Lithuanian Private Equity and Venture Capital Association

EBRD investment approval set to make Change Ventures Fund II the largest seed fund operating in the Baltic States.

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) InnovFinprogramme. As a result, this summer we expect 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, we 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, we have now joined the VC associations in all three states — the first venture capital fund to do so. While our fund is registered in Estonia, we consider our 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 we have supported and adopted the use of the standard investment templates to ensure straightforward, industry-standard terms for our investments and founders. In Latvia we have collaborated regarding startup option reform and government relations. We look forward to working closely with EstVCALVCA and LTVCA.

With the expansion of the fund we are also starting our search for an additional principal or partner to join the investment team. We are looking for people who enjoy working with founders, helping to advise on strategy, HR, technology and many other issues that arise while trying to get a business off the ground and achieve product-market fit. People who could spot entrepreneurial talent and nurture it. Prior fund experience is not a must, but candidates would need to at least have some angel investment background.

If you are this person, ping us an email with why you think you would be a great fit and providing a link to your resume. If you know someone amazing we should talk to, please send them our way by emailing one of the partners or!


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