Change Ventures

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Overview

Change Ventures is a seed-stage venture capital fund based in the Baltic states, investing in pre-seed and seed technology startups founded by ambitious Baltic entrepreneurs from Estonia, Latvia, Lithuania, and their diaspora worldwide.²¹ It provides initial investments of €100k-500k (or up to €1.5M in some cases), hands-on support for product-market fit, and access to a network of over 450-700 follow-on co-investors.¹²⁴ The fund manages Change Ventures Fund II with a €35 million target size, backed by an €8 million commitment from EBRD under its Early-Stage Innovation Facility.³

History

Founded in 2016, Change Ventures operates as CVF Fund Manager OÜ, an Estonian entity, focusing on early-stage tech investments in the Baltic region.⁴³ Key milestones include launching Fund II targeting €35 million, with EBRD providing up to €8 million in equity for investments in technology-enabled enterprises primarily in Estonia, Latvia, and Lithuania.³ The firm emphasizes founder-friendly processes and post-investment scaling support leveraging partners' 45 years of operating experience.¹²

Reputation

Change Ventures is perceived as a specialized, founder-friendly VC firm by Baltic startup ecosystems, valued for its efficient investment process and strong regional founder focus.¹² Professionals note its hands-on support and extensive co-investor network as strengths for scaling early-stage tech ventures.⁴ No significant criticisms are evident in available sources.

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