Siena Secondary Fund acquired a stake in Estonian mobility unicorn Bolt

Estonian Siena Secondary Fund acquired a stake in Estonian mobility unicorn Bolt. The investor who sold his stake and the amount of the deal are undisclosed. 

It is the third investment of Siena Secondary Fund in Estonian mobility unicorn. In 2021, the firm acquired a stake in Bolt from an early angel investor. According to the public sources, it was a seven-figure deal.

Founded in Tallinn in 2013 by Markus Villig, Bolt offers ride-hailing services, shared cars and scooters, and food and grocery delivery. Later on, Markus’s older brother Martin Villig, and another entrepreneur and current CTO Oliver Leisalu joined the company. Bolt has 100M customers in 45 countries across Europe and Africa.

The latest investment in Bolt was in 2022 when the unicorn raised a series F of €600M from Sequoia, Fidelity, and D1 Capital. Baltic investors also backed Bolt in various rounds. Among them are Estonian accelerator Startup Wise Guys, Latvian investment firm Capitalia, Estonian Specialist VC, Superangel, and Spring Capital, Baltic private equity fund BaltCap, a co-founder of money transfer service Wise Taavet Hinrikus, and a co-founder of Estonian VC Little Green Fund Andrus Purde.

Founded in 2021 in Tallinn, Siena Secondary Fund provides liquidity to early investors, founders, and (ex)employees of growth startups from the New Nordics (Baltics & Scandinavia) region. The fund targets companies that are usually post-series A, have a solid business model, and are still in a high growth phase. The founding partners of the fund are Rain Tamm and Lauri Isotamm. The general partner is @randorannus Rando Rannus. Siena Secondary Fund has received support from over 80 European investors and has acquired stakes in Bolt, Testlio, Starship Technologies, Veriff, Kry, TransferGo, Printify, Booksy, and Oura.