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Cobalt Advises Change Ventures on Establishing Fund III

Cobalt Advises Change Ventures on Establishing Fund III

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Cobalt has advised Change Ventures on launching its EUR 20 million Fund III.

Change Ventures is a capital fund in the Baltic region that specializes in early-stage investments.

"In 2017 Change Ventures started investing in the Baltic states, establishing the first truly pan-Baltic seed/pre-seed fund," Change Ventures press release stated. "Since then we have backed over 33 startups, which keeps demonstrating an ability to generate outsize startup success stories relative to the population and size of the regional economy. The 'next startup nations' is a clear analogy to the world’s pre-eminent startup economy success to date  –  Israel –  as we believe that Estonia, Latvia, and Lithuania can repeat that level of success in this region over the next 10–20 years. Our third fund continues our focus on founders from the Baltic states or Baltic diaspora."

"With our EUR 20 million target size Fund III, we are doubling down on pre-seed investing," Change Ventures added. "Almost half of our total initial investments to date have been at the pre-seed stage. It is where we are most excited to join a startup’s journey, the stage when almost everything depends on the founding team’s ability to navigate the circuitous path to achieve product-market fit and then scale a business."

Cobalt previously advised Change Ventures on leading the USD 2 million pre-seed financing round for influencer marketing software start-up Modash (as reported by CEE Legal Matters on November 30, 2022).

The Cobalt team included Partners Kristel Raidla-Talur and Monika Koolmeister, Specialist Counsel Greete-Kristiine Kuru, Senior Associate Kaarel Eller, and Associate Johanna Lumiste.