About Change Ventures
Change Ventures is a venture capital firm founded in 2007. It is primarily based out of Tallinn, Estonia. As of Mar 2026, Change Ventures is an active investor, having invested in 39 companies, with 1 new investment in the last 12 months. It primarily invests in Seed round in Estonia based startups. Its investments are spread across a wide range of sectors from Enterprise Applications to High Tech and Retail. Most recently it participated in the $***** Series B round of Giraffe360 Overall, Change Ventures portfolio has seen 1 unicorn, 1 IPO and 1 acquisition, namely Veriff, Nordigen and Bike ID. A lot of funds co-invest with Change Ventures, with names like Lemonade Stand sharing a substantial percentage of its portfolio. Change Ventures has team of 10 people including 5 partners.Key Metrics
Team Members
Portfolio Sectors
Rounds of Entry
Seed, Series A & 2 more
Portfolio IPOs
Portfolio Acquisitions
Portfolio Unicorns
Deals in last 12 months
Change Ventures' List of Top Investments
Change Ventures has a portfolio of 39 companies, one of which is a Unicorn. Their most notable investments are in Inzmo and Cloud Factory.Their portfolio spans across Estonia, Latvia, United States and 5 more locations. They have invested in Enterprise Applications, High Tech, Retail and 23 other sectors, across stages such as Seed, Series A and 2 more. Here is the list of top investments by Change Ventures:1. Veriff
AI based identity verification software. It provides a verification process involves cross-referencing images of the customer with identity information held in government databases, face comparison, document validation, video analysis, device and network fingerprinting, and registry checks. It offers verification to online businesses for fraud prevention, compliance, and customer protection.
Key facts about Veriff
- Founded Year: 2015
- Location: Tallinn (Estonia)
- Annual Revenue: €36.1M as on Dec 31, 2022
- Valuation: $*****
- Stage: Series C
- Total Funding till date: $200M
- Employee Count: 524 as on Mar 31, 2026
- Investors: IVP, Mosaic Ventures and 23 Others
- Latest Funding Round: Series C, Jan 26, 2022, $*****
- Highlight: Editors' Pick
2. Aerones
Robotic systems for wind turbine inspection and maintenance. It offers robotic solutions for inspecting and maintaining wind turbine blades and towers. Services include lightning protection inspections, internal inspections, cleaning, and repair. The robotic systems are certified for use with wind turbines. It combines robotics and automation for all aspects of wind turbine blade and tower care, delivering unmatched speed, cost efficiency, safety, and service quality.
Key facts about Aerones
- Founded Year: 2016
- Location: Riga (Latvia)
- Annual Revenue: €20.9M as on Dec 31, 2024
- Stage: Series B
- Total Funding till date: $115M
- Employee Count: 418 as on Mar 31, 2026
- Investors: Activate Capital, Lightrock and 26 Others
- Latest Funding Round: Series B, Jun 03, 2025, $*****
- Highlight: Editors' Pick
3. Giraffe360
Developer of a SaaS-driven virtual tour software for real estate professionals. It offers a property listing camera for real estate agents. Its camera has stitching software that creates panoramic views automatically from the images. These can be viewed on the web, mobile, and VR headsets.
Key facts about Giraffe360
- Founded Year: 2016
- Location: London (United Kingdom)
- Stage: Series B
- Total Funding till date: $32.3M
- Employee Count: 173 as on Nov 21, 2025
- Investors: Columbia Lake Partners, AA Sons and 18 Others
- Latest Funding Round: Series B, Mar 26, 2026, $*****
- Highlight: Editors' Pick
4. Printify
Provider of software solutions for customized dropshipping solutions for fashion businesses. The platform enables to design and sell custom products online with print-on-demand drop shipping. It offers products such as t-shirts, mugs, socks, and home accessories. The users can upload the design, switch between color options, preview the products and publish it to the online store automatically.
Key facts about Printify
- Founded Year: 2015
- Location: San Francisco (United States)
- Valuation: $*****
- Stage: Series A
- Total Funding till date: $54.3M
- Employee Count: 585 as on Feb 28, 2026
- Investors: Index Ventures, TriplePoint Venture Growth and 16 Others
- Latest Funding Round: Series A, Jun 21, 2021, $*****
- Highlight: Editors' Pick
5. Dogo App
App-based platform for pet training. The application provides various training instructions like to make dog listen to the owner, potty training, etc. It also provides example videos related to training and in-built clicker features with a variety of sound options. Owners can discuss with the community through the mobile app.
Key facts about Dogo App
- Founded Year: 2016
- Location: Berlin (Germany)
- Stage: Seed
- Total Funding till date: $3M
- Employee Count: 37 as on Jul 01, 2024
- Investors: Leap Venture Studio, R/GA Ventures and 22 Others
- Latest Funding Round: Seed, Nov 15, 2021, $*****
Change Ventures' Year-on-Year Investment Trends
Change Ventures has invested in 39 companies over the last 9 years, with an average of 4 new investments annually in the last 5 years. In 2025, it made 4 investments, while as of Mar 2026, it has made 2 investments in this year. Its most recent first time investment was in Saltz and most recent follow-on round was in Giraffe360.Year | No. of Investments | ||
|---|---|---|---|
1st Round | Follow-on | Total | |
2026 (YTD) | 1 | 1 | 2 |
2025 | 1 | 3 | 4 |
2024 | 3 | 1 | 4 |
2023 | 5 | 0 | 5 |
2022 | 6 | 5 | 11 |
2021 | 6 | 2 | 8 |
2020 | 7 | 1 | 8 |
2019 | 3 | 1 | 4 |
2018 | 1 | 0 | 1 |
2017 | 2 | 0 | 2 |
Change Ventures' Investments by Stage
Change Ventures has made 30 investments in Seed stage with an average round size of $1.71M, 3 investments in Series A stage with an average round size of $10.3M, 1 investment in Angel stage and 1 investment in Series B stage with an average round size of $15.5M.Stage of entry | No. of Investments |
|---|---|
Seed | 30 |
Series A | 3 |
Angel | 1 |
Series B | 1 |
Note: We have considered here, only first round of investments
Change Ventures' Investments by Sector
Change Ventures has a diverse portfolio, with companies operating in the Enterprise Applications, Vertical SaaS, High Tech, Consumer and FinTech. Notably, it has invested in 34 Tech companies, 28 Enterprise (B2B) companies, 23 Software companies and at least 14 companies focusing on Saas.Sector | No. of Investments |
|---|---|
Enterprise Applications | 19 |
Vertical SaaS | 8 |
High Tech | 7 |
Consumer | 6 |
FinTech | 5 |
Others | 32 |
Note: We have considered here, only first round of investments
Change Ventures' Investments by Geography
Change Ventures has made most investments in Estonia (16), followed by Latvia where it has made 7 investments.Country | No. of Investments |
|---|---|
Estonia | 16 |
Latvia | 7 |
United States | 3 |
Germany | 2 |
Lithuania | 2 |
Others | 5 |
Note: We have considered here, only first round of investments
Change Ventures' recent investments
Change Ventures has made 2 investments in 2026 so far - Giraffe360 and Saltz.Here are the most recent investments by Change Ventures:
Filter this listDate | Company | Location | Round Details | Round Amount | Co-Investors |
|---|---|---|---|---|---|
Mar 26, 2026 | United Kingdom | Series B | 5183 | [+3] | |
Mar 09, 2026 | Lithuania | Series A | 4835 | [+4] | |
Dec 09, 2025 | Spain | Series A | 9158 | [+5] | |
Jun 03, 2025 | Latvia | Series B | 1691 | [+7] | |
Mar 20, 2025 | Latvia | Seed | 8180 | - |
Unicorns in Change Ventures' Portfolio
Change Ventures has 1 unicorn in its portfolio - Veriff. The most recent unicorn in their portfolio is Veriff which became a unicorn in 2022, 1 years after Change Ventures first invested in it.Here is a list of unicorns in Change Ventures' portfolio:
Tracxn Score | Company | Short Description | Founded year | Sector | Location | Company Stage | First Investment/ Acquisition Details |
|---|---|---|---|---|---|---|---|
69 | AI based identity verification software | 2015 | Tallinn | Series C | hxjnoee |
IPOs and Publicly Listed companies in Change Ventures' Portfolio
1 of Change Ventures' portfolio company became public - Bike ID.Here are Change Ventures' portfolio companies that went public:
Company | IPO Date | First Invested on | First Round of Investment | Round Size |
|---|---|---|---|---|
- | - | - | 2742 |
Acquired companies in Change Ventures' Portfolio
1 company from Change Ventures' portfolio has been acquired. The most recent acquisition were Nordigen in Jul 2022 by GoCardless.Here are Change Ventures' portfolio companies that got acquired most recently:
Company | Acquisition Date | First Invested on | First Round of Investment | Round Size |
|---|---|---|---|---|
Jul 01, 2022 | Sep 07, 2017 | Seed | 8329 |
Team profile of Change Ventures
Change Ventures has a team of 10 members including 5 Partners and 5 Venture Partners located in United States, Estonia and 4 more locations. Change Ventures' team does not sit on the board of any company as of now.Here is a list of all team members in Change Ventures:
Name | Designation | Location | Board Memberships | Contact Details |
|---|---|---|---|---|
Partner | Latvia | - | ||
Partner | Tallinn | - | ||
Partner | Cincinnati | - | - | |
Partner | Tallinn | - | ||
Partner | United Arab Emirates | - | ||
Venture Partner | Sarasota | - | - | |
Venture Partner | Vilnius | - | - | |
Venture Partner | Berlin | - | - | |
Venture Partner | San Diego | - | - | |
Venture Partner | Menlo Park | - | - |
Co-investors of Change Ventures
Over the past 9 years, 178 investors have co-invested in Change Ventures's portfolio companies. This includes funds and angels.
- Invested before Change Ventures: Superangel, Y Combinator and 33 others have invested in rounds before Change Ventures. There are 2 companies where Superangel has invested before Change Ventures and 2 companies where Y Combinator has invested before Change Ventures.
- Top Co-investors of Change Ventures: 76 investors entered a company along with Change Ventures. These include investors like Lemonade Stand (4 companies).
- Invested after Change Ventures: A total of 67 investors have invested in Change Ventures's portfolio after their investments. Top Investors include IVP (1 company), Accel (1 company) and Tiger Global Management (1 company).
Recent News related to Change Ventures
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Giraffe360 Raises $10M Series B Round Led By Cipio PartnersStartup Rise EU•Mar 26, 2026•LAUNCHUB, Cipio Partners, Change Ventures, Hoxton Ventures and 2 others
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Vilnius-Based Food Marketplace Saltz Raises €20M Funding In Series A RoundStartup Rise EU•Mar 09, 2026•Saltz, EBRD, Change Ventures, Inovo Venture Partners and 1 other
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Algori secures €3.6M to expand AI shopper insights in Europe, Latin AmericaTechStartups.com•Dec 09, 2025•Tech Transfer Agrifood, Red Bull Ventures, Algori, and 6 others
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Trace.Space funding news – Riga-based Trace.Space Secures €3.8 Million in Seed FundingStartup Rise EU•Feb 07, 2025•Trace.Space, Cherry Ventures, Outlast, Nebular and 4 others
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Estonian Creator Partnerships Platform Modash Raises $12m Series A Investment To Help Brands With Content CreatorsAIN.UA•Oct 31, 2024•Modash, henQ, Icebreaker, Lift99 and 1 other
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