Image for post
Image for post
Fyma’s AI capturing foot count in a retail setting without compromising privacy

Change Ventures led Fyma’s €1.5M seed round in late 2020, joined by 7 Percent, Decacorn, Lemonade Stand, Tiny VC, existing investor Superangel and several angel investors. It’s time to reflect what led us to join the forces with powerful founder duo Karen and Taavi in their quest to make CCTV cameras smarter.

Let’s rewind the tape a bit. Did you know that the earliest CCTV camera was developed in Russia as early as 1927? The mechanical camera system consisted of a manually-operated scanning-transmitting camera and wireless shortwave transmitter and receiver, with a resolution of a hundred lines. …


Image for post
Image for post
INZMO founders Meeri and Risto

INZMO just announced their €3.1 million seed round led by Change Ventures, joined by Swiss Insurance giant Helvetia. It’s time to dissect the genesis of this deal.

Every now and then we meet founders with unquestionable drive and determination, but the problem they’re working on doesn’t support the VC scale return expectations. In these cases, we have to respectfully decline to invest, while at the same time hoping we could have another look if they happen to pivot to more substantial problems. This was the exact case with the INZMO founder duo Meeri and Risto. Their initial pitch in 2015…


As investors, we always place key emphasis on the team when making an investment decision. This is often one of the determining factors in a company’s success, and we feel the same about our team at Change Ventures. The diverse, knowledgeable, passionate and open-minded team is what makes us stand out, together with absolutely exceptional founders of our portfolio companies.

Image for post
Image for post

As Change Ventures is growing, our team has expanded with Gabrielė Poteliūnaitė joining us as an Associate in Vilnius, Lithuania. That means Change Ventures will finally (and literally) have all the boots on the ground in all three Baltic countries…


My first decade working at a startup was during the 2000s at Israeli-founded AeroScout, which had a head office in the USA and an engineering & operations subsidiary in Israel. I got to see first-hand the ambition, hustle and relentless grit of the Israeli startup community and had the good fortune to take a C-level role in the process of building a born-global startup that was eventually acquired for $240M. …


We are looking for an amazing individual to help us in our quest to find and back ambitious Baltic founders. While it has been a wild ride for Yrjo, Rait and myself to source, close and manage investments on our own, now is the time for us to start building a bigger team. We want to bring on board an associate or analyst who could support the partners. We are deliberately vague on experience required, as team fit and attitude is more important than specific seniority. …


Image for post
Image for post

“Change Ventures” was not just a distinctive name to select for our new fund, back when we did so over 5 years ago. We also had a mission to change some aspects of the venture funding landscape in the Baltic states, based on what we had seen in previous years from investors in the region.

This week we launch our latest initiative to do just that — the Change Ventures Baltic Startup Funding Report. Our goal with this report is to bring transparency to a market that is very opaque. Investors spend much of their time investigating potential investment opportunities…


Following the recent public announcement of the Change Venture led €2.2M investment into Planet42, it is a good time to reflect on the genesis of our decision.

As is with every successful business, it’s best if your product is the answer to the client’s question. This means the truth resides in asking the right question. In a business setting, the right question takes the form of an acute problem your client is looking to solve. In South Africa, one of the central questions for nearly half of their 58 million population is how to gain access to mobility when banks…


In late 2018 the founders of Aerones got a cold email from YCombinator, who had seen the video of their super-cool industrial heavy lift drone and invited them to California to pitch YC. After a trip to California they secured a ticket to the world's most famous accelerator program. The idea to build such a drone was a crazy idea from the CEO Janis Putrams — they really did not have a clear idea what to do with it at the time but, being hustling technology entrepreneurs, figured that they would find many applications. …


It is with great sadness that we say goodbye to our Founding Partner, Harry Huge, who left this world late this April.

Image for post
Image for post

Harry was a Founding Partner at Change Ventures. It was one of many ventures he launched over the course of his life. We owe Harry a tremendous debt of gratitude for taking a chance on our team as emerging venture capitalists. To say that Harry lived a rich and varied life would be an understatement. His career took so many interesting turns and leaves one in awe at all of his accomplishments. To name a few, from 1977…


The fund also becomes the first VC to join all three Baltic states venture capital associations.

Image for post
Image for post

Following Change Ventures Fund II first close at €21M last October, we have completed the due diligence process with Europe’s best institutional investors in venture capital and we are delighted that the European Bank for Reconstruction and Development (EBRD) recently approved an €8M commitment to our fund, pending closing. This additional capital will automatically unlock matching capital already committed from the European Investment Bank and European Investment Fund’s (EIF) InnovFin programme. …

Change Ventures

Backing ambitious Baltic founders. We invest at pre-seed/seed in teams with the grit to build global businesses, bring a deep network and follow-on investment.

Get the Medium app

A button that says 'Download on the App Store', and if clicked it will lead you to the iOS App store
A button that says 'Get it on, Google Play', and if clicked it will lead you to the Google Play store