Change Ventures

Founded in Estonia in 2016, Change Ventures is a venture capital firm focusing on pre-seed stage investments. They support ambitious founders from the Baltics and Baltic diaspora building businesses globally, with investments ranging from €100k to €500k. Their streamlined investment process aims to provide fast decisions, while their network of follow-on investors helps portfolio companies raise additional funds.

Andris Berzins

Managing Partner

Janis Krums

Venture Partner

Yrjö Ojasaar

Partner

Rait Ojasaar

Investment Partner

Gabrielė Poteliūnaitė

Associate

54 past transactions

EngyCell

Pre Seed Round in 2025
EngyCell specializes in developing and implementing next-generation energy storage systems tailored for utility, commercial, and industrial clients. Their core product is a personalized energy storage solution comprising battery cells that are dynamically managed by sophisticated backend algorithms. These algorithms analyze real-time energy market price fluctuations to optimize system performance, enabling clients to minimize energy costs, achieve energy independence, and actively participate in energy markets.

Trace.Space

Seed Round in 2025
Trace.Space is an AI-enhanced requirements management tool that enables engineers to capture, trace, and evolve product requirements without slowing their workflow. It features a simple UI, robust traceability, time-based and custom versioning, and item-level attributes, with flexible workflows that adapt to complex development processes. Designed in collaboration with engineers working on automotive, industrial, aerospace, and defence projects, the platform aims to improve productivity and product quality. It provides AI-powered capabilities to manage a substantial portion of the development lifecycle for industrial and automotive product manufacturers, helping them build and deliver new products to market faster.

Modash.io

Series A in 2024
Modash.io is a B2B influencer marketing platform that enables businesses to identify, analyze, and verify social media influencers for their marketing campaigns. Founded in 2018 and based in Tallinn, Estonia, Modash.io provides tools for audience-targeted influencer searches and unique conversion rate attribution, positioning itself as a key player in the influencer marketing landscape. The platform allows brands to continuously discover influencers who align with their specific campaign needs, offering insights into influencer performance and audience demographics. By facilitating effective communication between brands and influencers, Modash.io helps clients confidently select creators that resonate with their target audiences, thereby transforming influencer marketing into a more strategic and measurable aspect of advertising.

Origin Robotics

Pre Seed Round in 2024
Defense technology company that specializes in advanced autonomous systems

Certific

Venture Round in 2024
Certific is a company that has developed a communication and task management platform tailored for primary care clinics. Founded by physicians familiar with the challenges of primary care, Certific's platform streamlines patient interactions and manages individual health information related to tests and medical certificates. The platform aims to enhance communication and improve workflow efficiency in primary care settings, allowing patients to undergo medically certified tests safely from their homes. By continually incorporating feedback from healthcare professionals, Certific is committed to evolving its solution to better address the needs of clinics and their employees, ultimately minimizing time-consuming tasks and improving overall operational effectiveness.

AM Craft

Pre Seed Round in 2024
AM Craft specializes in the design, manufacture, and supply of small-batch, 3D-printed aircraft interior components. Utilizing industrial polymer printers, the company offers customized solutions to meet the specific needs of the aviation industry.

Saltz

Seed Round in 2024
Saltz is a European marketplace focused on providing fresh seafood and meat directly from producers to restaurants. The company operates an app that facilitates direct sourcing from farms, fishing boats, and regional suppliers, allowing chefs to purchase premium products without the involvement of middlemen or distributors. By enabling producers to set their own prices and offering flexible delivery options, Saltz ensures that chefs receive fresher products at lower costs. The platform also emphasizes sustainability with a commitment to carbon-neutral deliveries, enhancing the overall value proposition for both producers and buyers in the food industry.

Inspectle Food

Pre Seed Round in 2023
Inspectle Food is a platform for conducting frequent hygiene inspections in GFSI-certified food manufacturing plants, which aids in the resolution of non-conformities and saves quality team.

Drovo

Series A in 2023
Drovo operates a platform for on-vehicle advertising, utilizing vehicles as mobile billboards. It specializes in black cabs, electric vehicles, city cars, and vans, offering clients impactful and scalable advertising campaigns with digital retargeting capabilities.

Algori

Seed Round in 2023
Algori is a data analytics firm focused on transforming the consumer panel experience for the consumer products sector. The company has developed a consumer analytics platform designed to enhance the distribution, sales, and marketing strategies of fast-moving consumer goods (FMCG) brands and retailers. By leveraging artificial intelligence, Algori provides valuable insights into consumer segmentation, pricing strategies, customer behavior, and market trends. Their platform offers features such as audience segmentation analysis, pricing alerts, and customer switching analysis, allowing brands and retailers to access real-time data from an extensive consumer panel. This approach enables clients to make informed decisions that drive growth and improve their market positioning.

Formaloo

Seed Round in 2023
Formaloo is a no-code platform empowering businesses to create custom data-driven applications. It enables automation of processes, collaboration among teams, and analysis of customer data using AI-powered tools.

Complok

Pre Seed Round in 2023
Complok is an AI-driven risk management platform designed to streamline compliance processes for financial institutions. By automating risk assessment and reporting, the platform significantly reduces the manual workload of compliance teams, allowing them to efficiently manage operational risks while maintaining an audit trail. Complok provides compliance officers with a comprehensive overview of compliance risks and status, enabling organizations to minimize errors and save considerable time on repetitive tasks. This innovative solution not only helps businesses lower costs associated with consultants, fines, and hiring but also empowers them to scale operations more effectively and stay ahead of regulatory risks.

Trace.Space

Pre Seed Round in 2023
Trace.Space is an AI-enhanced requirements management tool that enables engineers to capture, trace, and evolve product requirements without slowing their workflow. It features a simple UI, robust traceability, time-based and custom versioning, and item-level attributes, with flexible workflows that adapt to complex development processes. Designed in collaboration with engineers working on automotive, industrial, aerospace, and defence projects, the platform aims to improve productivity and product quality. It provides AI-powered capabilities to manage a substantial portion of the development lifecycle for industrial and automotive product manufacturers, helping them build and deliver new products to market faster.

Aerones

Series A in 2022
Founded in 2015, Aerones specializes in robotic technology for wind turbine blade maintenance services. Headquartered in San Jose, California, the company offers automated inspection, cleaning, coating, and repair operations to maximize asset efficiency and reduce downtime.

Giraffe360

Series A in 2022
Giraffe360 develops robotic 360 photography cameras and related cloud services for real estate professionals. Its flagship system captures true-to-life virtual tours, wide-angle photographs and downloadable floor plans, supported by cloud processing, data storage and a content management system for file management and analytics. The company targets real estate agents and agencies, enabling cost-efficient, streamlined property photography, improved online listings and easier viewings, and an enhanced online property experience for buyers. Based in London, the company serves real estate markets with technology that combines hardware, cloud software and analytics to support property marketing and sales.

Modash.io

Seed Round in 2022
Modash.io is a B2B influencer marketing platform that enables businesses to identify, analyze, and verify social media influencers for their marketing campaigns. Founded in 2018 and based in Tallinn, Estonia, Modash.io provides tools for audience-targeted influencer searches and unique conversion rate attribution, positioning itself as a key player in the influencer marketing landscape. The platform allows brands to continuously discover influencers who align with their specific campaign needs, offering insights into influencer performance and audience demographics. By facilitating effective communication between brands and influencers, Modash.io helps clients confidently select creators that resonate with their target audiences, thereby transforming influencer marketing into a more strategic and measurable aspect of advertising.

Cloud Factory

Seed Round in 2022
Cloud Factory is a prominent provider of cloud-based ERP solutions, specializing in the implementation and support of various enterprise resource planning systems. The company offers a range of services, including SAP Business One, MYOB Advanced, Microsoft Dynamics 365, and Microsoft Business Central, as well as integration solutions and warehouse management systems. With a focus on innovation, Cloud Factory aims to meet the diverse needs of its clients through its comprehensive approach to ERP implementation and support.

Cloud Factory Jewelry

Seed Round in 2022
Cloud Factory specializes in providing custom-branded jewelry products tailored for brands, artists, and creators. The company offers a comprehensive service that includes everything from concept development to on-demand manufacturing and branded packaging. This approach allows clients to launch their own jewelry merchandise without the burden of upfront costs or inventory management. Additionally, Cloud Factory focuses on affordable and sustainable fine jewelry, utilizing metal 3D printing technology to meet the needs of modern brands and new-age celebrities.

RecruitLab

Seed Round in 2022
RecruitLab is a recruiter-centric marketing and applicant tracking software. RecruitLab uses automation in all parts of recruitment possible, giving the recruiters a chance to use their time on more valuable and interesting tasks.

99math

Venture Round in 2022
99math is an education technology company that delivers mathematics learning through esports-style competitions. Its platform hosts real-time math battles and global online tournaments for school-age students, with live viewers watching the sessions. The approach aims to engage kids, boost motivation, and improve math proficiency by combining competitive gameplay with structured math courses.

Werk

Pre Seed Round in 2022
Werk is building a global blue-collar migration hub for skilled construction workers - jobs, relocation, community. Our community connects migrants across Europe and Asia and gives them a tool for supporting and upskilling each other.

Aerones

Seed Round in 2022
Founded in 2015, Aerones specializes in robotic technology for wind turbine blade maintenance services. Headquartered in San Jose, California, the company offers automated inspection, cleaning, coating, and repair operations to maximize asset efficiency and reduce downtime.

Eurora

Series A in 2022
Eurora operates a technology-driven platform designed to streamline global trade compliance processes for e-commerce businesses. Its AI-powered solution automates complex tasks like customs declarations, VAT registrations, and duty/tax calculations, thereby facilitating international trade expansion for its clients.

Planet42

Venture Round in 2021
Planet42 democratizes mobility by providing access to personal vehicles on a subscription basis. It purchases second-hand cars from dealers and offers them to customers without the need for physical inspection or in-person meetings, promoting financial inclusion.

Gelatex

Seed Round in 2021
Gelatex is a materials technology company based in Estonia, founded in 2016 and incorporated in the UK in 2019. The company specializes in producing bio-based nanofibers using a patented technology that allows for large-scale production at significantly lower costs. Gelatex's nanofibers are derived from gelatin sourced from low-value waste in the meat and leather industries, ensuring that its products are environmentally friendly and made from natural, non-toxic substances. Initially focused on developing eco-friendly leather-like textiles, the company recognized the broader applications of its technology during the COVID-19 pandemic, leading to a strategic pivot. Gelatex's innovative solutions have potential applications in various fields, including tissue engineering, cultured meat production, bio-based filtration, energy storage, and wound care.

Dogo GmbH

Seed Round in 2021
Dogo app - is the #1 dog training app in the world. We are one a mission to become a one-stop companion app for dog parents.

KWOTA

Pre Seed Round in 2021
KWOTA operates a marketplace focused on carbon credits, specifically targeting the validation and trading of carbon emission savings derived from increased material recovery. The company provides a platform that benefits material producers by incentivizing the use of recycled materials, thereby facilitating a reduction in carbon dioxide emissions. By promoting the reuse of materials, KWOTA enables its clients to enhance operational efficiency while contributing to environmental sustainability. The company's approach not only supports the reduction of greenhouse gas emissions but also encourages a circular economy through the effective management and trading of carbon credits associated with recycled materials.

Memby

Pre Seed Round in 2021
Memby is an EdTech company based in Lithuania. It offers affordable online tutorship for high school students through its platform, which provides real-time large group lessons and video recordings across various subjects.

99math

Series A in 2021
99math is an education technology company that delivers mathematics learning through esports-style competitions. Its platform hosts real-time math battles and global online tournaments for school-age students, with live viewers watching the sessions. The approach aims to engage kids, boost motivation, and improve math proficiency by combining competitive gameplay with structured math courses.

Outvio

Seed Round in 2021
Outvio provides a cloud-based shipping and delivery experience platform for e-commerce that unifies post-checkout operations, including shipping, tracking, returns and exchanges, and label printing; it integrates orders from online marketplaces, optionally connects couriers, enables real-time package tracking and returns management, and offers analytics to optimize operations, reducing manual processes and strengthening brand recognition while helping clients improve customer satisfaction and increase sales.

Eurora

Seed Round in 2021
Eurora operates a technology-driven platform designed to streamline global trade compliance processes for e-commerce businesses. Its AI-powered solution automates complex tasks like customs declarations, VAT registrations, and duty/tax calculations, thereby facilitating international trade expansion for its clients.

Promos

Seed Round in 2021
Algori is a startup focused on enhancing the distribution, sales, and marketing of fast-moving consumer goods (FMCG) brands and retailers through its consumer analytics platform. By utilizing machine learning and crowdsourced market research data, Algori provides valuable insights into consumer behavior, including segmentation, pricing, and customer switching patterns. The platform offers features such as pricing alerts, audience segmentation analysis, and trigger surveys, enabling brands and retailers to access real-time data insights from a large consumer panel. This approach aims to support informed decision-making and drive growth within the FMCG sector.

Interactio

Series A in 2021
Interactio is a premier remote solutions platform specializing in multilingual online and onsite meetings. Since its inception in 2014, the company has facilitated over 42,000 events, serving as a vital communication bridge for numerous high-profile organizations, including European institutions and the United Nations. Interactio’s platform features an intuitive setup that incorporates Remote Simultaneous Interpretation (RSI) and a Remote Participant System, accommodating an unlimited number of languages and up to 2,000 participants in virtual rooms. The integration of Dante media networking technology allows seamless connectivity with local conference equipment. Interactio has earned recognition as the leading choice for simultaneous interpretation, highlighted during significant events such as the international pledging conference for coronavirus response. The company also partners with renowned entities like TEDx and has provided services for conferences hosted by major corporations including Microsoft, Amazon, and Google. With a Trustpilot score of 4.6 and the ability to support 976,000 attendees simultaneously, Interactio stands out as the highest-rated solution in the remote interpretation industry.

INZMO

Seed Round in 2021
INZMO is an innovative insurtech company that specializes in providing embedded insurance solutions for residential renters throughout Europe. The company offers a range of digital insurance products, including renters, electronics, liability, and home contents insurance. Utilizing advanced technologies such as artificial intelligence, INZMO enhances its fraud prevention and claims handling processes, resulting in improved efficiency and customer satisfaction. The company’s proprietary digital platform streamlines operations and reduces costs, enabling quick responses to customer needs. INZMO is dedicated to understanding and addressing customer challenges, which shapes its service offerings. Recognized for its contributions to the insurance sector, INZMO has garnered accolades such as the best fintech company in the StartUp Europe Awards and the Insurance Shaper of the Year. By prioritizing a customer-centric approach and embracing continual innovation, INZMO aims to set a new standard for renters’ insurance.

Fyma

Seed Round in 2020
Fyma is a technology company that specializes in artificial intelligence-based software for analyzing camera feeds through advanced computer vision algorithms. Founded in 2017 and based in Tallinn, Estonia, Fyma transforms conventional cameras into intelligent sensors, allowing businesses and institutions to derive actionable insights from video data. The platform provides empirical real-world movement data, enabling clients to understand shopping patterns and object movement in various environments such as retail spaces, business parks, campuses, and marinas. With features that include self-learning capabilities and real-time monitoring, Fyma's solution integrates with third-party data sources, empowering clients to make informed strategic decisions based on real-time analytics.

Giraffe360

Seed Round in 2020
Giraffe360 develops robotic 360 photography cameras and related cloud services for real estate professionals. Its flagship system captures true-to-life virtual tours, wide-angle photographs and downloadable floor plans, supported by cloud processing, data storage and a content management system for file management and analytics. The company targets real estate agents and agencies, enabling cost-efficient, streamlined property photography, improved online listings and easier viewings, and an enhanced online property experience for buyers. Based in London, the company serves real estate markets with technology that combines hardware, cloud software and analytics to support property marketing and sales.

Veriff

Convertible Note in 2020
Veriff is an online identity verification company founded in 2015 and headquartered in Tallinn, Estonia. It provides a secure, automated platform designed to help businesses safeguard against online identity fraud. Utilizing advanced machine learning technologies alongside human oversight, Veriff enhances the verification process by quickly detecting fraudulent activity while also ensuring compliance with know your customer regulations. Its services encompass the verification of various identification documents such as driver’s licenses and passports across both web and mobile applications. By effectively connecting companies with trustworthy customers, Veriff contributes to stronger fraud prevention measures in the commercial sector.

Aerones

Seed Round in 2020
Founded in 2015, Aerones specializes in robotic technology for wind turbine blade maintenance services. Headquartered in San Jose, California, the company offers automated inspection, cleaning, coating, and repair operations to maximize asset efficiency and reduce downtime.

Planet42

Seed Round in 2020
Planet42 democratizes mobility by providing access to personal vehicles on a subscription basis. It purchases second-hand cars from dealers and offers them to customers without the need for physical inspection or in-person meetings, promoting financial inclusion.

askRobin

Seed Round in 2020
AskRobin is an online platform that matches individuals with suitable loan options from various financial institutions. It offers personalized recommendations based on user profiles, streamlining the process of finding and applying for loans.

FanSifter

Pre Seed Round in 2020
FanSifter is a technology company that specializes in managing and analyzing fan data for rights holders in music, entertainment, and sports industries. Its platform employs machine learning algorithms to help these entities enhance their sales of tickets, merchandise, experiences, and sponsorships by providing better segmentation, profiling, and enrichment of fan data. The platform enables industry stakeholders to collaborate on their first-party opt-in fan datasets while ensuring compliance with privacy laws, facilitating more targeted and personalized communication strategies.

99math

Seed Round in 2020
99math is an education technology company that delivers mathematics learning through esports-style competitions. Its platform hosts real-time math battles and global online tournaments for school-age students, with live viewers watching the sessions. The approach aims to engage kids, boost motivation, and improve math proficiency by combining competitive gameplay with structured math courses.

Timbeter

Seed Round in 2020
Timbeter is a digital platform that uses machine learning and AI to accurately measure timber via smartphone photos. It aims to enhance transparency and efficiency in timber supply chains.

Planet42

Venture Round in 2019
Planet42 democratizes mobility by providing access to personal vehicles on a subscription basis. It purchases second-hand cars from dealers and offers them to customers without the need for physical inspection or in-person meetings, promoting financial inclusion.

MeetFrank

Seed Round in 2019
MeetFrank is a global recruitment platform launched in 2017. It connects job applicants anonymously with employers seeking specific skills, enabling international job searches without revealing personal information.

HumansApp

Pre Seed Round in 2019
Qoorio is a knowledge-sharing application that connects individuals from diverse backgrounds to facilitate in-person interactions. Founded in 2018 and headquartered in Vilnius, Lithuania, the platform allows users to book short meetings with others to engage in meaningful conversations and share life learnings. Users can purchase an in-person chat with someone they wish to learn from or receive rewards for sharing their own expertise. The application supports various formats for communication, including text, audio, and video, enabling users to build a network of knowledgeable individuals across different fields of interest.

asya.ai

Pre Seed Round in 2019
Our main service activities focuses on new software product prototyping, manufacturing industry, high tech R&D and creative mobile app development. We work with all aspects of software development and design, stretching from pre-market studies through ideation to surface design, concept engineering and realization of the end product. Pitch Patterns analyze sales and customer service calls, detect emotion tone of voice, biometric verification, content, and automatically detect problematic calls. Instead of listening calls randomly from 10k we give top 10 to listen and improve.

Giraffe360

Pre Seed Round in 2019
Giraffe360 develops robotic 360 photography cameras and related cloud services for real estate professionals. Its flagship system captures true-to-life virtual tours, wide-angle photographs and downloadable floor plans, supported by cloud processing, data storage and a content management system for file management and analytics. The company targets real estate agents and agencies, enabling cost-efficient, streamlined property photography, improved online listings and easier viewings, and an enhanced online property experience for buyers. Based in London, the company serves real estate markets with technology that combines hardware, cloud software and analytics to support property marketing and sales.

MeetFrank

Seed Round in 2018
MeetFrank is a global recruitment platform launched in 2017. It connects job applicants anonymously with employers seeking specific skills, enabling international job searches without revealing personal information.

Festivality

Seed Round in 2017
Festivality OÜ is a technology company based in Tallinn, Estonia, that specializes in developing and operating a platform for festivals and events. Founded in 2015, the company provides a software-as-a-service solution that enables the creation of customized mobile applications for live events. These applications are designed to enhance the experience for event-goers by offering real-time information and integrated eCommerce features, including mobile payments. Festivality's platform also equips event organizers with actionable analytics and insights, facilitating the generation of new revenue streams and improving overall event management. By digitizing live events, Festivality transforms them into data-driven experiences that benefit both attendees and organizers.

Nordigen

Seed Round in 2017
Nordigen is a provider of a free open banking API that facilitates PSD2 data connections to major European banks. The company has developed a transaction analytics platform designed to assist banks in making informed decisions regarding credit scores. By leveraging big data and artificial intelligence, Nordigen's platform evaluates the risk profiles of loan applicants, enabling financial institutions to analyze client banking transactions more effectively. This innovation helps improve the speed and accuracy of the credit assessment process, allowing banks to enhance their decision-making capabilities in lending.

Interactio

Seed Round in 2017
Interactio is a premier remote solutions platform specializing in multilingual online and onsite meetings. Since its inception in 2014, the company has facilitated over 42,000 events, serving as a vital communication bridge for numerous high-profile organizations, including European institutions and the United Nations. Interactio’s platform features an intuitive setup that incorporates Remote Simultaneous Interpretation (RSI) and a Remote Participant System, accommodating an unlimited number of languages and up to 2,000 participants in virtual rooms. The integration of Dante media networking technology allows seamless connectivity with local conference equipment. Interactio has earned recognition as the leading choice for simultaneous interpretation, highlighted during significant events such as the international pledging conference for coronavirus response. The company also partners with renowned entities like TEDx and has provided services for conferences hosted by major corporations including Microsoft, Amazon, and Google. With a Trustpilot score of 4.6 and the ability to support 976,000 attendees simultaneously, Interactio stands out as the highest-rated solution in the remote interpretation industry.

Eventornado

Angel Round in 2015
Guaana OU, founded in 2014 and based in Estonia, is a community-oriented platform designed to enhance scientific collaboration and innovation. The company offers two main tools: Guaana Project, which facilitates networking around preliminary research and technology, and Connect, a database that connects open-minded scientists and innovators for potential partnerships. Guaana aims to streamline research funding and innovation processes by adapting successful methods from non-research sectors, thereby promoting efficiency and transparency. Its cloud-based platform enables organizations to distribute research grants more rapidly and effectively, run online hackathons to engage participants globally, and conduct workshops that eliminate travel costs while maximizing flexibility. Through these services, Guaana seeks to simplify the management of research submissions and foster collaborative environments in the scientific community.

Timbeter

Seed Round in 2014
Timbeter is a digital platform that uses machine learning and AI to accurately measure timber via smartphone photos. It aims to enhance transparency and efficiency in timber supply chains.
Spot something off? Help us improve by flagging any incorrect or outdated information. Just email us at support@teaserclub.com. Your feedback is most welcome.