Siena Secondary Fund II Grows With Support From Institutions And Founders

The EBRD and Estonia’s state-owned SmartCap are joining as lead investors, each committing €10 million to the fund.

They join Isomer Capital, a cornerstone investor in both Siena Fund I and Fund II, alongside a diverse group of over 100 private investors. This group comprises founders, early backers and key employees from some of the region’s most successful tech companies, including Bolt, Vinted, Pipedrive, Twilio, and Wise.

Siena Secondary Fund I has established a strong track record, with a portfolio featuring standout companies like Bolt, Oura Ring, and Booksy—fast-growing, category-leading businesses with global reach and solid fundamentals. Siena Secondary Fund II continues to attract institutional and private capital across Europe and is on course to meet its target fund size by the end of the year.

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Siena focuses on fast-growing tech companies in Central and Eastern Europe and the Nordics that earn over €10 million in revenue. They buy shares directly from early investors, founders, and employees, giving them a way to cash out while keeping everyone motivated to help the company keep growing and succeed.

This milestone shows how important venture direct secondaries are becoming. They let early investors cash out while helping Europe’s fastest-growing tech companies keep moving forward.

Michael Parry, Head of Venture Funds at EBRD, said: "Direct secondaries are becoming a key driver of maturity and sustainability in the European venture ecosystem. They provide targeted liquidity while supporting long-term value creation and governance."

Sille Pettai, Managing Director of SmartCap, added: "We see tremendous potential in VC secondaries to amplify capital efficiency and fuel regional success stories. On top of that, we see how this helps to further fuel the spinning of the tech flywheel – helping to launch new startups and bringing new investors to the ecosystem."

Rain Tamm, General Partner at Siena Secondary Fund, commented: "VC secondaries are no longer niche – they’re a smart, strategic layer in a maturing ecosystem. Siena is proud to lead this movement in one of the most dynamic regions for innovation in Europe."

About Siena Secondary Fund

Founded in 2020, Siena Secondary Fund offers liquidity to early investors, founders, and employees of high-growth startups in CEE and the Nordics. Targeting post-Series A companies with strong business models, it provides investors access to exclusive deals, acting like an "index fund" of leading scaleups.