Siena Secondary Fund has launched its €50 million Fund II, marking its first investment with a stake in Katana, an Estonian B2B SaaS startup specializing in cloud-based inventory management. Katana provides modern manufacturers and e-commerce businesses with an all-in-one platform to streamline inventory, production, and order management. Siena, known for providing liquidity to early investors and founders in high-growth late-stage startups, will continue its strategy of €1–4 million tickets targeting scaleups with €10M+ ARR and 50%+ growth. With a strong focus on the CEE region and selective Nordic opportunities, Siena aims to build on its track record, which includes early investment in Bolt.
Secondary funds are emerging as key players in providing liquidity to early investors, founders, and employees of high-growth startups. Siena Secondary Fund is making waves in the Nordic and Central and Eastern European (CEE) startup scene. Known for backing companies like Õura, Skeleton, Bolt, and Booksy, Siena focuses on startups that have surpassed the early-stage volatility of Series A funding but still demonstrate high growth potential. Their latest investment in Katana, the cloud-based inventory software powerhouse, underscores their commitment to supporting scaling businesses.
Founded with a vision to enable liquidity solutions for those seeking exits from their startup investments, Siena Secondary Fund has carved a niche in the market. Unlike traditional venture capital firms that primarily inject funds into pre-seed or Series A startups, Siena steps in when businesses have gained traction but require liquidity to transition to their next growth phase. This approach helps de-risk investments while still capturing upside potential in fast-growing companies.
Their portfolio boasts some of the most prominent names in European tech, including Bolt, the ride-hailing and mobility giant, and Õura, the revolutionary smart ring company. Their ability to identify and invest in companies that have already established strong business models while continuing to scale has made them a sought-after partner for both investors and founders.
Siena Secondary Fund’s newly launched €50 million Fund II has already secured 50% of its target size, with notable investors like Isomer Capital backing the initiative. Maintaining its proven strategy, Siena will deploy €1–4 million tickets across approximately 15 companies, focusing on scaleups with €10M+ ARR, 50%+ growth rates, and valuations exceeding €100M. While the fund remains primarily focused on the CEE region—especially the Baltics—it is also open to select opportunities in the Nordics, with a particular interest in Finland. Reflecting on Fund I, where Siena invested in a single Finnish company, General Partner Rando Rannus expressed optimism that Fund II will expand its Nordic footprint while continuing to support high-growth ventures from its core regions.
This investment in Katana comes as part of Siena Secondary Fund’s latest fund, which aims to deepen their engagement with high-growth startups and further solidify their role as a key player in the secondary investment space. With this new capital, Siena continues to provide liquidity solutions while identifying market leaders with strong potential for expansion.
General Partner of Siena, Rando Rannus, commented: “We are pleased that our new Fund II is coming to market during the time when capital and liquidity solutions are much needed in the ecosystem, and are especially happy that Katana is the first investment that kicks off our portfolio. We strongly believe that Katana has the full potential to follow the footsteps of our Fund I first investment, Bolt, to become yet another Estonian success story.”
Katana, a cloud-based manufacturing ERP (enterprise resource planning) platform, has positioned itself as a critical tool for businesses seeking seamless inventory management, production tracking, and sales order integration. By offering real-time insights and streamlining operations, Katana has become a preferred solution for scaling e-commerce and manufacturing businesses worldwide.
The company has already secured substantial funding and demonstrated significant traction in its industry. Its integration capabilities with platforms like Shopify, Xero, and QuickBooks highlight its ability to cater to the growing digital commerce landscape. Given Siena’s track record of investing in established but rapidly scaling companies, Katana was a natural fit for their investment strategy.
As the startup ecosystem in Europe continues to evolve, the role of secondary investors like Siena will become increasingly pivotal. Their latest move with Katana signals their ongoing commitment to backing transformative technology companies poised for continued success.
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Read the orginal article: https://arcticstartup.com/siena-secondary-fund-launches-fund-ii/
