Change Ventures
Venture capitalTallinn · Pre-Seed–Seed · 17 people tracked
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 36 of 53 portfolio companiesSaaS ×17AI & Machine Learning ×15Fintech ×7Enterprise Software ×6Advanced Manufacturing ×4E-commerce ×4EdTech ×4Hardware ×4
HQs:Estonia×7United States×5United Kingdom×2Bulgaria×1Germany×1Spain×1
Who they back
founder profiles across 15 portfolio companiesFounding team size:solo founder×82 founders×43 founders×14+ founders×2
Accelerator rootsportfolio companies that came through a program
Investments · 53 tracked
founders shown can be your intro pathBy year:2026 · 12025 · 22023 · 22022 · 12018 · 17 dated
San Jose, US
Janis Putrams(Executive Officer, Director)Dainis Kruze(Executive Officer, Director)
BoardBala Nagarajan(Director)Paul Neal Jordan(Director)Nigel McCleave(Director)
Board seatAndris Berzins· per SEC Form D · $62.3M raise · filed Jul 2025
Estonian edtech company running a gamified, multiplayer math-fluency practice platform used by teachers and students.
Co-investorsFlyer One VenturesPlay 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)inDAINIS KRUZE(Executive Officer, Director)JANIS PUTRAMS(Director)
BoardPHILIPP GOEHRE(Director)ANDRIS BERZINS(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 designs, manufactures, and delivers 3D-printed, small-batch aircraft interior components that are EASA Form 1 certified, offering end-to-end service from design consultancy to production.
Advanced ManufacturingHardwareNew 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 a software studio that builds AI, software, and design products, offering services from prototyping and R&D support to mobile app development.
AI & Machine LearningDeep TechSaaS
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
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 offers app-based dog training programs created by certified trainers, covering areas such as new dog basics, obedience, potty training, impulse control, and tricks.
ConsumerEdTech
Co-investorsCaesar VenturesHeartfelt CapitalR/GA Ventures
Evergrowth offers an AI-driven go-to-market (GTM) workspace centered on an AI assistant called Eva that runs specialist agents to research, qualify, enrich accounts and draft personalized sales outreach.
AI & Machine LearningSaaSSales Tech
Co-investorsFirstpickImpellent VenturesPractica Capital
Mobile app and cloud platform for simultaneous interpretation and audio streaming at live events.
Formaloo is a no-code platform for building AI-powered forms, smart documents, e-signatures, client/employee portals, and automated approval workflows with a built-in relational database and analytics dashboards.
AI & Machine LearningEnterprise SoftwareSaaS
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
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+3 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+5 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)
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
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 SoftwareSaaS
Henrikas Urbonas(Co-founder)Simona Andrijauskaite(Co-founder)Domas Labokas(Co-founder)
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 Klausen
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
Co-investorsBalnord Sp. z o.o.InventureSpecialist 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 builds BEAK, a man-portable, drone-launched precision-guided weapon system with a range of up to 15 km.
Defense TechHardwareRobotics
Outvio offers an eCommerce operations management platform with a product suite covering post-purchase and fulfillment operations for online retailers.
E-commerceLogistics & Supply ChainSaaSMiami, US
Kaidi T(Founder)
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
James BerdigansJanis Berdigans(Executive Officer, Director)Gatis Dukurs(Director)James Janis Berdigans(Founder)inArtis KehrisEdgars Peics(Executive Officer)
Co-investors500 GlobalAlleyCorpBling CapitalDreamers VCFlashpoint Venture CapitalIndex Ventures+2 more
Community marketplace where users buy and sell time with verified experts to share knowledge on any topic.
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.
Teamdash is a talent acquisition platform for organisations with distributed, high-volume hiring across multiple markets, offering CV screening, structured evaluations, recruitment automation, video interviewing, analytics dashboards, and multilingual job ads.
AI & Machine LearningHR TechSaaS
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)Martins Bratuskins(Founder and COO)
Timbeter provides a smartphone-based app that uses AI and machine learning to detect logs, measure diameters and calculate timber volumes from photos, with cloud storage and dashboards for inventory management.
AgTechAI & Machine LearningSaaS
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 offers an AI-based training and assessment tool for construction companies, testing workers to identify skills gaps and delivering targeted, multilingual training on trade skills, safety (HSE & RAMS), and manufacturer-specific materials such as BG, Knauf, Siderise, and Kingspan.
AI & Machine LearningConstruction TechEdTech
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 Llcpi Ventures
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
Oberlo · thenextweb.com · Mar 15, 2026
Algori · pulse2.com · Dec 15, 2025
Frequently asked questions
- How many investments has Change Ventures made?
- Change Ventures has 50 tracked investments, including 1 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 66 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 operating across Central and Eastern Europe and the Nordics, staffed by former founders who work alongside portfolio companies on go-to-market execution.
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.
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.
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.
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.
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.
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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