SmartCap invests in Siena Secondary Fund II
SmartCap Venture Capital Fund has joined the closing of Siena Secondary Fund II as an anchor investor alongside the European Bank for Reconstruction and Development (EBRD), committing €10 million.
Siena Secondary Fund II is a dedicated venture capital secondaries fund focused on Central and Eastern Europe and the Nordics. Siena’s model targets growth-stage technology companies with €10M+ in revenues, 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.
“We see tremendous potential in VC secondaries to amplify capital efficiency and fuel regional success stories,” said Sille Pettai, Managing Director of SmartCap. “On top of that, we see how this helps to spin the tech flywheel even faster — enabling the launch of new startups and attracting new investors to the ecosystem.”
The new fund 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.
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.
SmartCap and EBRD are joined by other key investors in the second fund, including Isomer Capital and private backers.