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The Venture Codex

Change Ventures

Valukoja 8/2, Tallinn, Harjumaa, 11415, Estonia

Overview

Pre-seed venture capital fund supporting ambitious founders.

Founded

2016

Deals · 12mo

4

Links

WebsiteLinkedInX (Twitter)

Stage focus

Seed

Geographic focus

Estonia
Latvia
Lithuania
Spain
...

Sector focus

Information Technology
Internet
Mobile

Investment portfolio

44rounds
NAMEDATESIZE
BirdyChat
May 2026Led
$2 MSeed
Giraffe360
Mar 2026Participated
$10 MSeries B
Saltz
Mar 2026Participated
$23 MSeries A
Algori
Dec 2025Participated
$4 MOther Equity
Aerones
Jun 2025Participated
$62 MOther Equity
Trace.Space
Feb 2025Participated
$4 MSeed
Origin
Oct 2024Led
$5 MOther Equity
AM Craft
May 2024Led
$0.65 MSeed
Inspectle Food
Dec 2023Led
$0.43 MSeed
Drovo
Oct 2023Participated
$4 MSeries A
Monetizr
Aug 2023Led
$4 MOther Equity
Algori
Jul 2023Led
$4 MSeed
BirdyChat
May 2026Led
$2 MSeed
Giraffe360
Mar 2026Participated
$10 MSeries B
Saltz
Mar 2026Participated
$23 MSeries A
Algori
Dec 2025Participated
$4 MOther Equity
Aerones
Jun 2025Participated
$62 MOther Equity
Trace.Space
Feb 2025Participated
$4 MSeed
Origin
Oct 2024Led
$5 MOther Equity
AM Craft
May 2024Led
$0.65 MSeed
Inspectle Food
Dec 2023Led
$0.43 MSeed
Drovo
Oct 2023Participated
$4 MSeries A
Monetizr
Aug 2023Led
$4 MOther Equity
Algori
Jul 2023Led
$4 MSeed
44
Items
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Insights

Time horizon

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Deal Distribution

Change Ventures: 44 funding rounds are recorded in the selected participation categories.All available history.
Change Ventures: 44 funding rounds are recorded in the selected participation categories. All available history
Round typeLed dealsParticipated deals
Seed194
Series A04
Series B01
Other Equity69
Debt01

Monthly Deal Activity

Change Ventures: 44 deals are recorded across 114 months.All available history.
Change Ventures: 44 deals are recorded across 114 months. All available history
MonthDeals
May '171
Jun '170
Jul '170
Aug '170
Sep '170
Oct '170
Nov '170
Dec '170
Jan '180
Feb '180
Mar '180
Apr '180
May '180
Jun '180
Jul '181
Aug '180
Sep '180
Oct '180
Nov '180
Dec '180
Jan '191
Feb '191
Mar '190
Apr '190
May '190
Jun '190
Jul '190
Aug '190
Sep '190
Oct '190
Nov '191
Dec '191
Jan '202
Feb '200
Mar '200
Apr '200
May '201
Jun '202
Jul '201
Aug '200
Sep '200
Oct '200
Nov '201
Dec '201
Jan '211
Feb '210
Mar '210
Apr '210
May '210
Jun '210
Jul '213
Aug '212
Sep '210
Oct '210
Nov '211
Dec '212
Jan '220
Feb '220
Mar '220
Apr '223
May '221
Jun '220
Jul '220
Aug '221
Sep '220
Oct '221
Nov '220
Dec '221
Jan '231
Feb '230
Mar '230
Apr '230
May '230
Jun '230
Jul '232
Aug '231
Sep '230
Oct '231
Nov '230
Dec '231
Jan '240
Feb '240
Mar '240
Apr '240
May '241
Jun '240
Jul '240
Aug '240
Sep '240
Oct '241
Nov '240
Dec '240
Jan '250
Feb '251
Mar '250
Apr '250
May '250
Jun '251
Jul '250
Aug '250
Sep '250
Oct '250
Nov '250
Dec '251
Jan '260
Feb '260
Mar '262
Apr '260
May '261
Jun '260
Jul '260
Aug '260
Sep '260
Oct '260

Sector Breakdown

Change Ventures: Enterprise Software is the largest displayed sector by deal count (14 deals).All available history.

A deal can appear in multiple sectors, so sector totals may overlap. Capital represents disclosed total round sizes, not fund cheque sizes.

Change Ventures: Enterprise Software is the largest displayed sector by deal count (14 deals). All available history
SectorDeals
Enterprise Software14
Networks, Cloud & Communication11
Data, Analytics & IT10
Professional Services8
Marketing & Advertising7
Manufacturing7
AI & Machine Learning7
E-Commerce & Retail6
Real Estate & Construction6
Hardware & Robotics5
Media & Entertainment5
Education & Workforce4
AR/VR4
Fintech4
Clean Energy & Sustainability3
Space & Frontier Tech3
Food & Agriculture3
Transportation & Logistics2
Consumer & Lifestyle2
Government & Defense1
Cybersecurity & Privacy1
Health & Life Sciences1
Gaming & eSports1
Social & Community Platforms1
Developer Tools1

Deal Size Distribution

Change Ventures: 44 rounds have a disclosed size in the displayed size bands.All available history.

Undisclosed round sizes are excluded. Capital represents total round sizes, not fund cheque sizes.

Change Ventures: 44 rounds have a disclosed size in the displayed size bands. All available history
Round size band (USD)Deals
<$5M35
$5M-$10M1
$10M-$25M4
$25M-$50M3
$50M-$100M1
$100M-$250M0
$250M-$500M0
$500M-$1B0
$1B+0

Deals By Geography

Change Ventures: Europe has the largest recorded deal count among the displayed regions (34 deals).All available history.

Top 5 of 5 regions; European countries are grouped as Europe.

Change Ventures: Europe has the largest recorded deal count among the displayed regions (34 deals). All available history
RegionDeals
Europe34
United States6
South Africa2
Ec2v 6ee1
Brazil1
Change Ventures: 20 co-investors are shown, with Lemonade Stand sharing 4 recorded deals.All available history.

Co-Investors

Bubble size = shared deals

Click a bubble to open that fund in a new tab.

Shows up to 20 co-investors ranked by shared deals. Deals may be shared with multiple funds, so rows overlap. Capital is total round size, not fund cheque size.

Change Ventures: 20 co-investors are shown, with Lemonade Stand sharing 4 recorded deals. All available history
Co-investorShared deals
Lemonade Stand4
Hoxton Ventures3
LAUNCHub Ventures3
Startup Wise Guys3
BADideas.fund2
Blume Equity2
Firstpick2
Flashpoint2
Founders Fund2
HCVC2
Hummingbird Ventures2
Karma Ventures2
Lightrock2
Metaplanet2
Shilling2
Tiny VC2
TMT Investments2
Y Combinator2
70 Ventures1
7percent Ventures1

Investment Strategy

Change Ventures: Led accounts for 57% and participating for 43% of round participation.All available history.
Change Ventures: Led accounts for 57% and participating for 43% of round participation. All available history
CategoryDeals (count)Share (%)
Led2557%
Participating1943%
Change Ventures: Single-lead accounts for 76% and co-led for 24% of lead dynamics.All available history.
Change Ventures: Single-lead accounts for 76% and co-led for 24% of lead dynamics. All available history
CategoryDeals (count)Share (%)
Single-lead1976%
Co-led624%

Team

Andris K. Berzins

Managing Partner

Janis Krums

Venture Partner

Rait Ojasaar

Investment Partner

Yrjö Ojasaar

Founder and Investment Partner