Siena Secondary Fund

What Siena Secondary Fund does

Siena Secondary Fund is a Tallinn, Estonia-based venture capital secondary fund, founded in 2020, that specializes in purchasing secondary equity positions in high-growth private technology companies to provide liquidity to founders, early employees, and early-stage investors. The firm operates as one of Europe's earliest dedicated secondary vehicles, having deployed its first fund in 2022 to build positions in five European tech companies: Bolt (ride-hailing), Booksy (beauty/wellness scheduling), Oura (health wearables), Veriff (identity verification), and Preply (language learning). Its second fund, launched in 2023, is anchored by institutional limited partners including the European Bank for Reconstruction and Development (EBRD) — whose approval process took two years — and Estonia's sovereign investment fund SmartCap.

The fund's business model follows standard VC secondary economics: it earns management fees on committed capital and carries carried interest on realized returns, with all terms negotiated bilaterally rather than disclosed publicly. Distribution is conducted through direct sales relationships, requiring no marketplace or digital channels; Siena instead relies on a consultative, relationship-driven approach targeting three horizontal segments — founders seeking to motivate employees via liquid equity, startup employees seeking to monetize vested shares, and investors seeking exposure to high-quality private assets with adjusted risk/reward profiles. The firm is managed by General Partner Rando Rannus, and Siena reports that approximately 70% of sellers reinvest secondary proceeds back into the broader startup ecosystem, reinforcing the fund's flywheel positioning.

Marketing and deal-flow generation rely on content marketing via the company's website (stories on themes such as 'No IPO No Problem' and 'The Tech Flywheel Effect'), a LinkedIn corporate presence, and earned media through industry outlets such as Vestbee. Siena also leverages third-party validation, including a public endorsement from Steve Jurvetson (Founding Partner of Future Ventures and Tesla/SpaceX board member), to position the firm within the broader secondary-market narrative, including a publicly cited $150-200 billion emerging opportunity tied to secondaries in SpaceX, Anthropic, and OpenAI. The firm has 1-10 employees and no disclosed revenue, AUM, or fund-size figures.

Name

Siena Secondary Fund

Legal name

Siena Secondary Fund

Website

https://siena2ndary.com

Company type

Private

Founded year

2020

Operating status

Operating

Headcount range

1–10 employees

Short description

Siena Secondary Fund is an Estonia-based venture capital secondary fund that purchases private equity positions in European tech companies to provide liquidity to founders, early employees, and seed investors, with a portfolio including Bolt, Oura, Veriff, Booksy, and Preply.

Ownership category

akta.pro rank

Product category

Venture Capital Secondary Fund

NAICS

Other Investment Pools and Funds (5259)

akta.pro primary industry

Venture Capital Secondaries (LP Interests & Direct Secondaries) (FSANAFAJ)

akta.pro secondary industries

Secondary Venture Funds (VC Secondaries) (FSANAAAK), Secondary Fund-of-Funds (FoF Secondaries) (FSANAGAB)

Keywords

• Venture capital secondaries
• Startup liquidity solutions
• Secondary market investments
• Private equity transactions
• VC fund management

Headquarters

HQ city

Tallinn

HQ country

Estonia

HQ region

Europe

Markets served

GTM type

B2B

Offering type

Services

Cost components

Personnel, Operations, Marketing or Sales, Others

Revenue model

1. Secondary Fund Management: Siena operates as a secondary venture capital fund, generating returns through acquiring secondary positions in high-growth startups. The fund takes a management fee and carries carried interest on returns to investors, typical structure for VC secondary vehicles.

Go-to-market motion1 record

Distribution channels2 records

Marketing channels3 records

Core offering

Siena Secondary Fund is a venture capital secondary fund that acquires existing equity positions in high-growth European private technology companies, providing liquidity to early investors, founders, and employees. The fund purchases secondary shares from stakeholders in private companies, enabling them to realize value from their equity without waiting for an IPO or acquisition exit event.

Product overview

Siena Secondary Fund operates as a single, unified secondary investment fund focused on derisking the VC asset class. The fund provides liquidity solutions for founders, startup employees, and investors through secondary market transactions, enabling stakeholders to access the financial value of their equity in high-growth private companies. The company's portfolio includes positions in Bolt, Booksy, Oura, Veriff, and Preply.

Differentiator

Problem solved

Functional benefit

Products and services

• Secondary Investment Fund A dedicated venture capital secondary vehicle that provides liquidity solutions for high-growth startups, founders, and early employees by purchasing secondary shares in private companies. Available to institutional investors (LPs) who commit capital to the fund and to sellers of secondary shares including founders, employees, and early investors in portfolio companies.

Quantifiable outcome

• 70% of sellers reinvest proceeds back into the ecosystem

Named customers5 records

Segments3 records

Ideal customer profiles3 records

Technology focussed No

API detail

Has API

No

API docs

API detail

Core technology

AI maturity

App detail

Partnerships

One partnership is on record.

• Steve Jürvetson / Future VenturesminorStrategic or Co-development PartnerSteve Jürvetson, Founding Partner of Future Ventures and Board member of Tesla and SpaceX, is featured as a thought leader endorsing Siena's approach. His quote appears on the website validating the secondary market's role in helping startups operate without fear.

Scale indicators3 records

Recent moves6 records

Expansion highlights4 records

Direct peers

• Forge Global: Forge Global is the largest global private market secondary trading platform, enabling buyers and sellers to transact in shares of private companies. Like Siena, Forge's core business is providing liquidity in private company secondaries, serving founders, employees, and investors — directly comparable in product and target customer.
• Secfi: Secfi provides liquidity, planning, and equity management tools to startup employees and founders, including secondary transactions in private company shares. Directly comparable in product offering (employee liquidity in private tech) and target customer overlap with Siena.
• Equitybee: Equitybee provides startup employees and other shareholders an organized way to monetize equity through structured secondary-like instruments. It overlaps Siena's mission of unlocking private company liquidity for employees and early investors in venture-backed startups.
• Nasdaq Private Market: Nasdaq Private Market runs an institutional platform for private company secondary transactions, tender offers, and liquidity events. Directly comparable to Siena in facilitating structured secondaries for venture-backed issuers and their stakeholders.
• SharesPost (Tidemark): SharesPost operates a private company secondary marketplace offering institutional and accredited investors access to late-stage private company shares. Directly comparable to Siena in intermediating secondary transactions in venture-backed companies.

Broad incumbents

• Atomico: Atomico is a major European venture capital firm founded by Skype's Niklas Zennström. It operates across the European tech ecosystem that Siena services, and its portfolio companies represent potential secondary supply. Comparable as a Broad Incumbent in European venture with overlapping deal-flow network.
• Balderton Capital: Balderton Capital is one of Europe's largest dedicated early-stage venture capital firms. It serves the same European tech founder/employee/investor ecosystem as Siena, and portfolio secondaries are sometimes sold to vehicles like Siena. Comparable as a Broad Incumbent in European venture, not as a direct competitor.
• Index Ventures: Index Ventures is a leading global venture capital firm with deep European and US exposure. Some of Siena's portfolio companies (e.g., Bolt) overlap with Index's portfolio, and Index's growth-stage positions are potential sources of secondary supply for Siena. Comparable as a Broad Incumbent in European venture.

Regional players

• Molten Ventures: Molten Ventures (formerly Draper Esprit) is a publicly listed European venture capital investor with growth-equity and selective secondary activity. Comparable to Siena as a European-focused VC manager with secondary capability, though Molten's primary activity is primary investing rather than dedicated secondaries.
• HiQ: HiQ is a publicly listed Nordic technology investor with secondary and growth-equity capabilities, headquartered in Finland. Overlaps Siena in Nordic/Northern European tech investment exposure and occasionally in secondary positioning, though HiQ's primary focus is operating company investments rather than pure secondaries.

Market position

Strengths5 records

Weaknesses5 records

Competitive moat3 records

Key risks6 records

Key highlights6 records

Customer concentration

• LinkedInlinkedin.com/company/siena-secondary-fund

Revenue estimate

Valuation estimate

Number of profiles

Profiles1 record

Funding overview

Funding rounds

Investors

Funding detail is available on the Subscription and Enterprise plan.Contact sales →

M&A

Investments3 records

M&A and investment is available on the Subscription and Enterprise plan.Contact sales →

Frequently asked questions about Siena Secondary Fund