Siena Secondary Fund II builds momentum with institutional and founder backing

Siena Secondary Fund II, a VC direct secondaries vehicle focused on Central and Eastern Europe and the Nordics, has announced a major closing, with the European Bank for Reconstruction and Development (EBRD) and Estonia’s state-owned SmartCap stepping in as lead investors, each committing €10 million.

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. 

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.

Siena’s model targets growth-stage technology companies in the CEE and Nordics regions with revenues exceeding € 10 million, executing direct secondary transactions by acquiring equity from early investors, founders, and employees. This unlocks liquidity while aligning incentives for continued performance and successful exits.

This milestone underscores the rising strategic importance of venture direct secondaries – a rapidly maturing asset class that enables early stakeholders to access liquidity while reinforcing the growth trajectories of Europe’s top-performing technology scale-ups. 

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.”