Investor Profile: Change Ventures — Thesis, Cheque Size & How to Apply

Change Ventures is a Tallinn-based venture capital firm that backs ambitious founders from Estonia, Latvia and Lithuania at the earliest stages. Founded in 2016, it describes itself as the first truly pan-Baltic seed and pre-seed fund, and it invests in local Baltic founders as well as Baltic diaspora founders building anywhere in the world. Its main investment criterion is the team: whether the founders have the grit to build a business with global scale.

Investment thesis

Change Ventures bets that small Baltic ecosystems can produce global companies when founders get hands-on help early. The firm looks for teams that can reach product-market fit and then raise from later-stage investors, and it promises hands-on support plus a deep network of follow-on investors and partners. It is sector-agnostic in practice, backing technology teams rather than a single vertical, and it judges ambition first: only teams aiming for global scale make the cut.

Sectors and stages

The firm invests at pre-seed and seed stage. Its sweet spot is Baltic technology startups, including marketplaces, software and AI-led products, and it has backed companies such as Handhold, which builds AI agents for product demos, and Cloud Factory, a print-on-demand jewellery service. Founders must be based in Estonia, Latvia or Lithuania, or be part of the Baltic diaspora globally.

Fund size and cheque size

Change Ventures states initial pre-seed investments of €100,000 to €500,000, and initial pre-seed and seed investments of €100,000 to €750,000, with follow-on capital available in later rounds. Its third fund, Fund III, was reported at €20 million and focused on doubling down on pre-seed investing. Total assets under management are not publicly disclosed on the firm's own site.

Notable portfolio

Featured portfolio companies include Saltz, a European fresh-products marketplace connecting food producers and sellers with restaurants, hotels and retail buyers, which raised a €20 million Series A in 2026 after Change Ventures joined its seed round. Other featured names include Handhold and Cloud Factory. The firm's community includes operators connected to Printify and Vinted, Lithuania's first technology unicorn.

Partners

The investment team is led by managing partner Andris K. Berzins, a co-founder of TechHub Riga and TechChill with senior roles at AeroScout and Bookatable. Investment partners include Yrjö Ojasaar, co-founder of the Estonian Business Angels Network, and Rait Ojasaar, a founder of several startups. Operating partner Aveli Nurk brings transaction advisory experience from EY and KPMG.

Programs, credits and perks

Change Ventures runs no accelerator with a public application window and offers no published credits or perks package. Its main programme-style contribution is the Baltic Startup Funding Report, a semi-annual publication tracking venture funding rounds across the Baltics, which gives founders benchmark data on round sizes and valuations. Portfolio support centres on hands-on help reaching product-market fit and introductions to later-stage investors.

How to apply for funding

There is no public application portal. Founders should approach Change Ventures directly through its website, changeventures.com, or through a warm introduction from its community of founders, angels and venture partners. A strong approach shows a Baltic connection, a team with the grit to build globally, and a clear path to product-market fit, since team quality is the firm's stated first filter.