Change Ventures
Overview
Change Ventures is a seed stage venture capital fund based in the Baltic states, backing ambitious Baltic founders anywhere in the world . They invest in technology or technology enabled early-stage enterprises primarily active in the Baltic countries of Estonia, Latvia and Lithuania . The firm seeks to invest in the technology sector with a preference for B2B and SaaS businesses .
Investments
| Company | Date | Stage | Lead |
|---|---|---|---|
| INZMO | Jan 2021 | Seed | Lead |
| Emi Labs | Aug 2019 | Seed | Co-investor |
| Aerones | Jun 2025 | Series B | Co-investor |
| Outvio | Jul 2021 | Seed | Lead |
| Teamdash | Aug 2022 | Seed | Lead |
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Key People
Yrjö Ojasaar
Fund II - Founder Investment Partner
Aveli Nurk
Operating Partner
Eldars Benits
Venture Partner
Ģirts Graudiņš
Venture Partner
Martin Vaivods
Venture Partner
Vytautas Kubilius
Venture Partner
Rait Ojasaar
Investment Partner
Andris K. Berzins
Partner
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Sector & Stage Mix
Industry, funding stage, and valuation band breakdowns.
FAQ
Where is Change Ventures based?
Change Ventures is headquartered in Tallinn, Harju County, Estonia.
When was Change Ventures founded?
Change Ventures was founded in 2016.
How many portfolio companies does Change Ventures have?
Change Ventures has 34 portfolio companies in Caplight's dataset.
What are some companies in Change Ventures's portfolio?
Portfolio companies visible on Caplight include INZMO, Emi Labs, Aerones, Outvio, Teamdash.
What was Change Ventures's most recent investment shown here?
Change Ventures's most recent investment in this portfolio sample was in Aerones in 2025.
What sectors does Change Ventures focus on?
Change Ventures focuses on Consumer & Commerce, Enterprise Software, Consumer & Commerce, Frontier & Industrial Tech, Enterprise Software, Media, Entertainment & Gaming, Consumer & Commerce, Enterprise Software, Mobility, Transportation & Logistics, FinTech, Enterprise Software, Enterprise Software, Real Estate & PropTech, Enterprise Software, Energy & Sustainability, AI, Data & Cloud Infrastructure, Consumer & Commerce, Enterprise Software, Consumer & Commerce, Enterprise Software, Energy & Sustainability, Enterprise Software, Enterprise Software, Enterprise Software, Consumer & Commerce, Enterprise Software, Media, Entertainment & Gaming, Cybersecurity, Enterprise Software, FinTech, Healthcare & Life Sciences, AI, Data & Cloud Infrastructure, AI, Data & Cloud Infrastructure, Enterprise Software, Real Estate & PropTech, Energy & Sustainability, Real Estate & PropTech, Media, Entertainment & Gaming, Enterprise Software, Enterprise Software, Frontier & Industrial Tech, Mobility, Transportation & Logistics, Enterprise Software, AI, Data & Cloud Infrastructure, AI, Data & Cloud Infrastructure, Frontier & Industrial Tech, AI, Data & Cloud Infrastructure, Frontier & Industrial Tech, AI, Data & Cloud Infrastructure, Frontier & Industrial Tech, Enterprise Software, Enterprise Software, Frontier & Industrial Tech, Frontier & Industrial Tech, Enterprise Software, Telecommunications & Networking, Media, Entertainment & Gaming, Frontier & Industrial Tech, FinTech, Consumer & Commerce, Enterprise Software, Mobility, Transportation & Logistics, Enterprise Software, Telecommunications & Networking.
What company stages does Change Ventures focus on?
Change Ventures typically invests at the Early stage.
What is Change Ventures's AUM?
Change Ventures's assets under management are estimated between $50.0M and $100.0M.