Change Ventures

Change Ventures is a pre-seed and seed-stage venture capital firm based in Tallinn, Estonia, that invests in technology startups founded by entrepreneurs from the Baltic region, including Estonia, Latvia, and Lithuania, and its global diaspora. The firm typically deploys initial investments ranging from €100,000 to €500,000 to help early-stage companies achieve product-market fit and scale their operations. Operating with a team of approximately 10 to 12 employees, the firm leverages its partners' combined 45 years of operating experience to provide post-investment support. Change Ventures connects its portfolio companies with a network of over 700 follow-on investors and is managed by key personnel including Managing Partner Andris K. Berzins, CFO Aveli Nurk, and Kärt Siilats. The firm was founded in 2016 by Andrius Šlimas, Tomas Šlimas, who previously exited Oberlo to Shopify, and Reinis Strodahs.

High-Level Overview

Change Ventures is a seed-stage venture capital fund based in the Baltic states (Estonia, Latvia, Lithuania) that focuses on backing ambitious Baltic founders globally, including the diaspora. Their mission is to empower early-stage technology startups by providing pre-seed and seed capital, typically ranging from €100K to €1.5M, alongside hands-on mentorship and access to a broad network of investors and industry experts. The firm primarily invests in sectors such as fintech, AI, health tech, enterprise IT, robotics, and software, aiming to help startups achieve product-market fit and scale globally. By nurturing local talent and fostering innovation, Change Ventures plays a pivotal role in shaping the Baltic startup ecosystem and connecting it to international markets[1][2][4][7].

Origin Story

Founded in 2016 and headquartered in Tallinn, Estonia, Change Ventures was established to support the growing pool of Baltic tech entrepreneurs. The founding partners bring extensive experience in early-stage venture capital and technology entrepreneurship, with backgrounds that include angel investing, startup founding, and venture advisory roles. Over time, the firm has evolved to focus on pre-seed and seed investments with a strong emphasis on backing teams capable of building global-scale businesses. Their investment approach is data-driven and operator-focused, leveraging a network of founders, angel investors, and venture partners to support portfolio companies beyond capital[1][4][6].

Core Differentiators

• Unique Investment Model: Focus on Baltic founders regardless of their current location, supporting diaspora startups as well as local teams.
• Network Strength: Robust connections with later-stage investors, industry experts, and a community of founders and angels that provide strategic support.
• Track Record: Over 50 deals with notable exits, demonstrating a strong ability to identify and scale promising early-stage companies.
• Operating Support: Hands-on mentorship and a founder-friendly, efficient investment process emphasizing team grit and scalability.
• Sector Focus: Specialization in technology-driven sectors such as fintech, AI, health tech, robotics, and enterprise IT.
• Check Size Flexibility: Investments typically between €100K and €500K, occasionally up to €1.5M in pre-seed rounds[1][2][4][7].

Role in the Broader Tech Landscape

Change Ventures rides the global trend of early-stage venture capital focusing on technology innovation and regional ecosystem development. The Baltic states have emerged as a vibrant tech hub with a high density of startups and unicorns per capita, making the timing ideal for a fund dedicated to this region. Market forces such as increasing digital transformation, AI adoption, and fintech innovation favor Change Ventures’ investment thesis. By bridging local talent with global markets and capital, the firm influences the broader ecosystem by accelerating startup growth, attracting international attention to the Baltics, and fostering a culture of scalable technology entrepreneurship[1][4][6].

Quick Take & Future Outlook

Looking ahead, Change Ventures is positioned to deepen its impact by continuing to back Baltic founders with global ambitions, leveraging its growing network and expertise. Trends such as AI, fintech innovation, and health tech will likely shape their portfolio focus. As the Baltic startup ecosystem matures, Change Ventures’ role as a key early-stage investor and ecosystem builder will likely expand, potentially increasing fund sizes and deal flow. Their commitment to founder support and global scaling suggests they will remain a vital catalyst for Baltic tech innovation and international venture capital interest[1][4][6].