Investor profile
Change Ventures
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Change Ventures is the first pan-Baltic pre-seed and seed fund, backing ambitious founders from Estonia, Latvia, and Lithuania — or the Baltic diaspora globally — who can build global-scale businesses. Their core thesis, framed around the Baltics as the 'next startup nations,' holds that the region's born-global mindset, strong STEM education, and supportive regulatory environment will produce outsized startup success stories similar to Israel's. Initial investments range from €100k–€750k, with follow-on capital reserved for later rounds. The firm's primary investment criterion is team quality and grit: 'our main investment criteria is team and whether they have the grit to succeed.' Fund III doubles down on pre-seed investing, taking a flexible co-investment approach alongside angels and other pre-seed funds.
Notable quotes
“What I see in Estonia, Latvia and Lithuania today reminds me of Israel. The Change Ventures investment thesis, as the only pan-Baltic seed fund that focuses purely on backing ambitious Baltic founders, is built on the assumption that the next decade will see similar growth of the Baltic startup ecosystems. Hence our nickname for the region as the 'next startup nations'.”
“Disruptive ideas and large markets are important, but primarily we are looking for founders that have 'grit'. This is a combination of passion and perseverance that we believe is critical for entrepreneurial success. It means not taking no for an answer, not stopping until a way forward is found, putting 300% effort and soul into the whole endeavour.”
“Change's team looked at their anti-portfolio of investment misses and it is clear that in those cases we over-analyzed product and market and undervalued a great team.”
Recent investments
Frequent co-investors
| VC firm | Deals together |
|---|---|
| Lifeline Ventures | 4 |
| Karma Ventures | 3 |
| Startup Wise Guys | 2 |
| Hoxton Ventures | 2 |
| LAUNCHub Ventures | 2 |
| Inovo Venture Partners | 2 |
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