# Change Ventures: portfolio, investments and team

> Change Ventures is a vc firm based in Estonia. 89 investments on record, 17 in the last 12 months, latest Sept 2026. Portfolio, stages, co-investors and team.

Source: https://millionrounds.com/fund/change-ventures (Millionrounds; every figure on the page links to its filing or article)

Estonia · [Investor](https://millionrounds.com/investors)

# Change Ventures

Last cheque observed Sep 2026; 89 cheques on record.

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Deploying now New fund $6.0M, Oct 2017 VC firm

Seed Series A Series B Agnostic Robotics Venture Capital & Private Equity

Follow Change Ventures and see its new cheques in your feed. [Start following](https://millionrounds.com/login?join=1&why=follow&next=%2Ffund%2Fchange-ventures)

Deploying now

**89%** of best year **17** **cheques in 12 months**, 89 on record

Since the last cheque **60** days **00** hrs **00** min **00** sec

Median round **$4.4M** Cheque size, as they say **$350K – $1.3M** Rounds led **0 of 89** Sole investor **11 rounds** Mostly in **United States, 46%**

Pitch Change Ventures

## Change Ventures highlights

- 01 17 cheques in the last 12 months
- 02 Mostly Seed and Venture: 62% of its rounds
- 03 Sole investor in 11 rounds, median $827K

## What they do

- **Type:** VC firm (from a list, unverified)
- **Cheque size:** $350K – $1.3M as they say
- **Stages:** Seed Series A Series B
- **Sectors:** Agnostic Robotics Venture Capital & Private Equity
- **Based in:** Tallinn, Estonia
- **Cold pitches:** Not stated

## The record

Every round we can evidence, newest first **89 appearances**

- **2026** 16 rounds
- **Sept** **[Cube3.ai](https://millionrounds.com/company/cube3-ai)** Venture · US **$49M** With 2 others
- **Sept** **[Enigmata](https://millionrounds.com/company/enigmata)** Seed · US **$6.5M** With 1 other
- **Jul** **[Pact Labs](https://millionrounds.com/company/pact-labs)** Series A · US **$7.0M** With 2 others
- **Jun** **[Precise](https://millionrounds.com/company/precise)** Seed · US **$7.0M** With 1 other
- **May** **[Balcony](https://millionrounds.com/company/balcony)** Seed · US · Ventureburn **$13M** With 1 other
- **May** **[Cycles](https://millionrounds.com/company/cycles)** Seed · CH **$6.4M** With 4 others
- **May** **[Hivello](https://millionrounds.com/company/hivello)** Seed · NL **$6.8M** With 6 others
- **May** **[BirdyChat](https://millionrounds.com/company/birdychat)** Seed · LV **$2.0M** With 3 others
- **May** **[Minima](https://millionrounds.com/company/minima)** Crowdfunding · CH **$1.1M** With 2 others
- **Apr** **[BLOCKS](https://millionrounds.com/company/blocks)** Pre-seed · DE **$6.0M** With 3 others
- **Apr** **[The Block](https://millionrounds.com/company/the-block)** Growth · US **$10M** With 6 others
- **Apr** **[W3.io](https://millionrounds.com/company/w3-io)** Venture · US **Undisclosed** With 3 others
- **Mar** **[Saltz](https://millionrounds.com/company/saltz)** Series A · EBRD Venture Capital **$23M** With 3 others
- **Mar** **[Akave](https://millionrounds.com/company/akave)** Seed · US · TechStartups **$6.7M** With 8 others
- **Feb** **[Unicity Labs](https://millionrounds.com/company/unicity-labs)** Seed · CH **$3.0M** With 2 others
- **Jan** **[webAI](https://millionrounds.com/company/webai)** Venture · US **Undisclosed** With 3 others
- **2025** 12 rounds
- **Dec** **[Algori](https://millionrounds.com/company/algori)** Growth · ES · TechStartups **$4.2M** With 7 others
- **Oct** **[FanHub](https://millionrounds.com/company/fanhub)** Crowdfunding · GB **$40K** Sole investor
- **Aug** **[Kira](https://millionrounds.com/company/kira)** Seed · MX · LatamList **$6.7M** With 6 others
- **Jul** **[Nevoya](https://millionrounds.com/company/nevoya)** Seed · US · TechCrunch **$9.3M** With 7 others
- **Jul** **[W3.io](https://millionrounds.com/company/w3-io)** Seed · US **$7.0M** With 3 others
- **Jul** **[Blockskye](https://millionrounds.com/company/blockskye)** Series C · US **$16M** With 2 others
- **May** **[XP](https://millionrounds.com/company/xp)** Seed · TR **$6.2M** With 1 other
- **Mar** **[Engycell](https://millionrounds.com/company/engycell)** Pre-seed · LV **$273K** With 1 other
- **Mar** **[Blu](https://millionrounds.com/company/blu)** Venture **$2.9M** With 1 other
- **Feb** **[Trace.Space](https://millionrounds.com/company/trace-space)** Seed · LV · TechCrunch **$4.0M** With 5 others
- **Feb** **[Gelatex Technologies](https://millionrounds.com/company/gelatex-technologies)** Venture · EE **Undisclosed** With 2 others
- **Jan** **[CapeZero](https://millionrounds.com/company/capezero)** Seed · US **$2.6M** With 1 other
- **2024** 12 rounds
- **Dec** **[Silencio Network LLC](https://millionrounds.com/company/silencio-network-llc)** Seed · US **$2.5M** With 5 others
- **Dec** **[Spexi](https://millionrounds.com/company/spexi)** Series A · CA **$12M** With 5 others
- **Dec** **[INZMO](https://millionrounds.com/company/inzmo)** DE **$5.0M** With 1 other
- **Nov** **[Origin Robotics](https://millionrounds.com/company/origin-robotics)** Grant · LV **$4.8M** With 1 other
- **Oct** **[Modash.io](https://millionrounds.com/company/modash-io)** Series A · EE **$12M** Sole investor
- **Sept** **[Certific](https://millionrounds.com/company/certific)** Venture · EE **$778K** With 3 others
- **Jun** **[Cube3.ai](https://millionrounds.com/company/cube3-ai)** Venture · US **$14M** With 1 other
- **May** **[AM Craft](https://millionrounds.com/company/am-craft)** Pre-seed · LV **$653K** Sole investor
- **Apr** **[NATIX Network](https://millionrounds.com/company/natix-network)** Venture · DE **$4.6M** With 4 others
- **Apr** **[Bayou Energy](https://millionrounds.com/company/bayou-energy)** Pre-seed · US **$1.2M** With 1 other
- **Apr** **[UpLink](https://millionrounds.com/company/uplink)** Venture · US **$10M** With 3 others
- **Mar** **[Planet42](https://millionrounds.com/company/planet42)** Debt **$13M** With 1 other

An announcement gives the size of the round, not the size of this investor's cheque: the only rounds that imply a cheque are those where they were the sole named investor.

## The team

Named by the firm itself, on a filing, its Form ADV or its company registration **6 named**

AK **Andris K Berzins** Executive Officer i Filing they signed

BC **Brent Comstock** Executive Officer i Filing they signed

EE **Edward Earle Steiner** Executive Officer, Director i Filing they signed

HH **Harry Huge** Executive Officer i Filing they signed

RK **Rait K Ojasaar** Executive Officer i Filing they signed

YK **Yrjo K Ojasaar** Executive Officer i Filing they signed

We also hold **10** people at this firm from the lists this database was built from: a weaker source than the filings, since a list does not say when a title ended. Login to see them.

New fund on file

**$6.0M**

raised in Oct 2017

From its SEC filing, not a journalist: a firm that has just raised has money to deploy.

## The cheque

Seed Series A Series B

Median round joined **$4.4M** the round, not its cheque Alone, median **$827K**

Led 0 of 89 rounds **0%**

- **Said size:** $350K – $1.3M
- **Sole investor:** 11 rounds
- **Last cheque:** Sept 2026

Rounds by stage said on their site

- Seed said *33*
- Venture *17*
- Pre-seed *13*
- Series A said *11*
- Grant *4*
- Growth *3*
- Series B said *-*

Cheques by month Led Joined

Nov 2023 Oct 2026

Often in the room with

- [Blockchange Ventures](https://millionrounds.com/fund/blockchange-ventures) 46
- [FIRSTPICK](https://millionrounds.com/fund/firstpick) 4
- [Techstars](https://millionrounds.com/fund/techstars) 4
- [Borderless Capital](https://millionrounds.com/fund/borderless-capital) 3
- [Founders Fund](https://millionrounds.com/fund/founders-fund) 3
- [Framework Ventures](https://millionrounds.com/fund/framework-ventures) 3

**Pitching Change Ventures?** Put them on your fundraising board with this record on the card, and follow them to hear when they write a new cheque.

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## Who they invest alongside

The investors most often in the same rounds as Change Ventures. A count of rooms they were both in, not a relationship either has claimed.

[**Blockchange Ventures** VC firm **46** rounds together](https://millionrounds.com/fund/blockchange-ventures)[**FIRSTPICK** VC firm **4** rounds together](https://millionrounds.com/fund/firstpick)[**Techstars** VC firm **4** rounds together](https://millionrounds.com/fund/techstars)[**Borderless Capital** Accelerator **3** rounds together](https://millionrounds.com/fund/borderless-capital)[**Founders Fund** VC firm **3** rounds together](https://millionrounds.com/fund/founders-fund)[**Framework Ventures** VC firm **3** rounds together](https://millionrounds.com/fund/framework-ventures)[**Play Ventures** VC firm **3** rounds together](https://millionrounds.com/fund/play-ventures)[**Protocol Labs** Corporate VC **3** rounds together](https://millionrounds.com/fund/protocol-labs)[**Startup Wise Guys** Accelerator **3** rounds together](https://millionrounds.com/fund/startup-wise-guys)[**Superangel** VC firm **3** rounds together](https://millionrounds.com/fund/superangel)[**Y Combinator** Accelerator **3** rounds together](https://millionrounds.com/fund/y-combinator)[**Alliance** Accelerator **2** rounds together](https://millionrounds.com/fund/alliance)

## Recently backed

The latest companies Change Ventures put money into.

[**Pact Labs** $7.0M · Jul 2026](https://millionrounds.com/company/pact-labs)[**Precise** $7.0M · Jun 2026](https://millionrounds.com/company/precise)[**Balcony** $13M · May 2026](https://millionrounds.com/company/balcony)[**Cycles** $6.4M · May 2026](https://millionrounds.com/company/cycles)[**Hivello** $6.8M · May 2026](https://millionrounds.com/company/hivello)[**BirdyChat** $2.0M · May 2026](https://millionrounds.com/company/birdychat)

## On podcasts

1 episode naming Change Ventures in the title.

- [Tech.eu](https://millionrounds.com/podcasts/tech-eu) 18 Mar 2019 · 38 min #TechChill Interview Special: Elizabeth Varley, TechHub; Andris Berzins, Change Ventures; Rolands Mesters, Nordigen With [Andris Berzins](https://millionrounds.com/person/andris-berzins) Mentions [Change Ventures](https://millionrounds.com/fund/change-ventures) Apple PodcastsShow page

## Quick answers about Change Ventures

### What does Change Ventures invest in?

Change Ventures invests most often at Seed and Venture (62% of the rounds on record), in sectors such as Agnostic, Robotics and Venture Capital & Private Equity.

### How active is Change Ventures?

89 investments on record, 17 of them in the last 12 months. The most recent was in Sept 2026.

### What has Change Ventures invested in recently?

Its most recent investments on record: Cube3.ai (Venture, Sept 2026), Enigmata (Seed, Sept 2026) and Pact Labs (Series A, Jul 2026).

### How big are Change Ventures's cheques?

The median round it joins is $4.4M. It says it writes cheques of $350K to $1.3M.

### Does Change Ventures lead rounds?

Rarely, if at all: none of its 89 investments on record names it as the lead.

### Where does Change Ventures invest?

Most of the companies it backs are in the United States (46%), Latvia (14%) and Switzerland (8%).

### Is Change Ventures investing now?

Yes: it is actively investing, with 17 investments in the last 12 months.

### Who does Change Ventures invest alongside?

Most often Blockchange Ventures (46 rounds together), FIRSTPICK (4 rounds together) and Techstars (4 rounds together).

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