While commenting, you are under the rule of our websites terms of use and privacypolicy. Massive thanks for the hard work in pulling together the data for the first report goes to Linda Vildava, our awesome summer intern in 2020, and Gabriel Potelinait, our Associate, for the update. Then please share your detailed round data with us. All rights reserved. You can make a report either personally or anonymously. We promise to keep it confidential. Our partners have 45 years of operating experience between them that we bring to bear in supporting our portfolio and we aim to provide a founder-friendly, fast and efficient investment process. Edit Lists Featuring This Company Section, Estonian creator partnerships platform Modash closes $2M round led by Change Ventures, Early Stage Venture Investors with Investments in San Jose, California, Investors Active in Los Angeles, California, Early Stage Venture Investors with Investments in Victoria. YSC cookie is set by Youtube and is used to track the views of embedded videos on Youtube pages. We strive to attract, invest in, and develop the talents of diverse people who reflect the society and community in which we live and do business. Baltic startup defined as a company with a highly scalable product-oriented business model (or the potential to become one) that has at least one Baltic founder (or firmly established immigrant) and active operations in one of the Baltic States. Their developer-friendly API solution has superior and highly automated video capture tech that supports the widest range of ID document types. PEMBROKE, Bermuda -- (BUSINESS WIRE)--Jul. Open banking analytics products for banks, lenders and fintechs, who use the Nordigen platform to turn raw account data in to valuable insights. This arrangement can then be used to help ensure that the bulk of the reviews are bona fide. We back ambitious Baltic founders, both in Estonia, Latvia or Lithuania and the diaspora around the globe. You have a great idea for a Startup or Side project? Pre-seed rounds are recovering from the pandemic slow-down, and the number of pre-seed rounds is catching up with the level of H1 2020. Installed by Google Analytics, _gid cookie stores information on how visitors use a website, while also creating an analytics report of the website's performance. The first mindful conversation app powered by ethical AI, designed to help people build better relationships. Managing Partner at angel investment & financial advisory firm Solon Partners. Financial Report - CHANGE VENTURES FOUNDATION Here is a summary of financial information of CHANGE VENTURES FOUNDATION for the financial year ending on 31 March, 2021. SeaChange leverages the intelligence and experience of our investors into a disciplined and thoughtful evaluation process which leads to well-considered investments in dynamic companies. Beside these, I am up for games! INTRODUCTION. Qoorio is a community for humans to share life learnings & knowledge. Startups that were able to raise took advantage of the aggressive venture capital market to grow their runway. As we move to a world where energy is decentralised, digitalised, and decarbonised, there are opportunities for financial investment and business collaboration emerging at every step. We also use third-party cookies that help us analyze and understand how you use this website. Raising transparency in the startup funding Thank you! Founded in 2016, Change Ventures is a venture capital firm based in Tallinn, Estonia. We appreciate founders' trust placed in us to keep valuation and other data confidential. Change Ventures is the first pre-seed/seed venture capital fund with boots on the ground in all three Baltic states. Among many other VC fund managers including Spectrum Equitys Victor Parker and Guzel Gumerova, former GP of Speedinvests FinTech fund, Storm Ventures GPs Tae Hea Nahm and Ryan Floyd, Silicon Valleys one of the biggest names Tim Draper also made commitments to the fund. Change Ventures. Smart-device solution for accurate timber measurement and data management. After closing the final seed round with 49M, it came to a point of being the largest one around. We back ambitious founders based in Estonia, Latvia, Lithuania as well as Baltic diaspora entrepreneurs building their businesses elsewhere in the world. Landscape offers anonymous founder reviews of investors they have interacted with or dealt with, helping provide transparency on the market. Timbeters machine learning algorithm analyses timber photos to create volumetric calculations that are 5x faster and 10x quicker than manual measurements. This cookie is set by GDPR Cookie Consent plugin. Change Ventures is a Section 8 Non Profit Company registered under RoC Delhi and with 10A & 80G certification from the Department of Income Tax. U.S. top ranked lawyer with 30+ years as counsel to venture capital and private equity funds. In the Baltic States we continue to see a bifurcated market where the Estonian ecosystem is more mature than those in Latvia and Lithuania. Capital raised grew across all funding staged in H2 2020, hitting over 330M. This is unlike most other datasets that tie their data to the country where the companies are headquartered. As a result, we have transaction data for 58% of the pre-seed and seed rounds closed during the past 24 months, so now founders and investors can understand where they stand relative to market transactions. Moreover, the median monthly revenues for seed rounds have dropped three times and hit a record-low of 11,000. This seems to signal a very healthily recovering pre-seed market, which continues to grow and exceed expectations. Capital raised doubled on the pre-seed stage, and tripled for the growth stage. By the second half of the year it was clear that this was an exception, as round sizes bounced back and exceeded previous records. Springboard / Techstars London Alumni. Our definition of Baltic startups is not based on the location of the headquarters, but rather whether the founders are from one of the Baltic states and whether the company has active operations here (Transferwise and Vinted would be examples, to name but a few). Our initial investments range from 400k to 3M, with follow-on capital. The difference between upper and lower quartiles increased dramatically, with lower quartile dropping to 2.4M and upper quartile reaching 10.5M. Replied. For recruiters, MeetFrank significantly increases the speed of delivery of high quality leads with relevant skills, experience and salary range. Compared to the prior periods, startups raised less capital, at slightly higher valuations, with a lot less traction at the time of investment. Facebook sets this cookie to show relevant advertisements to users by tracking user behaviour across the web, on sites that have Facebook pixel or Facebook social plugin. Partner at Squire Patton Boggs LLP. What's next? The investment team is supported in the USA by Fund I partner Edward Steiner, who, along with the late Harry Huge, was instrumental in the foundation and launch of Change Ventures. Revenues have receded as a driver of fundraising for pre-seed rounds as the lower quartile hit zero and the median dropped again to below 4,000 in monthly revenues. Veriff is one of the leading providers of online ID verification. Change Ventures was not just a distinctive name to select for our new fund, back when we did so over 5 years ago. We also use third-party cookies that help us analyze and understand how you use this website. Now, I am whispering "Business. During the early pandemic in H1 2020 it is clear that startups that were able to raise extensions and bridge rounds did so (pre-seed rounds rose), while in H2 2020 only the best teams were able to raise pre-seed rounds. SprayPrinter redefines out of home advertising with novel spray printing robots that colour print any size wall in a matter of hours. Life Change Ventures, LLC Overview Life Change Ventures, LLC filed as a Domestic Limited Liability Company (LLC) in the State of Texas on Thursday, March 19, 2015 and is approximately seven years old, as recorded in documents filed with Texas Secretary of State. By clicking Accept All, you consent to the use of ALL the cookies. This indicates investors are taking more risk, backing less mature startups at the seed stage. Pre-seed rounds are recovering from the pandemic slow-down, and we are witnessing an increase in the number of rounds when compared to H2 2020. Report on Setting up A Pizza and Pasta . ecosystem. Fax: 530-265-1998 This report tracks all the venture funding rounds of Baltic startups during the 18 months from January 2019 through June 2020, aggregating the data in six-monthly periods. Community management experience in Estonian startup ecosystem. 1. We believe quantifying impact is not only possible, it is essential. Investors Active in Sacramento, California. Change Ventures is designed to be an incubation platform for programs, innovations, collaborations that seek to spark change. Change Ventures September 2021 Update We are humbled to have been selected by founders among the top 10 venture funds in Europe to work with. Anyone who feel that they have been harassed or discriminated against, or who witness any harassment or discrimination by a partner, employee, contract worker, customer, vendor, or anyone else who does business with the Fund, should immediately do the following: Any reported incident will be investigated by qualified personnel in a fair, impartial, timely, and thorough manner that provides all relevant parties with the opportunity to be heard and to present any information he or she thinks is relevant or important for consideration, and that allows the Fund to reach reasonable conclusions based on the information collected. Krt holds BA in Public Management and 5+ years experience in strategic planning. Online marketplace for passive job seekers in tech sector. Change Ventures is the first pre-seed/seed venture capital fund with boots on the ground in all three Baltic states. Due to such reasons, only focusing on joint ventures could enhance the risks for the organizations in the market. Data aggregated over 18 month period to end 1H 2020 Data. Change Ventures claims that 43% of the startups that have already received money from the new fund are mixed-gender teams and it expect this to reach 50% shortly compared to Europe-wide figures of around 9%. YouTube sets this cookie via embedded youtube-videos and registers anonymous statistical data. The only Baltic survey of investment transaction data with valuations and more, A guide to laws on issuing stock options in the region, in collaboration with COLBALTLegal. Get financial highlights, company network & industry details. However, you may visit "Cookie Settings" to provide a controlled consent. To assemble this report, we have tracked all the venture funding round news in the region and reached out to founders to gather, in confidence, valuation and other data for pre-seed and seed rounds. Managing Partner at angel investment & financial advisory firm Solon Partners. Giraffe360 enables real estate brokers and agents to produce stunningly beautiful photographic content for listings, leveraging the firms unique robotic camera. Series A performance was also strong - a total of 15 rounds during 2020, far higher than in prior years. In terms of number of pre-seed funding rounds closed, Estonia and Lithuania are in the same range, with Latvia lagging behind, though not by much. We are grateful and honoured to be trusted by founders with this sensitive data. Baltic founders if you want the next report to be even better, please reach out to share with us your transaction data, so we can make this even more representative. Feedback will help keep the market honest, identify bad actors and improve the service that we provide to entrepreneurs. Building the ecosytstem for Menstrual and Female Health. Even pre-seed capital raised grew, though the number of pre-seed rounds dropped significantly during H2 2020 as round size grew. Click the Page Setup tab. Planet42, a company based in Estonia but operating in Africa, has reported raising $2.4 million in a seed round led by Change Ventures with support from private investors including Martin Villig . Number of pre-seed rounds by convertible cap. H2 2020 saw a record number of seed and A rounds with Estonia especially active, including quite a number of teams that skipped pre-seed rounds altogether. In thesame time you shall not use vulgar, abusive or defamatory language as well as expresshatred or call to violence or cruelty. Join our mailing list to get updates about Change Ventures, our portfolio and our Baltic Startup Funding Report. Another initiative to bring transparency to the market is a great new investor review service from the UK, Landscape.ventures. During the first half of 2021 the Estonian lead in seed rounds extended as 20 of the 28 seed rounds were Estonian. Round sizes have not only bounced back to the pre-pandemic level, but they have exceeded all the previous years. We do not intend to delete any comments on the website unless within our noticeand take down procedure. At pre-seed, convertible notes are dominant, while by seed stage, equity rounds take over as the main form of investment. Something went wrong while submitting the form. We are grateful and honored to be trusted by founders with this sensitive data. Honorary Consul for Estonia; Order of the Cross of Terra Mariana. Baltic founders, want this report to get better next time? Other uncategorized cookies are those that are being analyzed and have not been classified into a category as yet. While commenting, you shall use only actual, truthful and confirmed data. 10mo. This investor is a Landscape Verified Partner, and is committed to sharing insights on themselves. available for later rounds. They love helping creative minds launch their personal branded jewelry products. Thank you! The majority of startups are raising capital from Baltic-registered headquarter companies. Distinguished legal career, JD - Georgetown Law School. This crowns several years of accelerating growth and a rapidly maturing investment ecosystem. Total number of funding rounds for Baltic startups, Median round size for pre-seed/seed rounds. Mobile app and cloud solution for replacing audio streaming hardware at events, especially for simultaneous interpretation. While a small proportion of notes were uncapped until the H1 2020, during H2 2020 and H1 2021 all of the deals Change Ventures reported had caps. H1 2021 is the first period when seed rounds have also hit zero for the lower quartile of their monthly revenues. LinkedIn sets this cookie to remember a user's language setting. "We are extremely proud of the team at Giraffe360 that has . Functional cookies help to perform certain functionalities like sharing the content of the website on social media platforms, collect feedbacks, and other third-party features. And the pace appears to be increasing: 1bn of the fundraising came in the second half . Experience at EY and KPMG transaction advisory, specializing in Financial Due Diligence and Valuations. Growth rounds show strong growth, with the number of deals more than doubling, which signalling new growth money coming into the Baltic market. This data indicates that those startups who were able to close rounds more often raised on factors other than revenue traction. He made sure he understood every single detail of our company and asked very good questions. We are committed to maintaining a professional environment in which all individuals are treated with respect and dignity. Your submission has been received! If you think that some of this information is not accurate, please, The average size of a deal this fund participated in, How often the fund supports its portfolio startups at next rounds. Change Ventures Jan 2017 - Present6 years Riga, Latvia Change Ventures is the first and largest pre-seed/seed venture capital fund with boots on the ground in all three Baltic states. . Median pre-money valuation for pre-seed/seed rounds. In addition, many founders have shared other data about round mechanics. Make 3D printed jewelry!Cloud Factory offers fully managed print-on-demand jewelry service for creators, gamers, artists and brands all over the world. Guaana helps researchers to find relevant funding and collaboration partners for nascent research projects. For the prior H2 2020 funding report, click here. The top quartile of seed round startups had almost 100k in revenues on closing the round, up from 40k just 18 months earlier. Now keeping the well-known, top-of-the-class investors company and giving the best support to both the new-irons and now experienced unicorns, Change Ventures promises a hidden guarantee under its wings. Majority of startups are raising capital through their entities registered and headquartered in the Baltics. The growth in top quartile seed round sizes and valuations is primarily driven by larger Estonian pre-seed and seed rounds. The mechanics of closing rounds did not change much in the past six months, though equity rounds increased, especially among pre-seed rounds. We don't import or message your contacts, nor post on your behalf. Additionally, the fund launched an update on their Baltic Startup Funding Report. In terms of the number of pre-seed funding rounds closed, Estonia again tops the list by closing 31 deals, Lithuania 17 and Latvia 9. Over 100 startups trusted us with their data, including the actual pre-money valuations of each funding round, the round mechanics in terms of investment instruments used, jurisdiction and monthly revenues at the time of closing and more. The top quartile grew though, indicating the growing ability of the most successful startups to generate meaningful revenues already at the seed stage. They are also partly fed by Baltic Innovation Fund, with a significant amount of capital that is meant to be given back with interest. Festivality provides a full-service platform to enable innovative mobile applications for attendees at music, sports, business and other live events. The most hardworking one in terms of startups per capita is taking the lead which is more than in Europe and Israel. Our investments range between 400k and 3M in pre-seed and seed stage technology startups. In the Baltic States we continue to see a bifurcated market where the Estonian ecosystem is more mature than those in Latvia and Lithuania. Change Ventures will be continuing to gather confidential data about the funding rounds taking place in the Baltic States, releasing a report every half year. Change Ventures will be continuing to gather confidential data about the funding rounds taking place in the Baltic States, releasing a report every half year. 183 Number of Organizations $27.1B Total Funding Amount 96 Number of Investors. The startups that could raise interim or bridge rounds early in the pandemic did so, while new teams looking for pre-seed funding faced a much more reticent investor community. Part of Change Ventures mission in the Baltic region is to bring more transparency to the investment landscape. September 2021 update (rounds of H1 2021), Total number of funding rounds by stage for Baltic startups, Median round size for pre-seed/seed rounds, Median pre-money valuation for pre-seed/seed rounds. Estonian fund Change Ventures backs Giraffe360 during 16M round . Estonia continues to perform better than its neighbors, especially in the number, scale and valuation of seed rounds, leading to strong expectations for Series A rounds in 2021. Analytical cookies are used to understand how visitors interact with the website. 29 Nov. Startup of the Day: Estonian farm management software eAgronom . MBA candidate in Estonian Business School. We promise to keep it confidential. AskRobin's marketplace has connected more than 1 million consumers in Latin America with over 200 entities offering financial products. Backing ambitious Baltic founders. The variance in revenues at time of closing the round continue to rise, with the lower quartile dropping to zero in both pre-seed and seed rounds. 99Math is an online math league where students and schools can compete against each other. http://www.changeventures.com Industries Venture Capital and Private Equity Principals Company size 2-10 employees Headquarters Tallinn, Tallinn Type Partnership Founded 2016 Specialties Venture. Part of Change Ventures mission in the Baltic region is to bring more transparency to the investment landscape. Change Ventures Profile and History . This cookie is set by GDPR Cookie Consent plugin. The most hardworking one in terms of startups per capita is taking the lead which is more than in Europe and Israel. MeetFrank enables tech talent to anonymously and passively monitor for relevant job offers. We are an early stage venture capital fund backing ambitious Baltic founders, globally. Numbers. These cookies track visitors across websites and collect information to provide customized ads. Phone: 530-265-2004. Our investments range between 400k and 3M in pre-seed and seed stage technology startups. We would encourage all funds in the region to create profiles and to ask founders to fill out reviews. VC review site Landscape tallied up for Sifted. We back ambitious Baltic founders to build global success stories, investing from 400k Euros at pre-seed/seed stage | We back ambitious Baltic founders, both in Estonia, Latvia or Lithuania and the diaspora around the globe. We take an active investor role, leveraging our extensive experience to help startups get through the trials and tribulations of seed stage to product-market fit and . 2. As for Consumer and Edtech, there are Humansapp, Dogo, 99math, and Memby. We appreciate founders' trust placed in us to keep valuation and other data confidential.For deeper dive in the Baltic Startup ecosystem and more insights on top deals, startups to watch etc, we advise you to also sign up forBaltic Startup Scene Report 2019/2020(launching in mid-December) developed by Startup Wise Guys and EIT Digital. The best pre-seed startups command rounds priced at 3.5M or more. Change page setup Use the Page Size and Page Layout groups on the Page Setup tab to change size, orientation, margins, and so on. COLLABORATIVE CAPITAL: POWERING Pacific Northwest Startups. . Change Ventures | 2,423 followers on LinkedIn. Angel, Fund of Funds, Venture Capital), This describes the stage of investments made by this organization (e.g. Spearheaded by Lovell Corporation in partnership with the University of Guelph, this study defines the characteristics, career expectations, and attitudes of the youngest generations in the workforce help . You also have the option to opt-out of these cookies. Sign me up! I have been playing games since I was 6. 3. View contacts for Change Ventures to access new leads and connect with decision-makers. You also have the option to opt-out of these cookies. LinkedIn sets this cookie from LinkedIn share buttons and ad tags to recognize browser ID. Investors spend much of their time investigating potential investment opportunities and managing existing portfolio companies, which includes keeping close track of funding rounds, valuations, traction metrics and much more. RenaissanceRe Announces Management Change in Ventures Business. 2021 Landscape, The cookie is used to store the user consent for the cookies in the category "Other. Business. A cookie set by YouTube to measure bandwidth that determines whether the user gets the new or old player interface. Juris Doctorate cum laude, University of Minnesota. The parallel crises of Covid-19 and climate change have shifted perspectives and priorities and we are witnessing that playing out in the market. A record 330M in capital was raised in H2 2020, crowning two years of constant growth. Planet42 provides inclusive fintech solutions to the underbanked in South Africa. The corresponding Estonian seed round valuations are also generally higher than in Lithuania and Latvia, reflecting the more mature angel ecosystem and availability of capital. Make 3D printed jewelry! According to Change Ventures, it is the largest seed venture capital fund ever raised in the Baltic States. Our founder-friendly no-nonsense investment process is designed to help founders with big, bold ambitions get fast investment decisions. But opting out of some of these cookies may have an effect on your browsing experience. Change Ventures has also gathered details of the legal investment form and round mechanics for many of the regions pre-seed and seed rounds closed during the 3 years through end 1H 2021. In short, we dare to care. Most pre-seed convertible notes have caps, the value of which has doubled in the past 18 months to about 2M. The average startup raises every 1224 months and, in between those times, the founders rightly focus on building a business instead of the details of the funding market. We shall not bear anyliability in respect of such comments. For the purpose of comparing valuations, we have excluded accelerator-financed rounds, which tend to include in-kind services and smaller rounds. These cookies help provide information on metrics the number of visitors, bounce rate, traffic source, etc. Given the sensitive nature of the data about each individual transaction, we have promised founders to only publish aggregate market data. Initiatives Covid-19 Relief in Uttarakhand In the Page Size group, click Margins to make adjustments to the report's margins. Track. Change Ventures is seed stage venture capital fund based in the Baltic states, backing ambitious Baltic founders anywhere in the world. But opting out of some of these cookies may affect your browsing experience. The typical pre-seed round pre-money valuation now exceeds 2M with the bottom quartile rising by 50% as pre-seed investors became much more selective and funded many less rounds during 2H 2020. The cookie is set by GDPR cookie consent to record the user consent for the cookies in the category "Functional". Welcoming Soar Despierto to the Community 4 Impact. As to the startups and unicorns per capita, Baltics carries the same record at Europe's best. With constant changes in the environment, organizations are forced to expand their market. Estonia passes Israel by producing more startups per capita. A verified identity marketplace where curious people can buy time from sellers on whatever topic they need to understand better. They love helping creative minds launch their personal branded jewelry products. Change Ventures has also gathered details of the legal investment form and round mechanics for many of the regions pre-seed and seed rounds closed during the 2 years through end 2H 2020. This cookie is installed by Google Analytics. The cookie is used to store the user consent for the cookies in the category "Analytics". Baltic founders, want this report to get better next time? Seed and A rounds remain stable and strong. As investors became more discerning about which startups to back at pre-seed, the variance in revenues at time of closing the round also rose, with the first quartile dropping to zero - indicating a not insignificant number of pre-revenue rounds were closed. Change Ventures 1y Report this post GoCardless will incorporate Nordigens next-generation open banking connectivity -- offering the widest coverage in Europe, connecting to more than 2,300 banks in 31 countries -- into its account-to-account network. 6. Functional cookies help to perform certain functionalities like sharing the content of the website on social media platforms, collect feedbacks, and other third-party features. Pre-seed (without accelerator investments), The only Baltic survey of investment transaction data with valuations and more, A guide to laws on issuing stock options in the region, in collaboration with COLBALTLegal. By those, it is referred to CCO of Vinted Mantas Mikuckasi, CEO of Printify James Berdigans, CEO of Oberlo Andrius limas, Co-founder of KiloHealth Tadas Langaitis, CEO of Lightyear Martin Sokk, CEO of Salv Taavi Tamkivi, CTO of Argyle Audrius Zujus, Director of Engineering of Twilio irts Graudi, as well as an angel investor and founder of Cooler Future Moaffak Ahmed, angel investor Rita Sakus and CEO of Httpool Aoa Jenko. YouTube sets this cookie to store the video preferences of the user using embedded YouTube video. Change Ventures Baltic Startup Funding data set (H1 2019 - H1 2021). According to the recent report, Change Ventures completed its mission successfully in the Baltics. Landscapes innovation is that they provide investors with a verified review link that the investor can send to the founders that they have actually met. Overall, there has been an increase in the total number of funding rounds, which suggests that the market is recovering and maturing very quickly. The firm seeks to invest in technology startups with a preference for B2B and SaaS businesses across Eastern Europe. Data aggregated over 18 month period to end 1H 2020 Data. At pre-seed, convertible notes are dominant, while by seed stage, equity rounds take over as the main form of investment. LinkedIn sets this cookie for LinkedIn Ads ID syncing. 7+ years experience as a partner at Mojo.capital, a fund that backed Tink, iZettle, Hometogo, Partnerize, Jobandtalent, Wefox, Wise and Veriff. Active, Closed, This describes the type of investor this organization is (e.g. Total number of employee profiles an organization has on Crunchbase, Total number of Crunchbase contacts associated with this organization, Total number of organizations similar to the given organization, Descriptive keyword for an Organization (e.g. After a dip in H1 2020, pre-seed round sizes have grown significantly throughout H2 2020 and H1 2021. These cookies ensure basic functionalities and security features of the website, anonymously. Medical support to hospitals and food supplies to rural hill communities. The European Investment Fund which Change Ventures show as their tower of strength is the largest LP around Europe. Analytical cookies are used to understand how visitors interact with the website. In total, Estonia, Lithuania and Latvia are good enough to compete with the U.K.. Part of Change Ventures mission in the Baltic region is to bring more transparency to the investment landscape. LinkedIn sets the lidc cookie to facilitate data center selection. Change Ventures The only Baltic survey of investment transaction data with valuations and more, A guide to laws on issuing stock options in the region, in collaboration with COLBALTLegal, Join our mailing list to get updates about Change Ventures, our portfolio and our Baltic Startup Funding Report. We are a seed stage venture capital fund based in the Baltic states, backing ambitious Baltic founders anywhere in the world. - Outvio, an Estonian startup that provides a white-label SaaS fulfillment solution for medium-sized and large online retailers in Spain and Estonia, has closed a $3m early-stage financing round led by Change Ventures. See our. 2022 Reports. These cookies will be stored in your browser only with your consent. This indicates a not insignificant number of pre-revenue rounds closed, and suggests that there are other more important metrics and factors than revenues determining investment decisions in the region. Something went wrong while submitting the form. Oops! Change Ventures Baltic Startup Funding Report is a semi-annual publication of detailed data about funding rounds for startups in the Baltics, including companies with HQs elsewhere but with a dominant base in Estonia, Latvia or Lithuania. The Company is registered as a Private Limited Company with its registered office located at KEEPERS HOUSE CHURCH ST COWBRIDGE WALES CF71 7NQ . You bear the whole responsibility,related to their substance, content and the fact of publication. Such encouraging feedback makes us try even harder. For the purpose of comparing valuations, we have excluded accelerator-financed rounds, which tend to include in-kind services and smaller rounds. At Social Impact Ventures we are creating step change, improving the lives of people and the lifespan of our planet as we know it. Advertisement cookies are used to provide visitors with relevant ads and marketing campaigns. The majority of startups are raising capital from Baltic-registered headquarter companies. Once we are on board, we help with getting to product-market fit, raising additional funds and growing the business, leveraging an unparalleled network of follow-on investors and partners. While the vast majority of Baltic startups are headquartered locally at the point of their pre-seed round, about 40% flip by the time they raise their seed round, while that grows to about 70% at the point of raising Series A funding. Glad the interaction and introductions were helpful! Change Ventures will be continuing to gather confidential data about the funding rounds taking place in the Baltic States, releasing a report every half year. Change Ventures Baltic Startup Funding Report is a semi-annual publication of detailed data about funding rounds for startups in the Baltics, including companies with HQs elsewhere but with a dominant base in Estonia, Latvia or Lithuania. Experience at ASIF Ventures and healthtech venture builder NLC, as well as the startup Otrium. Thank you! Change Ventures' Post. Thanks also to Startup Wise Guys, Overkill Ventures and BuildIT for helping to ensure we have the complete list of investment rounds. The cookie is used to store the user consent for the cookies in the category "Performance". Uncapped notes disappeared completely, while caps on pre-seed notes rose along with pre-seed equity round valuations. At Change Ventures (the Fund) we are committed to building an environment where everyone is empowered to develop, to contribute, and to succeed. Change Ventures goes beyond the limits: the largest seed fund in the Orbital Systems has raised 20 million euros for its promising creation, the shower of the future, New Unicorn Alert! Given the significant reduction in pre-seed rounds closed, this indicates that those startups who were able to close rounds more often raised factors other than revenue traction. Copyright 2019-2022 Lovell Corporation. In the Baltic States we continue to see a bi-furcated market where the Estonian ecosystem is more mature than those in Latvia and Lithuania. Most pre-seed convertible notes have caps, the value of which has doubled in the past 18 months to about 2M. Our investments range between 400k and 3M in seed stage (occasionally pre-seed) technology startups. The number of seed rounds closed during 1H 2021 saw rising valuations again with the median exceeding 8.5M. Masters, Johns Hopkins, JD - Yale Law School. The corresponding Estonian seed round valuations are also generally higher than in Lithuania and Latvia, reflecting the more mature angel ecosystem and availability of capital. Unlock more reviews by creating a free account. The exploding business angel ecosystem in Estonia has a lot to do with the much larger pre-seed rounds but also to the continued growth in seed rounds as some Estonian super-angels now lead seed deals themselves directly. This category only includes cookies that ensures basic functionalities and security features of the website. Image: Giraffe360. Synchronising researcher and foundation needs, Guaana has created a fast and transparent grant distribution model that is completely based on peer evaluation. 5. Outvio, an Estonian startup that provides a white-label SaaS fulfillment solution for medium-sized and large online retailers in Spain and Estonia, has closed a $3m early-stage financing round led by Change Ventures. SaaS, Android, Cloud Computing, Medical Device), Where the organization is headquartered (e.g. After a dip in H1 2020, round sizes have grown again significantly in H2 2020. Blockchange Ventures Investor type Venture Capital Overview Unlock datapoints Portfolio analytics Team Investments News & Media Add fund to favorites This summary is composed by our algorithm based on the analysis of the deals. The cookies is used to store the user consent for the cookies in the category "Necessary". While a small proportion of notes were uncapped until the H1 2020, during H2 2020 all of the deals Change Ventures reported had caps. Founded by Adeo Ressi of The Founder Institute, TheFunded was also based on anonymous reviews, but struggled under the weight of lawsuits after investors claimed the site had many fake reviews. Performance cookies are used to understand and analyze the key performance indexes of the website which helps in delivering a better user experience for the visitors. A record 649M in capital was raised in H1 2021, 3x the amount raised a year earlier. Therefore, understanding who actually sticks to their promises and delivers value, is difficult. Baltic startup defined as a company with a highly scalable product-oriented business model (or the potential to become one) that has at least one Baltic founder (or firmly established immigrant) and active operations in one of the Baltic States. It is important to note, that during the past half a year, we witnessed a record number of companies remaining headquartered in the region after the Series A, which seems to be a steadily growing trade in the Baltic region. Change Ventures Baltic Startup Funding Report is a semi-annual publication of detailed data about funding rounds for startups in the Baltics, including companies with HQs elsewhere but with a dominant base in Estonia, Latvia or Lithuania. C-level roles in sales, marketing, product and business development at successful startups in US, UK and Israel, including AeroScout ($240M exit) and Bookatable ($110M exit). eSports competitive approach makes math learning and practice fun for everyone. Our goal with this report is to bring transparency to a market that is very opaque. Sponsored Learn More D&B Reports Available for Life Change Ventures, LLC The exploding business angel ecosystem in Estonia has a lot to do with the much larger pre-seed rounds but also to the continued growth in seed rounds as some Estonian super-angels now lead seed deals themselves directly. Your submission has been received! What differentiates our dataset most of all is that we have gathered transaction data directly from Baltic founders. The team has already been experiencing to have the largest presence of women. These cookies will be stored in your browser only with your consent. Krt Siilats with her 15 year-experience in finance services as a partner and Gabriel Potelinait as Senior Associate are members of the team for a while. In our continuous search for green power supply 24/7 we are happy to announce our collaboration with Ceraphi a developer of its own IP geothermal . Pre-seed rounds especially are back at or above H2 2019 levels. This week we launch our latest initiative to do just that the Change Ventures Baltic Startup Funding Report. Several angels also joined the round, including James Berdigans (Printify) and Kristjan Vilosius (Katana MRP). In the Baltic States we continue to see a bi-furcated market where the Estonian ecosystem is more mature than those in Latvia and Lithuania. Necessary cookies are absolutely essential for the website to function properly. Something went wrong while submitting the form. This website uses cookies to improve your experience while you navigate through the website. It was great discussing the opportunities with Andris. This website uses cookies to improve your experience while you navigate through the website. About Change Ventures We back ambitious Baltic founders, both in Estonia, Latvia or Lithuania and the diaspora around the globe. While convertible notes are still common at pre-seed, it looks like investors secured direct equity rights more often in the latter half of 2020, perhaps reflecting re-capitalisations and restructuring more often. Previously, they joined the journeys of many while backing up them to be fully grown including IVP, Accel, Index Ventures, Tiger Global, Founders Fund, Storm Ventures, Eight Roads, Seedcamp, Hoxton Ventures, Notion Capital and more. Valuations grew in tandem, reaching 8.2M for the median seed round and 2.1M for pre-seed. To meet the expectation coming from the cumulative growth in fund size, Change Ventures hired new front-liners. Join our mailing list to get updates about Change Ventures, our portfolio and our Baltic Startup Funding Report. Growth rounds have more than doubled, when compared to H2 2020, which suggests that there is a lot of growth money coming into the market. MBA, Stanford Graduate School of Business. These cookies track visitors across websites and collect information to provide customized ads. Performance cookies are used to understand and analyze the key performance indexes of the website which helps in delivering a better user experience for the visitors. All rights reserved. As a result, we have transaction data for 58% of the pre-seed and seed rounds closed during the past 36 months, so now founders and investors can understand where they stand relative to market transactions. An increasing number of startups are raising capital through their entities registered and headquartered in the Baltics. These funds often invest in the rounds preceeding the rounds of Change Ventures: Change Ventures is more likely to invest in rounds together with the following funds: These funds have a tendency to invest in the following rounds after Change Ventures: Funds with similar focus located in Estonia: Funds with similar geography of portfolio companies: Funds with similar focus acting as lead investors: Information and Communications Technology (ICT). 765 followers. Fyma, Timbeter, Aerones, Gelatex, Giraffe360 and Asya are in their portfolio as a representation of DeepTech/AI startups. It is important to note, however, that during the past year the number of companies remaining headquartered in the region after the Series A seems to be growing and trailblazers like Bolt are showing that this is possible. Equity deals are still the majority of seed rounds. The seed and series A stages remained strong, with overall capital raised over all stages hitting a record of 649M, which is a 50% increase from what we have witnessed in H2 2020. Founder and CEO of multiple tech startups, including Indilo Wireless (acquired by Mobi) and nodeSWAT. Think of this as akin to Ebay seller ratings, but for VCs (and hopefully soon also angel investors). In this research report, we explore the public and private market trends we saw in 2021 and consider . The Change Generation Report provides one of the first and largest national in-depth comparative research studies on the workplace values of Millennials and their successors, Generation Z. Investors The main investor in Change Ventures Fund II is the European Investment Fund. Track. Clearly during the first half of the year, no doubt influenced by the early panic of the pandemic, startups raised much smaller pre-seed rounds, many as extensions or bridge rounds. Seed rounds, especially in Estonia, stayed strong, in some case even skipping pre-seed rounds in Estonia. Cloud Factory offers fully managed print-on-demand jewelry service for creators, gamers, artists and brands all over the world. Look forward to work with Andris and Change VC in some other occasion. Founders Fund provided the majority of the funding. Successful tech startup and digital agency exec. We use cookies and similar technologies to improve your user experience. Startups that were able to raise took advantage of the aggressive venture capital market to grow their runway. Out of these cookies, the cookies that are categorized as necessary are stored on your browser as they are essential for the working of basic functionalities of the website. While convertible notes are still common at pre-seed, it looks like investors secured direct equity rights more often in the H1 2021, perhaps reflecting recapitalisation and restructuring more often. Description. 337 Clay Street, Suite 101 Nevada City, CA 95959. Check Change Ventures Foundation registration details online. Of course, the Change Ventures team is humbled that we are one of the top-rated firms across all of Europe, with founders leaving kind remarks about their interactions with us, such as the one below. We back ambitious Baltic founders to build global success stories, investing from 400k Euros at pre-seed/seed stage | We back ambitious Baltic founders, both in Estonia, Latvia or Lithuania and the diaspora around the globe. The information problem is simple most founders, even if they raise money for several companies, will likely never actually work post-investment with more than a handful, maybe a dozen, venture capital funds. Necessary cookies are absolutely essential for the website to function properly. Change Ventures - Backing Ambitious Baltic Founders Featured Portfolio Don't make boring merch. Advertisement cookies are used to provide visitors with relevant ads and marketing campaigns. After all, even though the answer was negative, he made several great intros. Is this working?". It does not store any personal data. The cookie stores information anonymously and assigns a randomly generated number to recognize unique visitors. Aerones is the worlds leading robotic wind turbine blade inspection, maintenance and repair system. Enables brands to turn dull walls into artistic commercial murals that drive engagement and social media sharing. 400k-2M in pre-seed and seed capital initial investments, along with follow-on capital in later rounds, hands-on support to reach product-market fit and a deep network of later stage investors and partners, we only back teams who can build global scale businesses, local Baltic founders in Estonia, Latvia or Lithuania, or Baltic diaspora globally, our main investment criteria is team and whether they have the grit to succeed. Holding many unicorns in its nest, Change Ventures happens to promise a huge gate for the next start-ups. Change Ventures General Information. Then please share your detailed round data with us. For seed startups the first quartile and median revenues at the point of raising a round also dropped, pointing to revenue traction also being of diminished importance. As a team, they play a crucial part in the region, especially in many sectors Veriff, INZMO, Planet42 and Nordigen are some of FinTech/RegTech as a part of their portfolio. These findings demonstrate a rapidly maturing startup ecosystem in the region. Change Ventures, a Tallinn-based VC firm, announced that it has closed its Change Ventures Fund II for startups in the Baltic States at 49M. Prominent Baltic startup ecosystem leader, co-founder of TechHub Riga and TechChill. This is not a novel idea those a little older will remember TheFunded.com, a website that still exists but effectively ceased to function over a decade ago. CEE tech ecosystem report: 8 new unicorns, 19 funds, and combined value of startups totaling 190B . The fast growing rent-to-buy vehicle offering is generating a significant social impact, enabling 24 million credit impaired people to access car financing and regain mobility. This is an exciting new for Change Ventures and many feminists since they are the first venture fund in the region to shake hands with a female partner. LinkedIn sets this cookie to store performed actions on the website. We use LinkedIn only to verify your account. Change Ventures | 2,647 followers on LinkedIn. We retain our right to delete any comment or any other content of the website at ourwill in case we know or suppose such content is illegal or breaches any lawful right. Change Ventures invests up to 2M in seed stage technology startups. You post comments at your own choice and risk. 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