Siena Secondary Fund Launches €50M Fund II with Katana as First Investment

Siena Secondary Fund has announced the launch of its €50 million Fund II, kicking off with an investment in Katana, an Estonia-based B2B SaaS company specializing in cloud-based inventory management solutions. Known for its focus on providing liquidity to early investors and founders in late-stage startups, Siena is targeting scaleups with €10 million or more in annual recurring revenue (ARR) and growth rates exceeding 50%.

Siena Secondary Fund Launches €50M Fund II with Katana as First Investment
Siena Secondary Fund Launches €50M Fund II with Katana as First Investment

Siena Secondary Fund has announced the launch of its €50 million Fund II, kicking off with an investment in Katana, an Estonia-based B2B SaaS company specializing in cloud-based inventory management solutions. Known for its focus on providing liquidity to early investors and founders in late-stage startups, Siena is targeting scaleups with €10 million or more in annual recurring revenue (ARR) and growth rates exceeding 50%.

Katana offers manufacturers and e-commerce businesses an integrated platform designed to simplify inventory, production, and order management processes. The company’s solutions are tailored for modern businesses seeking efficient, scalable tools to streamline operations. Siena’s investment aligns with its strategy of supporting established startups with strong growth trajectories while providing liquidity to their early backers.

The second fund will maintain Siena’s emphasis on the CEE (Central and Eastern Europe) region, with selective investments in the Nordic countries, particularly Finland. Rando Rannus, General Partner of Siena Secondary Fund, expressed optimism about the new fund’s potential, stating, “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.”

A Strategic Approach to Secondary Investments

Unlike traditional venture capital firms that primarily focus on early-stage startups, Siena Secondary Fund positions itself as a secondary market specialist. This niche approach caters to startups that have moved beyond early-stage risks but still require capital to fuel growth. By investing in companies that are scaling successfully, Siena reduces investment risks while maintaining significant growth potential.

The company’s first fund has already made a mark with investments in well-known companies such as Bolt, the ride-hailing platform; Õura, creator of the smart health-tracking ring; and Skeleton, a leader in ultracapacitor energy storage. These investments reflect Siena’s ability to identify startups with proven business models that continue to expand.

Katana’s Role in the Portfolio

Katana, which specializes in ERP (enterprise resource planning) solutions, is a key addition to Siena’s portfolio. The company’s platform integrates seamlessly with tools like Shopify, Xero, and QuickBooks, enabling real-time inventory tracking and production management. This makes it an ideal choice for businesses in manufacturing and e-commerce looking to optimize their operations. With Siena’s investment, Katana aims to further accelerate its growth and expand its market presence globally.

Fund II’s Ambitious Goals

Siena Secondary Fund’s second fund has already secured 50% of its target, with prominent backers like Isomer Capital on board. The fund plans to deploy €1–4 million investments across approximately 15 companies, focusing on startups with valuations exceeding €100 million. While the primary focus remains on the CEE region, Siena intends to expand its presence in the Nordics. Reflecting on Fund I, where only one Finnish company was included, Rannus highlighted plans to deepen engagement in the region while maintaining a strong commitment to supporting high-growth businesses in its core markets.

The Growing Role of Secondary Funds

As Europe’s startup ecosystem matures, secondary funds like Siena are becoming essential players. These funds not only provide much-needed liquidity for early stakeholders but also help promising companies transition to their next growth phase. Siena’s investment in Katana underscores its dedication to identifying transformative technology companies poised for sustained success.

By securing partnerships with established yet rapidly scaling startups, Siena Secondary Fund continues to solidify its position as a trusted partner for founders, investors, and employees in the tech ecosystem.