
TEDxTehran ×2
Accelerator rootsportfolio companies that came through a program
1 founders hold a PhD · 4 hold an MBA (of 23 with degree data)
Investments · 60 tracked
founders shown can be your intro pathBy year:2026 · 22025 · 22024 · 32023 · 32022 · 62021 · 72020 · 22019 · 12018 · 127 dated
Estonian edtech company running a gamified, multiplayer math-fluency practice platform used by teachers and students.
Co-investorsFlyer One VenturesPlay VenturesGeek Ventures
Aerones provides robotic inspection, cleaning, coating, and repair services for wind turbine blades.
Advanced ManufacturingCleantechClimate TechDeep TechEnergyRoboticsRiga, LV
Dainis Kruze(Founder/CEO)inJanis Putrams(Founder/CTO)in
BoardPHILIPP GOEHRE(Director)ANDRIS BERZINS(Director)inNIGEL MCCLEAVE(Director)
Co-investorsACTIVATE CAPITAL PARTNERSAhren Innovation CapitalCarbonEvergy VenturesFranz Haniel & Cie. GmbHFuture Positive Capital+5 more
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-investorsFirstpick
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 VC
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 Capital
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 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
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)in
Co-investorsExpert 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 & CEO)inSam Pound-Jones(Head of Sales)inKaarel Kivistik(Head of Software)inEd Halliday(COO)in
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
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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)in
Co-investorsBADideas.fundCipio PartnersHCVCHoxton VenturesMetaplanetShrug Capital+4 more
GoCardless provides bank payment collection and open banking data access services.
FintechLondon, GB
Hiroki Takeuchi(Founder/CEO)inTom Blomfield(Co-founder)in
Co-investorsAccelBalderton CapitalBalnord Sp. z o.o.Notion CapitalNycaNyca Partners+6 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
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(Co-founder)inSimona Andrijauskaite(Co-founder)inDomas Labokas(Co-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 VC
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 vc
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(Director)inJames Janis Berdigans(Founder)inArtis KehrisinEdgars Peics(Executive Officer)inArtis Grizans(Executive Officer)in
Co-investors500 GlobalAlleyCorpBling CapitalDreamers VCFlashpoint Venture CapitalIndex Ventures+4 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
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 TsahknaMartin Kambla
Co-investorsSpecialist VCTrind 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 Maclaine
Co-investorsCoinFundJump 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(Co-founder)inJaner Gorohhov(Co-founder)in
BoardTaavet Hinrikus(Director)Simon Levene(Director)in
Co-investorsAccelMosaic VenturesAlkeon InnovationIVP (Institutional Venture Partners)MetaplanetNordicNinja+6 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)inHarsh Guptain
Co-investorsHealthQuadW Health Ventures Gp LlcKae Capitalpi Ventures
Other
Tracked investments with no reachable website or further public details — typically companies that wound down, renamed, or were absorbed.
Aerones HoldingsAggregatemarketsAuditryCloud Factory JewelryDrovoFestivalityHumansappInecom Pty LtdKwotaNordigenPromosQoorioRecruitLabRivalSense
Rows marked “SEC filing” are inferred from directors named on the company's SEC Form D — public regulatory data, not a portfolio list published by the firm.
Portfolio news
latest coverage across their companiesGoCardless · startups.rip · Jul 15, 2026
Veriff · tech-insider.org · Jul 6, 2026
Birdy · myneworleans.com · Jun 24, 2026
Trace · fintechfutures.com · Jun 18, 2026
Handhold · finsmes.com · Apr 9, 2026
Giraffe360 · founderstoday.news · Mar 27, 2026
Cipio · tamradar.com · Mar 26, 2026
Oberlo · thenextweb.com · Mar 15, 2026
Frequently asked questions
- How many investments has Change Ventures made?
- Change Ventures has 60 tracked investments, 1 of which have exited, including 5 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 67 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 (CEE) and the Nordics, staffed by people who have previously built companies and who work closely with founders on go-to-market execution.
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 that leverages a global network to connect founders with companies and provide support in high-growth markets.
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 (HPVP) is an early-stage venture fund investing in AI, software, and tech-enabled services companies connected to the Midwest, Toronto, or the Southeast.
Mangrove Capital Partners is a venture capital firm investing in early-stage technology companies, having been an early backer of eight unicorns including Skype, Wix, Flo Health and WalkMe.
Two Small Fish is an early-stage deep tech venture firm investing in the next frontier of computing and its applications, backing founders from an early stage.
Future Positive Capital is a European deep-tech fund that ties its entire thesis to the Future Cones foresight framework, explicitly focusing on preferable futures and positioning itself as a futures-thinking, systems-change VC rather than a generic climate or impact fund. The firm hard-wires impact into its economics by contractually indexing more than 100% of partners' carried interest to portfolio companies achieving both financial and measurable impact outcomes, while specializing in capital-intensive, highly technical step-change solutions for planetary-scale problems like robotics for wind farm operations, large-scale carbon removal, and ecosystem restoration.
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.
L Catterton Growth is the growth investing arm of L Catterton, a consumer-focused private equity group that has made over 300 investments in consumer brands since 1989. The firm manages roughly $40 billion and backs middle-market companies and emerging high-growth consumer businesses; this unit is listed with a London office.
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.
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