Photo: Change Ventures team
EstVCA member, Baltic seed fund Change Ventures announced another increase in the size of its Change Ventures Fund II, to almost €43M in commitments, allowing more capital to flow to ambitious Baltic founders to scale their businesses across the globe.
This fund growth comes at the right time as startups are experiencing an unprecedented renaissance across the globe, with the Baltic states looking more and more like the “next startup nations”, emulating Israel’s disproportionate success relative to the size of the local population.
Change Ventures fund is growing with the market, thanks to new commitments to the fund that see the opportunity in this amazing region. This closing of the fund sees several new limited partner investors joining, most importantly the EBRD (European Bank for Reconstruction and Development). In addition, we have several experienced and well-connected players in the global and Baltic technology ecosystem who have joined as LPs, including Tim Draper, Mantas Mikuckas (COO of Vinted and co-investor in several startups with us) and the co-Managing Directors of Storm Ventures, Tae Hea Nahm and Ryan Floyd, who co-led the Series A round for Interactio, the world’s leading remote interpretation platform company from Lithuania.
The fund will complete the final closing at the hard cap of €50M at the end of this year, establishing our leadership in the region as the largest pan-Baltic seed fund. For founders, this means we will be able to fund companies through more funding rounds after our initial investment.
- Read the full announcement HERE
- Change Ventures website - click HERE
**Photos: Change Ventures; https://unsplash.com/@vorosbenisop