Tallinn-based Siena Secondary Fund aims to raise a new €50M fund

Estonian Siena Secondary Fund plans to hold the first close of its new fund in late 2023 or early 2024. The fund targets to raise €30M- €50M. According to the general partner Lauri Isotamm, the investment firm intends to secure the maximum amount by the first close.

Siena Secondary Fund will seek backing from the existing limited partners of Fund I and other institutions. One of the previous institutional backers was London-based VC and private equity investment firm Isomer Capital. Siena Secondary Fund launched its first €50M fund in 2021. It acquired stakes in Bolt, Testlio, Starship Technologies, Veriff, Kry, Printify, TransferGo, and others.

The new fund will continue targeting post-series A startups showing strong growth and annual revenue of more than €10M. Apart from the New Nordic region, the investment firm will invest in startups from the CEE.