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Founded in early 2021, Siena Secondary Fund, which focuses on secondary transactions in fast growing late stage startups providing liquidity to early stage investors, employees and founders, completed its first transaction outside the Baltics with the acquisition of Kry International AB, Europe's leading eHealth start-up. (“Kry”).
Kry has grown and expanded across Europe in recent years, offering services in Sweden, Norway, the UK, France and Germany. In the last few years, Kry has doubled its service volume - by the end of 2021, 5 million patients had been served via e-channels. At the beginning of last year, Kry raised $300 million in funding from world-renowned investors such as Fidelity, Index, Accel and others, raising the company's value to nearly $2 billion. With the money raised, Kry plans to continue its expansion across Europe both organically and through strategic acquisitions.
“Kry is a good example of how we can add value to late stage startups in Scandinavia by giving long-term employees the opportunity to monetize the options they have acquired through their work. In addition, we are pleased that our fund now has a footprint in the fast growing e-health market, which is expected to triple and grow to over 30 billion euros in the next 4 years, ”commented Siena Secondary Fund General Partner Rando Rannus.
Siena Secondary Fund has raised funds from close to 70 successful investors from both the old and new economy across the Baltics and Finland, and has now acquired stakes in several well-known start-ups such as Bolt, Testlio and Starship Technologies.
Photo credit: Kry; https://unsplash.com/@lukechesser