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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.

Cobalt at a Glance

COBALT is a closely integrated alliance of top-tier law offices across the Baltics, uniting more than 250 attorneys and support staff. During 25 years of experience, we have become a strategic partner to our clients in handling both daily matters and complex large–scale transactions and disputes.

The firm’s broad spectrum of expertise and established position as the market leader gives a comprehensive basis for providing full-service business law advice.

Top international and regional businesses, financial institutions, state and local governments, and the region’s most promising start-ups are among our clients. We offer leading-edge solutions in key industry sectors: Consumer Products, Trade & Distribution, Real Estate & Construction, Pharmaceuticals & Healthcare, Energy & Utilities, Communications, Media & Technologies, Financial Services, Transport & Logistics.

COBALT has been named Baltic Law Firm of the Year 7 times receiving Chambers Europe, IFLR, The Lawyer and Mergermarket awards, and we are regularly listed amongst the top-performing M&A legal advisors in the Bloomberg, Refinitiv and Mergermarket deal tables. Recognized as the No.1 Lithuanian law firm in the Prospera Law Firm Review 2021 and No. 1 law firm in Latvia in 2022, 2020, 2019, and 2018 client satisfaction surveys. We were recognized as a Baltic-wide Law Firm of the Year at the 2022 Chambers Europe Awards ceremony and named the Baltic States Tax Firm of the Year and Pro Bono Firm of the Year at the annual ITR EMEA Tax Awards 2021 ceremony. 

More information on COBALT can be found at www.cobalt.legal.