Siena Secondary Fund II Closes with EBRD and SmartCap
Siena Secondary Fund II, a VC direct secondaries fund focusing on Central and Eastern Europe and the Nordics, has announced a significant closing with the European Bank for Reconstruction and Development (EBRD) and Estonia’s state-owned fund, SmartCap, joining as lead investors. Each has committed €10 million, bringing the total fund size to €50 million.
They join Isomer Capital, a key investor in both Siena Fund I and Fund II, along with more than 100 private investors, including founders, early supporters, and employees from tech companies such as Vinted, Pipedrive, Twilio, and Wise.
Rain Tamm, General Partner at Siena Secondary Fund, stated, "We are pleased to welcome EBRD and SmartCap as lead investors, alongside the continued trust of Isomer Capital and our exceptional network of private LPs. VC secondaries are no longer niche – they are a strategic layer in a maturing ecosystem. Siena is proud to lead this movement in one of the most dynamic regions for innovation in Europe."
Siena Secondary Fund I has already established a strong track record, with a portfolio that includes Bolt, a leading European ride-hailing and mobility platform; Oura Ring, a health technology company known for its wearable sleep and activity tracker; and Booksy, a global marketplace for beauty and wellness services connecting millions of consumers with local providers.
Siena’s model targets growth-stage technology companies in CEE and the Nordics with €10M+ in revenues, executing direct secondary transactions by acquiring equity from early investors, founders, and employees.
Michael Parry, Head of Venture Funds at EBRD, commented, "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. We are pleased to support Siena in building this essential layer of capital."
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.