Following Change Ventures Fund II first close at €21M last October, the fund has completed the due diligence process with Europe’s best institutional investors in venture capital and are delighted that the European Bank for Reconstruction and Development (EBRD) recently approved an €8M commitment to their fund, pending closing. This additional capital will automatically unlock matching capital already committed from the European Investment Bank and European Investment Fund’s (EIF) InnovFinprogramme. As a result, this summer Change Ventures expects to complete the 2nd close of Fund II at close to €40M in commitments and to become the largest seed fund investing in startups today in the Baltic states.
Change Ventures started from day one with a focus on backing ambitious Baltic founders across all three states. As an extension to investing in Estonia, Latvia and Lithuania, they can back Baltic diaspora founders building their businesses globally. In order to participate more effectively in the venture capital industry in each of these states, they have now joined the VC associations in all three states — the first venture capital fund to do so. While the fund is registered in Estonia, they consider their home to be all three states and wish to contribute to the development of the industry and the startup ecosystem across the region. In Estonia, Change Ventures has supported and adopted the use of the standard investment templates to ensure straightforward, industry-standard terms for their investments and founders. In Latvia, they have collaborated regarding startup option reform and government relations.Change Ventures is also launching a search for an additional principal or partner in the fund and is hiring a paid summer intern to help us build a data project that supports Baltic founders in understanding the funding environment here.