Change Ventures, a venture capital firm dedicated to supporting Baltic founders and fostering the Baltic diaspora, has announced their third fund. The company remains committed to backing a diverse range of Baltic startups and their diaspora, spanning software and hardware, e-commerce, AI, B2B software, SaaS, and consumer businesses. With a targeted fund size of €20 million, Change Ventures plans to allocate half of the fund to continue supporting their existing investments, while the remaining portion will be earmarked for investments ranging from €100K to €500K in ideas with the potential for global scalability.
By extending this open invitation to future successful founders, the Change Ventures team is actively championing their mission of propelling the Baltic countries to become the “next startup nations.” Additionally, the team has critically evaluated their approach and aims to transition from a product-market-focused strategy to one that is founder-centric. This shift allows Change Ventures to maintain a diverse sector portfolio, enabling them to identify and support visionary founders or aspiring entrepreneurs who will shape the future.
Although the company has traditionally taken the lead investor role in many funding rounds, they are now adjusting their strategy for this fund, taking into account their new focus. Change Ventures believes that this revised approach will align with the aspirations of entrepreneurs seeking broader access to investor networks, and it hopes to expand its investment portfolio accordingly, empowering a wider range of projects with significant growth potential.
“We keep getting asked whether we want to invest outside the Baltic states but, honestly, we have no need to, as the quantity and quality of startups we see is amazing and we can keep focusing on the tight founder community in this region that is becoming bigger and better every day,” says Andris K. Berzins, Partner at Change Ventures.
Considering their ongoing commitment to supporting entrepreneurs in the pre-seed stage and continuing their support through subsequent funding rounds, where additional capital is often required, Change Ventures foresees that this strategy will cultivate enduring partnerships and foster advisory relationships over the long term. Furthermore, the new fund has already allocated half of its funds for follow-up investments.
Having made their initial investment in Trace.Space, a Latvia-based AI-native productivity platform, and with three other investment projects currently in progress, Change Ventures eagerly invites entrepreneurs from the Baltic regions to connect with them.
