Change Ventures

Change Ventures is a venture capital firm established in 2016 and headquartered in Tallinn, Estonia. The firm specializes in pre-seed stage investments, primarily targeting ambitious technology startups, with a focus on B2B and SaaS businesses in Eastern Europe, particularly in Estonia, Latvia, and Lithuania. Change Ventures aims to support founders by providing investments ranging from €100,000 to €500,000, along with a straightforward and efficient investment process that facilitates quick decision-making. Beyond financial backing, the firm assists entrepreneurs in achieving product-market fit, securing additional funding, and scaling their businesses by leveraging an extensive network of follow-on investors and partners.

Janis Krums

Venture Partner

Yrjö Ojasaar JD

Investment Partner

Rait Ojasaar

Investment Partner

Gabrielė Poteliūnaitė

Associate

Past deals in Baltics

Modash.io

Series A in 2024
Modash, An influencer marketing platform is providing a end-to-end solution for influencer marketing. We are shifting the influencer market from experimental budget to the 100B dollar performance ad market. To do this, we offer unique tools like audience targeted influencer search and are the only platform to provide conversion rate attribution for influencer marketing. We believe in the value creators bring by building their community and telling stories that matter. That's why we are on a mission to help every creator get paid.

Modash.io

Seed Round in 2022
Modash, An influencer marketing platform is providing a end-to-end solution for influencer marketing. We are shifting the influencer market from experimental budget to the 100B dollar performance ad market. To do this, we offer unique tools like audience targeted influencer search and are the only platform to provide conversion rate attribution for influencer marketing. We believe in the value creators bring by building their community and telling stories that matter. That's why we are on a mission to help every creator get paid.

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 has developed a patented technology for producing bio-based nanofibers efficiently and cost-effectively, making it possible to produce these materials at a scale that is significantly faster and cheaper than traditional methods. Gelatex's production process utilizes gelatin derived from low-value waste in the meat and leather industries, ensuring that its products are made from natural and non-toxic substances, which promotes sustainability in the textile sector. Initially focused on creating eco-friendly leather-like textiles, the company pivoted during the COVID-19 pandemic to explore a broader range of applications for its nanofibers, including 3D scaffolds for tissue engineering, cultured meat, bio-based filters, energy storage, and wound care.

Memby

Pre Seed Round in 2021
Memby is a Lithuania-based EdTech startup focused on providing affordable online tutoring for high school students. The company operates an online learning platform designed to assist students who may struggle with after-school studies. This platform offers real-time large group lessons that engage students in various subjects, allowing them to participate live or access recorded sessions if they are unable to attend in real time. By offering a more cost-effective alternative to traditional one-on-one tutoring, Memby aims to enhance students' learning experiences and promote academic consistency.

Fyma

Seed Round in 2020
Fyma is a Tallinn-based company that specializes in artificial intelligence software focused on video analytics through computer vision algorithms. Established in 2017, Fyma transforms conventional camera feeds into smart sensors, allowing businesses and institutions to extract and analyze data from video footage. This capability enables clients to gain insights into shopping behaviors and the movement of objects, facilitating strategic planning decisions. The platform is designed with self-learning features for real-time monitoring and can integrate with third-party data sources. Fyma's solutions are applicable across various sectors, including retail, business parks, campuses, and marina management, providing empirical data to enhance decision-making in the built environment and commerce.

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.

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.

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.
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