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Friday, January 21, 2022

Baltic seed fund grows to €43M

Baltic seed fund Change Ventures announced another increase in the size of its Change Ventures Fund II, to almost €43M in commitments, allowing more capital to flow to ambitious Baltic founders to scale their businesses across the globe. This fund growth comes at the right time as startups are experiencing an unprecedented renaissance across the globe, with the Baltic states looking more and more like the “next startup nations”, drawing a comparaison to Israel’s disproportionate success relative to the size of the local population.

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Change Ventures fund is growing with the market, thanks to new commitments to the fund that see the opportunity in this amazing region. This closing of the fund sees several new limited partner investors joining, most importantly the EBRD (European Bank for Reconstruction and Development). In addition, the firm announced several experienced and well-connected players in the global and Baltic technology ecosystem have joined as LPs, including Tim Draper, Mantas Mikuckas (COO of Vinted and co-investor in several startups with us) and the co-Managing Directors of Storm Ventures, Tae Hea Nahm and Ryan Floyd, who co-led the Series A round for Interactio, the world’s leading remote interpretation platform company from Lithuania. The fund will complete the final closing at the hard cap of €50M at the end of this year, establishing its leadership in the region as the largest pan-Baltic seed fund. For founders, this means Change Ventures will be fund companies through more funding rounds after their initial investment.

Along with a larger fund, the firm is growing its team.During the next six months they’ve expressed wanting to bring on board more talent and, alongside actively searching via their network, Change Ventures announces these opportunities publicly to ensure seeing candidates who might not be approached directly.

Change Ventures is commited to take a leading role in supporting the most ambitious and talented Baltic founders.

 

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