Estonian VC firm Siena Capital launched Siena Secondary Fund of up to 50 million euros for deal-making in the New Nordics (Baltics and Finland) area, providing liquidity to early investors, employees and founders.
Siena said the new fund’s first transaction was a seven-figure deal in Bolt, where it acquired a stake from an early angel investor who was seeking partial liquidity from its current position.
“We, as angel investors ourselves, saw that the regional ecosystem has developed quite fast with many late-stage startups popping up. At the same time, those companies, being longer-period private, are in need of solutions that would help to recycle the capital invested by early investors and motivate employees who have vested their stock options,” said Lauri Isotamm, General Partner of Siena.
“Currently, there is more than 20 billion euros value locked in the privately-held startups in the region. The secondary transactions will help partially unlock this value and develop further the local ecosystem,” he said.
The fund’s investors include many early backers of the region’s unicorns – Bolt, Wise, Pipedrive, Vinted etc.