The investors join Isomer Capital, already a cornerstone investor in both Siena Fund I and Fund II, along with a broad base of over 100 private investors, including founders, early backers, and key employees of some of the region’s most successful tech companies, like Bolt, Vinted, Pipedrive, Twilio, Wise, etc.
The European Bank for Reconstruction and Development (EBRD) has also invested €10 million in Siena Secondary Fund II, a new fund managed by Siena Venture Partners, a leading private equity manager based in Estonia.
The fund, which targets €50 million of total commitments, will invest in innovative and technology-driven companies in the Baltic states and central and eastern Europe, namely those in post-Series A stage, with proven business models and significant revenues.
The fund will acquire shares from existing shareholders (such as company founders, employees and early investors), enabling them to monetise their interests in mature but unlisted technology companies.
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.”
Secondary market transactions, such as those targeted by Siena, provide much-needed liquidity to key stakeholders in the market, streamline the shareholding of the investee companies, and unlock capital which can then be re-invested in other companies in the local market, ultimately driving the growth of the early-stage technology ecosystem in the region.
The venture capital secondaries market is at a nascent stage, both in the Baltic states and in central and eastern Europe. Its growth will be important for the further development of a well-functioning venture capital market and the broader innovation ecosystem in the region.
Siena Secondary Fund I has already built a strong track record, with a portfolio that includes standout companies like Bolt, Oura Ring, and Booksy – fast-growing category leaders with global reach and strong fundamentals. Siena Secondary Fund II continues to attract institutional and private capital across Europe and remains on track to reach its target fund size by year-end.
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.”
