Swiss Venture Capital Report 2023 - Record amount at nearly CHF 4 billion Over 50% invested goes to Zurich - Startupticker.ch
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STEADY GROWTH CANTONS FROM A TO Z
Record amount at Over 50% invested All the open
nearly CHF 4 billion goes to Zurich Swiss VC funds
Swiss Venture Capital
Report 2023
PUBLISHER CO-PUBLISHER
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Swiss Private Equity &
Corporate Finance
Association
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Editorial Contents
Healthy growth Results
The Swiss venture capital market has rushed from record to 7 At a glance
record over the past 10 years. The question of whether this is a VC investment at an
bubble has come up again and again. In 2022, the market all-time high
underwent its first serious stress test, which it passed with flying 9 The Top 20
colours. Investment continued to grow, despite adverse Climeworks secures
circumstances. The upswing in Swiss venture capital investment CHF 600 million
is definitely not a bubble that collapses without a murmur at 18 Sectors
the first sign of a change in sentiment.
22 Phases
It is particularly encouraging that growth in 2022 continued
not only in investment, but also in trade sales; the number 28 Cantons
increased significantly and is more than twice as high as in the
Funds Radar
years before 2020 (page 51). The high number of sales shows
the lucrative nature of investment in Swiss start-ups, so it is 33 55 open funds
not surprising that the number of Swiss VC fund projects is also And other results from our
annual investor survey
steadily increasing. An overview of all 55 funds currently in
fundraising can be found on page 33. Interview
Last but not least, progress is also being made in start-up
42 Andreas Rickenbacher
support. In our interview on page 42, Andreas Rickenbacher,
“Switzerland Innovation is a
president of the Switzerland Innovation Foundation, talks generational project”
about the innovation parks and the progress made in imple-
mentation of the project. Exits
48 IPOs
51 Trade sales
Chronicle
61 What made headlines in
the ecosystem
Photo: Severin Nowacki
Financing rounds
65 All the companies from A to Z
Partners
Stefan Kyora Thomas Heimann 86 Promoters present their
Editor-in-chief, startupticker.ch Deputy general secretary, SECA services
Supported by
Swisscom Ventures Swiss-made innovations deserve global perspectives Fireblocks ANYbotics CREAL Yokoy Scandit Labster Gmelius Flyability Swisscom Ventures is the venture capital arm of Swiscom AG, Switzerland’s leading telecom and ICT provider. Since 2007, we have invested in over 80 technology companies from our offices in Switzerland and the USA.
Inside
Swiss Venture Capital Report 2023 is published by the news
portal startupticker.ch and the Swiss Private Equity & Corporate
Finance Association (SECA) in cooperation with startup.ch.
Our implementation partner are Kellerhals Carrard and Swiss-
canto by Zürcher Kantonalbank . The information published
in Swiss Venture Capital Report is based on communications
from start-ups and investors, research in publicly available
sources and the results of a survey. Once again, data collection
was supplemented with confidential information from partners.
All information provided on confidential financing rounds
by our data partners has been individually reviewed in a multi-
stage process to ensure that it conforms to the criteria of Swiss
Venture Capital Report. Comprehensive research activities The Swiss
and the increasing openness of start-ups and investors lead to
more transparency. This is true in particular for the amounts Network for
invested: in 82 % of all financing activities, the capital recorded Venture Capital
is included in the statistics. More information on the study
method can be found on page 84. Private Equity & Private Debt
Long-Term Investments
Research partners Corporate Finance
Mergers & Acquisitions
Research & Statistics
SECA Trainings & Events
Venture Capital Workshop
SECA Conference
Authors Publishing management Silvan Krähenbühl Venture Capital on Stage
Thomas Heimann Deputy general secretary, Translation and editing Lynne Constable,
SECA, and head operations, HBM Partners www.englishedits.ch Private Equity Workshop
Stefan Kyora Partner, JNB Journalistenbüro, Graphic design Schön & Berger, Zurich Private Markets Seminars
Lucerne, and editor-in-chief, startupticker.ch Cover illustration Claudine Etter, Bern
Trainings Romandie
Specialist advisers Maurice Pedergnana, Infographics Alexander Kranz-Mars, Zurich
general secretary, SECA; Ulrich Geilinger, Several Webinars & Events
Picture editor Beatrice Geistlich, Zurich
HBM Partners
Printer Galledia Print AG, Flawil
Contact JNB Journalistenbüro GmbH,
Imprint
Hirschmattstrasse 33, 6003 Lucerne,
Publisher JNB Journalistenbüro GmbH info@jnb.ch; +41 41 226 20 80
Co-publisher SECA Swiss Private
Equity & Corporate Finance Association
www.seca.ch
Partner startupticker.ch,
news@startupticker.ch info@seca.ch
Collaboration partner startup.ch © January 2023
Editorial Jonas Brenner, Jost Dubacher, JNB Journalistenbüro GmbH,
Ritah Nyakato, Micha Wiss Lucerne
Inserat VC Report - 69x297.indd 1 05.01.2021 17:38:27
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RESULTS
At a glance
Growth despite headwinds
ICT and cleantech start-ups provide new highs. In addition to investments
and invested capital, the number of exits and fund projects is also increasing.
The Swiss venture capital market is unfazed by the difficult environment.
Inflation, the energy crisis, war in Ukraine, difficulties in Last year, for the first time, more seed rounds were
global supply chains: in 2022, the conditions for ambi- closed than early stage rounds, with the number of
tious young tech companies were anything but easy. rounds increasing by 27 % to 166 and capital invested
Nevertheless, the long-term growth trend in the Swiss rising by 93 %. However, the decisive contributing
venture capital market continued. The number of factor in the further increase in the total capital in-
financing rounds increased by 7.9 % and the total vested in Swiss start-ups were the very large financing
amount invested by as much as 29.7 %. Invested capital rounds. The three largest transactions alone raised
has almost doubled since 2020 and more than quad more than CHF 1.4 billion, a good 62 % more than in
rupled since 2017. the previous year.
The renewed growth in the amount invested is Among the cantons, Zurich stands out, with start-
based on the positive development in the ICT and ups in the canton attracting more than CHF 2 million.
cleantech sectors; ICT start-ups attracted over 70 % Geneva and Zug also showed clear growth, while in-
more capital than in 2021. Overall, ICT and fintech vestment in Basel-Stadt declined due to its focus on
companies, which we considered separately, gener- biotech companies.
ated more than CHF 2 billion. In addition to investment, trade sales of Swiss start-
Thanks to a mega round, CHF 826.9 million went ups also developed very positively in 2022, despite the
into the cleantech sector. The increase in the number difficult environment.
of financing rounds by 32.3 % shows that the sector is The growing market and the numerous exits also
developing well across the board. The biotech sector, led to a significant increase in venture capital fund
on the other hand, was unable to escape the global launches. No fewer than 55 funds are currently in the
downward trend in the industry. The amount invested fundraising phase; the target size ranges from 50 to
fell by 47.4 % to CHF 400 million and the number of several hundred million and practically all investors
investments decreased by 48.6 %. are also active in Switzerland.
Invested capital Financing rounds
in Swiss start-ups of Swiss start-ups
INVESTED 2022 ROUNDS 2022
CHF m
3969CHF m number
383
4500 400
4000 350
3500
300
3000
250
2500
200
2000
150
1500
1000 100
500 50
0 0
2013 14 15 16 17 18 19 20 21 2022 2013 14 15 16 17 18 19 20 21 2022
7 SWISS VENTURE CAPITAL REPORT 2023
CALL FOR PROJECTS FOR DEEP TECH SPIN-OFFS CHF 150,000 TO ACCELERATE THE MARKET ENTRY OF SPIN-OFFS IN THE VENTURE KICK PROCESS. APPLY: GRSTIFTUNG.CH CALL FOR PROJECTS FOR UAS STUDENTS/GRADUATES UP TO CHF 150,000 FOR STUDENTS AND GRADUATES OF UNIVERSITIES OF APPLIED SCIENCES EAGER TO LAUNCH THEIR OWN SPIN-OFF. APPLY: GRSTIFTUNG.CH
RESULTS – THE TOP 20
The Top 20
Largest financing rounds
CHF 2.58 billion: this is the total amount of the 20 largest financing rounds of the
year – about 34% more than in 2021. Six of these companies come from the IT sector,
with five each from the biotech and fintech sectors.
Sector: cleantech Canton: ZH
Climeworks Phase: later stage Founded: 2009
Climeworks has been a pioneer of direct air capture
(DAC) technology since its foundation in 2009 600.0 CHF m
and has operated the world’s largest direct air Investors: Partners Group, GIC, Baillie Gifford, Carbon
capture and storage plant since September 2021. Removal Partners, Global Founders Capital, John Doerr,
The funding is intended to increase the DAC M&G, Swiss Re, BigPoint Holding
capacity to several million tonnes of CO2.
Sector: ICT Canton: GE
SonarSource Phase: later stage Founded: 2008
SonarSource’s tools help developers and develop-
ment teams write high-standard code. In the 394.6 CHF m
last four years, the company has grown its commer- Investors: Advent International, General Catalyst,
cial customer base by more than 2,000 % and Insight Partners, Permira
80 Fortune 100 companies use the platform, includ-
ing IBM, Microsoft and Alphabet.
Sector: ICT (fintech) Canton: ZH
Wefox Phase: later stage Founded: 2014
The SaaS platform for insurance providers and
intermediaries had more than 1,300 employees at 392.0 CHF m
the end of the year. Following the closing of its Investors: Mubadala, EDBI, Eurazeo, LGT, Horizons
Series D financing round, wefox reached a post- Ventures, OMERS Ventures, Target Global
money valuation of USD 4.5 billion.
Sector: ICT Canton: ZH
Scandit Phase: later stage Founded: 2009
Scandit’s products enable smart devices to capture
data from barcodes, text, IDs and objects through 138.6 CHF m
computer vision in order to automate processes and Investors: Warburg Pincus, Atomico, Forestay Capital,
provide insights. The company has more than G2VP, GV, Kreos, NGP Capital, Schneider Electric,
1,700 global customers, including Carrefour, FedEx, Sony Innovation Fund by IGV, Swisscom Ventures
Levi-Strauss and the Benetton Group.
9 SWISS VENTURE CAPITAL REPORT 2023
INNOVATE INNVEST GROW Vaud: The innovation hub innovaud.ch in the heart of Europe innovaud.ch/keepintouch
RESULTS – THE TOP 20
Sector: ICT (fintech) Canton: ZG
SEBA Bank Phase: later stage Founded: 2018
The fully integrated, FINMA-licensed digital assets
banking platform closes its Series C funding round. 110.0 CHF m
SEBA Bank currently supports more than 25 finan- Investors: Altive, Ordway Selections, Summer Capital,
cial markets globally, having strengthened its pres- Zug-based family office, DeFi Technologies, Alameda
ence in APAC earlier this year. Research, FTX
Sector: healthcare IT Canton: VD
MindMaze Phase: later stage Founded: 2012
Digital neurotherapeutics pioneer MindMaze
develops software and hardware solutions for 96.7 CHF m
the treatment of people with cognitive and move- Investors: Concord Health Partners and others
ment impairment; for example, after a stroke.
Sector: medtech Canton: VD
DistalMotion Phase: later stage Founded: 2012
Dexter, a surgical robot for minimally invasive
abdominal procedures, is not intended to replace 82.6 CHF m
surgeons, but to augment them. DistalMotion’s Investors: Revival Healthcare Capital, 415 CAPITAL,
series E financing follows the successful completion existing investors
of Dexter’s first clinical cases.
Sector: ICT (fintech) Canton: ZH
Sygnum Phase: later stage Founded: 2018
The crypto company offers a fully regulated range
of products and services for digital assets, including 82.4 CHF m
bank-grade custody of digital assets, trading, Investors: Sun Hung Kai & Co., Animoca Brands, Wemade,
cryptocurrency-backed fiat loans, digital asset- SBI Holdings, SCB 10X, Meta Investments
focused wealth management products and B2B
banking for regulated financial institutions.
Sector: ICT Canton: ZH
Nexxiot (June) Phase: later stage Founded: 2015
The ETH spin-off’s IOT solutions, which integrate
sensors, hardware, software interfaces and 76.0 CHF m
analytics, give logistics and transport companies Investors: Knorr-Bremse, QVIDTVM, existing shareholders
the opportunity to manage freight containers
and vehicles more efficiently on the basis of real-
time data
Sector: ICT (fintech) Canton: ZH
Yokoy Group Phase: later stage Founded: 2019
Yokoy Group’s AI-based SaaS platform automates
the collection and processing of employee 74.9 CHF m
expenses and corporate credit card issuance. Investors: Sequoia Capital, Speedinvest, Visionaries Club,
The current Series B funding round was completed Zinal Growth, Balderton Capital, SIX FinTech Ventures,
just five months after the Series A round. Left Lane, Swisscom Ventures, SICTIC, business angels
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A philanthropic initiative of a private consortiumRESULTS – THE TOP 20
Sector: biotech Canton: ZH
ImmunOs Therapeutics Phase: later stage Founded: 2014
The University of Zurich spin-off uses human leuko-
cyte antigens (HLA) as the backbone of novel 71.4 CHF m
therapies capable of stimulating both the innate Investors: Samsara BioCapital, Lightspeed Venture
and the adaptive immune systems of cancer Partners, Gimv, Mission BioCapital, GL Capital, PEAK6
patients in order to eliminate tumour cells. Strategic Capital, Fiscus Financial, Pfizer Ventures,
BioMed Partners, Redalpine, Schroders Capital
Sector: biotech Canton: ZH
CDR Life Phase: early stage Founded: 2017
Based on its M-gager® technology, CDR Life is
developing a next generation of highly tumour- 70.8 CHF m
selective immunotherapies to enable the immune Investors: Jeito Capital, RA Capital Management,
system to eradicate malignant cells without the Omega Funds
off-tumour-related limitations of current immuno-
therapies.
Sector: cleantech Canton: ZH
Planted Foods Phase: later stage Founded: 2019
The ETH Zurich spin-off uses its novel biostructuring
approach to produce meat from alternative proteins, 70.0 CHF m
such as peas, oats and sunflower seeds. Planted is Investors: L Catterton, Vorwerk Ventures, Gullspång
available in restaurants and retail outlets in Switzer- Re:food, Be8 Ventures, ACE, ETH Zurich Foundation,
land, Germany, Austria, France, Italy and the UK. Tengelmann Ventures, Joyance, Yann Sommer
Sector: ICT Canton: SG
Terra Quantum (January) Phase: early stage Founded: 2019
The company delivers end-to-end capabilities in
quantum algorithm design, quantum computing 54.9 CHF m
and quantum security. The Series A funding marks Investors: private and institutional investors, Lakestar,
one of the largest global funding rounds achieved family offices
in the quantum tech space.
Sector: ICT Canton: ZH
Daedalean Phase: later stage Founded: 2016
The company develops AI-based systems for aircraft
safety-critical flight control and for drones that 53.0 CHF m
take off and land vertically; e. g. air taxis and heavy- Investors: Carthona Capital, Amino Capital, Redalpine,
lift drones. Honeywell Ventures, SICTIC
Sector: ICT Canton: ZH
Beekeeper Phase: later stage Founded: 2012
Frontline employees – for example, in production,
retail, construction, hospitals, nursing, hotels and 49.4 CHF m
restaurants – work without a fixed PC workstation. Investors: EGS Beteiligungen, Kreos Capital, Energize,
Beekeeper’s communications platform simplifies Thayer, Swisscanto, Keen Ventures, Alpana Ventures,
internal communication and is used by more than Verve, SICTIC
150 companies worldwide.
13 SWISS VENTURE CAPITAL REPORT 2023Laboratories Locations Services
Free your mind to
focus on science.
Inquire
Location Type Size
Lausanne Biotech More than 40 benches
Basel
Zürich
Name* Email* SEND
Reservations now open!
Lausanne, Switzerland Basel, Switzerland Zurich, Switzerland
Since July 2021 April 2024 October 2024
www.superlabsuisse.com Follow usRESULTS – THE TOP 20
Sector: ICT (fintech) Canton: ZG
Portofino Technologies Phase: early stage Founded: 2021
The company builds high-frequency trading (HFT)
grade technology for digital assets. Over the past 48.2 CHF m
year, Portofino Technologies has traded billions of Investors: Valar Ventures, Global Founders Capital,
dollars across centralised and decentralised crypto- Coatue
currency venues.
Sector: biotech Canton: BS
Cimeio Therapeutics Phase: early stage Founded: 2020
Versant Ventures, and its Ridgeline Discovery
Engine, has teamed up with researchers from 46.0 CHF m
the University of Basel to co-found Cimeio Thera- Investors: Versant Ventures
peutics. The start-up’s platform develops cell
and immunotherapies against diseases such as
leukaemia and multiple sclerosis.
Sector: biotech Canton: VD
OPNA Bio Phase: early stage Founded: 2020
The spin-off from the Swiss Institute for Experimen-
tal Cancer Research at EPFL develops therapies 35.8 CHF m
to disrupt immuno-suppressive barriers in cancer Investors: Longitude Capital, Northpond Ventures,
cells. Menlo Ventures
Sector: biotech Canton: VD
Anokion Phase: later stage Founded: 2010
The company focuses on a new approach to the
treatment of autoimmune diseases such as coeliac 35.1 CHF m
disease, multiple sclerosis and type 1 diabetes. Investors: Pfizer Breakthrough Growth Initiative
Anokion’s proteins and antigens are designed to
enable targeted disease therapy without the
side-effects of extensive immunosuppression.
* Swiss-based investors
In 2022, Swiss investors were represented in 10 of the 20 consortia, thus
less than in 2021 when they were involved in 13 of the top 20 financing
rounds. However, things look better at the top: Swiss private equity
investors and large institutional investors (with a private equity focus)
were on board in two of the top three rounds.
15 SWISS VENTURE CAPITAL REPORT 2023Navigation for your innovation www.innosuisse.guide The Innosuisse Guide helps you find the right support offer in just a few steps. From individual advice through to national and international networking opportunities and financial support.
12 July 2022
Series A financing round of CHF 15 million
They met at a seminar on employee options: consult- single start-up as part of a secondary market trans-
ant, business angel and serial entrepreneur Andreas action, or they can invest in a basket of several scale-
Bezner and Konstantin Heiermann (left), CFO at up investments via an Actively Managed Certificate
a Swiss medtech company. As they talked shop, the (AMC). At the end of June, Bezner and Heiermann
topic arose that concerns everyone involved with received the Swiss Fintech Award. Just a few weeks
private equity and venture capital: the high entry later, the two announced the closing of their Series A
barriers, even for qualified investors. “We met again round led by TX Ventures. International expansion
and focused more and more on the limited liquidity is on the agenda for the new year. The potential of the
of secondary trading,” recalls Bezner. In 2018, the two secondary market is enormous, says Bezner: “We use
finance professionals put their heads together and it as a lever to make venture capital and private equity
designed the pre-MVP of a platform that allows inves- a normal asset class.”
tors to invest easily in late-stage growth companies – Stableton
the original version of stableton.com. Today’s offer is Founded: 2018
aimed at Swiss-based professional private investors, Employees: 43
family offices, institutional investors and intermediar- Total money raised: CHF 18.7 million
ies. Clients have two options: they can invest in a Website: www.stableton.com
Image: Severin Nowacki, BernRESULTS
Sectors
ICT and cleantech booming
The new record in invested capital is due mainly to the ICT and cleantech
sectors. Other sectors also achieved clear records in 2022, with only biotech
investment unable to escape the general downward trend in the industry.
For the first time, more than CHF 2 billion was invested than doubled compared with the previous year,
in ICT and fintech start-ups in 2022. Although fintech although at CHF 77.9 million relatively little money
companies increased their invested capital again from goes into this sector.
the very high level of 2021, the amount going to the ICT
sector grew by more than 70 % and exceeded CHF 1 Biotech downtrend
billion for the first time. Valuations of individual com- The only clearly negative development in 2022 was in
panies also reached new dimensions for Switzerland, the biotech sector. The amount invested fell by 47.4 %
with fintech wefox valued at CHF 4.4 billion in its fi- to CHF 400 million, and the number of financing rounds
nancing round and ICT company SonarSource reaching decreased by 48.6 % to 19. The values are also very low
CHF 4.6 billion. in a long-term comparison, as the number of rounds
The development was more restrained in terms of has been significantly higher in every year since 2015. In
the number of financing rounds. Compared with 2021, terms of capital, it has practically fallen back to the level
ICT start-ups saw a slight decline of 8.8 %; fintech in- of 2016–2018. The sector was thus unable to escape the
vestment, on the other hand, increased by 17.4 %. industry-wide downward trend that began in mid-2021
The median developed in exactly the opposite way, as the corona pandemic came to an end.
rising in ICT from CHF 1.8 million to CHF 2 million, and Other sectors essentially developed positively. In
falling in the fintech sector from CHF 4.35 million to contrast to the biotech sector, the strong increase in
CHF 3 million. number of financing rounds in the medtech sector, by
ICT and fintech companies had a share in the total 82.6 %, was striking, while the sector grew by 10.6 % in
amount invested of 52 % in 2022, with the correspond- terms of capital. With both indicators, medtech start-
ing figure for the number of financing rounds at 49.3 %. ups were clearly above the long-term level.
Compared with the previous year, these proportions
have changed little, which shows that growth in ven- Number of rounds stable
ture capital also continued in other sectors. An analysis of the number of financing rounds by quar-
ter reveals great stability, in particular in the ICT and
Strong year for cleantech fintech sectors, with the number fluctuating per quar-
Cleantech stands out among the sectors, with the ter between 42 and 53. As with most of the other sec-
amount invested almost quadrupling to CHF 826.9 tors, there was a slight upward trend over the year.
million compared with the previous year. Although In the case of raised capital, on the other hand, a
Climeworks’ mega round made a decisive contribution decline can be seen in the second half of the year, with
to this strong growth, a new record would have been the fourth quarter particularly weak. At CHF 447.1 mil-
achieved without this investment. In addition to Clime- lion, it is well below the fourth quarter of 2021, where
works, Planted Foods is the second cleantech com- the total was CHF 639.4 million, and the fourth quarter
pany to make it into the top 20 largest financing rounds of 2020, when CHF 842.4 million was secured.
of the year. The number of rounds shows also that the This is due to the performance of the ICT and fintech
positive development cannot be attributed to just one sectors. The fourth quarter in particular lacked large
company. In 2022, it was 32.3 % higher than in the previ- financing rounds, with only one investment in these
ous year and more than twice as high as in 2020. The sectors of more than CHF 20 million. The trend can also
median invested capital also rose, from CHF 2.1 million be observed in general: of the 20 largest financing
in 2021 to CHF 2.6 million. rounds, 14 were completed in the first half of the year.
The rise of companies with consumer products, The stability of the number of investments suggests
ranging from skis and socks to non-alcoholic drinks, that the risk of a decline in this indicator is low. The risk
is also remarkable. At 31, the number of rounds is sig- that the downward trend in invested capital will con-
nificantly above the long-term level of between 10 and tinue, particularly in ICT and fintech investment, is
17 investments. The total amount invested has more likely to be much greater.
18 SWISS VENTURE CAPITAL REPORT 2023RESULTS – SECTORS
Invested capital by sector Invested capital by sector
2022 2013–2022
ICT UP CLEANTECH UP
CHF m
72% CHF m
291%
1100 ICT
127.3
197.3 Micro/nano 77.9 1000
Healthcare IT Consumer
products 900 ICT (fintech)
268.7
Medtech 800 Cleantech
1157.0
403.7 ICT 700
Biotech
600
500
400 Biotech
826.9 300
Medtech
Cleantech
200 Healthcare IT
100 Micro/nano
Consumer
0 products
909.9
ICT (fintech) 2013 14 15 16 17 18 19 20 21 22
Financing rounds by sector Financing rounds by sector
2022 2013–2022
SHARE OF
ICT ROUNDS MEDTECH ROUNDS UP
number
49% number
82%
160
19
27 Biotech
Micro/nano 140
ICT
30
Healthcare IT 135 120
ICT
31 100
Consumer
products
80 Cleantech
42 Healthcare IT
Medtech 60 Micro/nano
ICT (fintech)
40 Medtech
Consumer
45 products
20
Cleantech 54 Biotech
ICT (fintech)
0
2013 14 15 16 17 18 19 20 21 22
19 SWISS VENTURE CAPITAL REPORT 2023RESULTS – SECTORS
Financing rounds by sector Invested capital by sector
and quarter 2022 and quarter 2022
SHARE OF ROUNDS SHARE OF INVESTED
number IN Q4 CHF m CAPITAL IN Q4
27% 11%
120 1800
1600
100
1400
80 1200
1000
60
800
40 600
400
20
200
0 0
Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4
Biotech Medtech ICT Micro/nano
Cleantech Healthcare IT Fintech Consumer products
NOTICED
The magic balancing act
The name says it all: Übermorgen Ventures. Ventures Investment AG, the management
In addition to its financial goals, the Zurich- team of which – investor Adrian Bührer,
based venture capital company also has Doodle founder Myke Näf, cleantech
the future of the planet in mind. Or as Elena expert Alexander Langguth and Walder-
Walder-Schiavone from the four-strong Schiavone – is responsible for investment
founding team puts it: “We want to earn decisions.
money with our activities and save about a Walder-Schiavone was able to do the legal
million tons of CO2 a year in the process.” work herself: she has been working as a
This balancing act is to be achieved with lawyer with a focus on venture capital and
a special investment mix. The current start-ups since 2012. In 2014, she set up a
22 portfolio companies include digital shared office with her school friend Bührer
Elena Walder-Schiavone,
start-ups that help their customers to do managing partner at and Näf in an old building on the Limmat,
business or consume more sustainably – Übermorgen Ventures where Übermorgen Ventures was concep-
for example, with SaaS platforms – and tually developed and ultimately founded.
cleantech start-ups with innovations that The team now has almost CHF 50 million
have the potential to curb global warming directly – for exam- under management. Most of the money, which can be con-
ple, with an energy-efficient technical process to convert tinuously reinvested, comes from successful entrepreneurs at
biomass into biochar. home and abroad. Pension funds, banks and insurance com-
The two areas have exit horizons of different lengths. “That’s panies are not yet on board at Übermorgen Ventures. How-
why we decided on an evergreen structure, which is rarely ever, in view of the climate crisis, Walder-Schiavone is con-
seen in Switzerland,” says Walder-Schiavone. The backers vinced that this will change: “Institutional investors will dis-
do not invest in a fund, but acquire shares in Übermorgen cover the advantages of our evergreen structure.”
20 SWISS VENTURE CAPITAL REPORT 2023Empowering
GameChangers
Across Europe, from Switzerland
Since 2006
16 years > 1 billion CHF 2 offices > 10,000
of top performance Assets under At home in Jobs created
for our investors Management Zurich & Berlin in our portfolio
Contact our investor relations manager Rafael to learn more about how we are empowering
European GameChangers with our innovative new fund solution, the Summit Fund.
By building upon 16 years of consistent top quartile performance, we create
sustainable long-term value for our investors and companies alike.
Reach out to rafael.hubatschek@redalpine.com
redalpine.comRESULTS
Phases
Growth at a high level
All phases recorded high growth in terms of volume, with seed rounds growing the
most and almost doubling the previous year’s volume. In a long-term comparison,
the increase in rounds of CHF 10 million to CHF 20 million was particularly remarkable.
In 2022, seed rounds continued the strong growth Slowed growth
trend of recent years impressively. After the number of Overall, the number of later stage rounds (Series B or
transactions reached 100 in 2021, they rose further in later) grew by 12 %, from 78 to 87, with a notable increase
2022 to 166, an increase of 27 %. Thus, for the first time, in investment in cleantech and consumer products
most investments came from this phase, accounting start-ups. Since 2019, the number of later stage trans-
for 43 % of financing rounds, with early stage on 34 % actions in cleantech companies has increased from
and later stage 23 %. Seed round activity increased in four to 15 and those in consumer products companies
all sectors, with the exception of biotech. from two to nine.
Invested capital in the seed phase doubled com- Later stage financing rounds attracted a quarter
pared with the previous year (from CHF 169.6 million more capital than in 2021, but this could not match
to CHF 327.2 million, or 93 %). All sectors posted gains the big increase in that year (+72 %). However, the
except biotech. Investment in medtech increased amount invested in the top three and top 20 was again
almost sixfold, in fintech and healthcare IT more than substantially higher than in the previous year (+62 %
threefold, in ICT almost twice as much and in cleantech from CHF 856 million to CHF 1,387 million, and +34 %
by almost half. Biotech, on the other hand, saw a de- from CHF 1,932 million to CHF 2,582 million, respec-
cline of a third. tively). For the first time in Switzerland, in addition to
The median amount invested was CHF 1.5 million, a CHF 600 million transaction – as in 2021 – two rounds
with an average of CHF 2 million. Three years ago, the of CHF 400 million were also completed. The median
average was just under CHF 1 million per round. More for later stage rounds rose from CHF 8.6 million to
than CHF 25 million went to two seed investments: CHF 10 million.
Destinus (micro / nano) with CHF 26.8 million and Griz-
zly Development (ICT fintech) with CHF 25.2 million. More growth financing
Historically, investments in the range of CHF 10 million
Fewer early stage rounds to CHF 20 million are rare. The size class tends to be
The fall in the number of early stage rounds in 2022, by undersupplied with capital. In 2022, transactions of
11 % to 130, was due largely to the ICT sector. Here, the between CHF 10 million and CHF 20 million increased
number of rounds dropped by a third, from 60 to 41. The significantly, with nine more investments completed
biotech sector recorded a fall of almost 30 %, which did than in 2021 (from 19 to 28; +47 %). The increase results
little to limit the decline of the previous year (-33 %), primarily from the ICT sector: two rounds were re-
and fintech was down almost 14 %. The increase in activ- ported in this critical phase in 2021, while 10 were re-
ity in micro / nano (+33 %), cleantech (+22 %), medtech ported in 2022.
(+14 %) and in the field of health informatics (+11 %) was Despite this considerable increase in the frequency
able to cushion only part of the slowdown in ICT. of transactions of between CHF 10 million and CHF 20
In terms of invested capital, early stage rounds million, less than one in 10 is of this magnitude. This
increased by 31 % to CHF 805 million. Five of the development should be observed critically, as these
20 largest financing rounds were closed in the early rounds are essential for further growth, scaling and
stages, compared with only three in 2021. All sectors foreign expansion
recorded an increase. Medtech’s Series A volume In 2022, 30 companies received more than CHF 20
doubled and thus increased the most, from CHF 38 million, of which five exceeded the CHF 100 million
million to CHF 74 million. Even the biotech sector, mark – the same number as in the previous three years.
which is otherwise in decline in all other areas, achieved ICT and fintech each contributed seven rounds of more
a 41 % increase in invested capital (from CHF 158 million than CHF 20 million, along with four cleantech rounds,
to CHF 223 million). The ICT sector achieved an increase including the top rounds for Climeworks and Planted
of the same magnitude, up from CHF 149 million to Foods. These three sectors compensated for the weak-
CHF 212 million (+42 %). ness of the biotech industry.
22 SWISS VENTURE CAPITAL REPORT 2023RESULTS – PHASES
Financing rounds by phase Invested capital by phase
2013–2022 2013–2022
SHARE OF LATER STAGE UP
26%
number SEED ROUNDS CHF m
43%
160 seed
3000
later
2500
early
120
2000
later
80 1500
1000
40 early
500
seed
0
2013 14 15 16 17 18 19 20 21 22 2013 14 15 16 17 18 19 20 21 22
Median of financing rounds Invested capital by rank of financing rounds
2013–2022 2013–2022
EARLY STAGE UP
CHF m
56% CHF m
top 1–3 top 4–5 top 6–10
top 11–20 > top 20
14
2022
12
2021
10 later 2020
2019
8
2018
6 2017
2016
4 early
2015
combined
2 (seed, early, 2014
later)
2013
2013 14 15 16 17 18 19 20 21 22 0 500 1000 1500 2000 2500 3000 3500 4000
Funding amount by year (CHF m)
23 SWISS VENTURE CAPITAL REPORT 2023RESULTS – PHASES
Invested capital by size of financing round
2013–2022
ROUNDS IN THE RANGE OF
number of rounds number of rounds CHF 10 M – CHF 20 M UP
up to CHF 10 m
n = 1345
above CHF 10 m
n = 306 47%
900 180
800 160
700 140
600 120
500 100
400 80
300 60
200 40
100 20
2013 14 15 16 17 18 19 20 21 22 2013 14 15 16 17 18 19 20 21 22
0 –2 2– 5 5 –10 10 – 20 > 20
CHF m CHF m
NOTICED
Start-up concerns reach the top
The constitution of the Swiss Confedera- other OECD countries already have such
tion allows several bodies to initiate a state investment opportunities.”
legislative process. The most active are On 22 June 2022, the Federal Council took
the members of the National Council and a directional decision in favour of a new
the Council of States, but the general public innovation fund. The vehicle is intended
can also become active by collecting signa- primarily to finance start-ups in the growth
tures and voting, and in certain cases the phase and will be guided in its investment
Federal Council takes the initiative on its decisions by the overarching themes of
own. This is how the idea of a Swiss innova- decarbonisation and digitalisation.
tion fund came about. Since then, an internal administrative team
Martin Godel, head SME
“The Federal Council,” explains Martin policy at SECO (State led by SECO has been working out the
Godel, head SME policy, State Secretariat Secretariat for Economic Affairs) details. It has submitted proposals to the
for Economic Affairs (SECO), “has long government relating to the size, structure
been concerned about the lack of productivity gains and and governance of the fund.
growth prospects in the Swiss economy.” The Federal Council's decision for or against the creation of the
Not least against the background of the latest corporate tax fund is expected to be made at the end of March. And how-
laws, which are diminishing the competitive advantage of ever it turns out, the discussions about it alone have been a
Switzerland as a tax location. Thus, the promotion of tech- positive signal for Swiss founders, start-ups and VC investors.
driven growth companies came into the government’s focus. “They now know that their concerns have been taken note of
“The fund solution,” says Godel, “was obvious, insofar as most at the highest level,” says Godel.
24 SWISS VENTURE CAPITAL REPORT 2023Are you pursuing
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Bundesgasse 35, 3001 Bern12 October 2022
Financing round with strategic investor
André Borschberg needs no introduction. His name – turers, including Piper and Pratt & Whitney, point the
together with Bertrand Piccard’s – is synonymous way to this goal. RTX Ventures, the venture capital arm
with the first round-the-world flight in a non-fossil- of US aerospace company Raytheon Technologies, has
fuelled aircraft seven years ago. Immediately after his also been persuaded by the Valais-based start-up’s
return from the Solar Impulse mission, Borschberg concept, and in October it joined H55 as a strategic
brought his expertise in sustainable aviation to a investor. H55 and Raytheon Technologies will work
start-up, named after the hangar at Sion airfield where together to advance technology that will help the
the company was based: H55. Since then, the 70-year- aviation industry to achieve zero CO2 emissions by
old engineer and his team have been working on an 2050, according to the press release. “If the expertise
aviation-ready package of electric motor and battery: is right,” Borschberg comments, “even the biggest US
the propulsion system should be certified in 2024. corporations will come to Valais.”
Borschberg is confident of its success: “I assume that
H55
we will be the first worldwide.” According to the busi-
Founded: 2017
ness plan, H55 will focus initially on the conversion
Employees: 75
business. About half a million aircraft exist worldwide,
Total money raised: CHF 70 million
of which some will be converted to electric and hybrid
Website: www.h55.ch
drives. Partnerships with aircraft and turbine manufac-
Image: Severin Nowacki, BernRESULTS
Cantons
Over CHF 2 billion for Zurich
In 2022, the cantons developed at differing rates. Zurich made strong gains,
with Geneva, Zug and St. Gallen catching up, but Basel-Stadt finding itself going
through a weak phase.
In 2019, venture capital investment in canton Zurich ups in this sector went to companies based in Vaud.
exceeded CHF 1 billion for the first time. In 2022, the This canton’s start-ups also attracted the most capital
CHF 2 billion mark was broken – compared with the in the related sectors of healthcare IT and micro /
previous year, invested capital increased by 64.8 %. nanotech. At 51.6 % for healthcare IT and 46.2 % for
Zurich start-ups thus attracted a larger share of total micro / nanotech, the share of the total amount is not
funds invested in Switzerland, with 53.7 % in 2022 and quite as high as in the medtech sector.
breaking the previous record set in 2019 of 50.3 %. In terms of invested capital, Geneva ranked third in
The main driver of the positive development are 2022. The amount has fluctuated at around CHF 100
the very large rounds, with 11 of the start-ups on the million over the past 10 years, but this year reached
top 20 list of largest investments coming from Zurich CHF 463 million due to a single investment in ICT
compared with only four in 2021. In 2019, nine Zurich unicorn SonarSource. The number of financing rounds,
companies made it into the top 20. at 19, was at the usual level for Geneva.
The large financing rounds came from the cleantech
sector in particular, and also the ICT and fintech sectors. Steady growth in Zug
This is reflected in a balanced sector distribution of A new record was also set in canton Zug at CHF 327.1
invested capital: cleantech start-ups are responsible million, with the underlying growth stronger than in
for 32.8 % of the amount invested in Zurich, fintech canton Geneva. Zug start-ups attracted about
companies for 28.6 % and ICT companies for 22.1 %. The CHF 250 million in both 2019 and 2020. Investment is
remaining sectors account for 16.5 %. clearly dominated by fintech start-ups: 79.2 % of the
The importance of Zurich for Switzerland, on the money invested in the canton went to start-ups in
other hand, varies greatly between sectors. In the this sector. The two financing rounds in Zug in the
cleantech sector, 84.4 % of the total amount invested top 20 were also closed by fintech start-ups.
in Switzerland went to the canton, in the fintech sector In addition, Zug has recorded steady growth in the
67.1 %, and in the ICT sector a comparatively low 40.7 %. number of investments. With 35 financing rounds
Canton Zurich also increased its number of financ- and an increase of 20.7 %, Zug is in third place for this
ing rounds. The growth rate here was 17.6 %, with the criterion in 2022. The importance of the canton for
canton’s share in all financing rounds rising to 43.5 %. Switzerland is slowly increasing: in 2022, 9.1 % of the
Only in one year has the rate been higher: at 44.6 % in rounds took place there, compared with a value of
2014. In most other years, it has been below 40 %. about 8 % in recent years.
Basel-Stadt has traditionally focused on the biotech
Vaud in second place sector. Since this sector performed poorly in 2022, the
Canton Vaud, as usual, ranks second in terms of financ- canton had to accept a significant decline in venture
ing rounds and capital generated. However, the start- capital. The number of financing rounds fell
ups provided only a small increase of 4.7 % in the by 31.6 % and invested capital by as much as 60.2 %. As
number of rounds. Invested capital saw a slight decline with the biotech sector as a whole, Basel-Stadt thus
of 8.7 %. The proportion of total venture capital gener- fell back to the level of 2018.
ated in Switzerland fell to 13.8 % – clearly, the worst St. Gallen, on the other hand, has continued to rise.
figure over the past 10 years. At 17.5 %, the proportion Invested capital more than doubled compared with
of financing rounds was thus at the level of previous 2021 and, at CHF 122.8 million, was well above the
years. CHF 100 million mark for the first time. The number of
The sector distribution in canton Vaud is also diverse. financing rounds is also steadily increasing, with the
However, the strength in the medtech sector is strik- upswing driven by ICT start-ups – one of which made
ing: 66.8 % of the total amount invested in Swiss start- it into the top 20 largest investments.
28 SWISS VENTURE CAPITAL REPORT 2023RESULTS – CANTONS
Financing amount by canton Invested amount by canton
2022 2013–2022
ZURICH SHARE GENEVA UP
CHF m
53% CHF m
381%
4500
Others 93.0
ZH 2133.1 4000 Others
VD 548.6 3500 BS
GE 463.1 ZG
3000
ZG 327.1 GE
2500
BS 136.1 VD
2000
SG 122.8
ZH
TI 40.4 1500
FR 35.6 1000
BE 35.0
500
SH 34.2
0
0 500 1000 1500 2000 2500 2013 14 15 16 17 18 19 20 21 22
Financing rounds by canton Financing rounds by canton
2022 2013–2022
INVESTMENT IN ST. GALLEN UP
number
19 CANTONS number
80%
400
350
67 167
VD ZH Others
300
GE
BE
250
ZG
35
BS
ZG 200
VD
19 150
GE
18 100
SG
13 ZH
50
BS
12 22
BE Others 0
8
SZ 8 7 7 2013 14 15 16 17 18 19 20 21 22
AG FR LU
29 SWISS VENTURE CAPITAL REPORT 2023RESULTS – CANTONS
Investment by sector and canton SG ZH
2022 122.8 CHF m 2133.1 CHF m
Sectors: 112.8 698.7
Biotech Medtech 4.2 610.9
3.5 471.9
Cleantech Healthcare IT
1.3 197.4
ICT Micro/nano 1.0 56.0
Fintech Consumer products 49.0
35.9
13.3
BS
136.1 CHF m ZG
117.9
17.7
327.1 CHF m
0.5 259.1
23.0
20.0
18.0
6.9
VD
548.6 CHF m GE
179.7 463.1 CHF m
101.8
88.4 415.9
58.9 28.6
58.7 9.7
56.9 3.6
4.2 3.5
1.8
NOTICED
Good news from Lake Geneva
Anyone who asks how rural Vaud has than 270 start-ups have received a total of
established itself as a top location for VC- CHF 64 million. In return, these companies
financed companies always receives the have attracted CHF 2 billion in venture
same answer: EPFL. The canton seized the capital and created more than 3,000 most-
opportunity presented by EPFL’s rise from ly highly qualified jobs in French-speaking
‘golden university of applied sciences’ to a Switzerland.
globally recognised technical university in Guex has been in charge of FIT since 2008.
the 1990s. “At the beginning, it was still a part-time
In 1994, the canton’s state council together job,” he recalls. Now, the 47-year-old law-
with Banque Cantonale Vaudoise (BCV), yer has a team of five employees who man-
EPFL and Vaud Chamber of Commerce age an alumni community for which a
Julien Guex, managing
founded FIT (fondation pour l’innovation financing platform was established in 2019.
director at FIT (fondation pour
technologique). They were later joined by l’innovation technologique) FIT Investors’ objective is to connect prom-
other educational institutions, such as the ising start-ups with potential investors. On
University of Lausanne and Ecole Hotelière average, between 10 and 15 financing
de Lausanne, and local corporates including Nestlé. rounds are in progress and in 2002 alone FIT Investors was in
“Since then, FIT has supported practically all Vaud start-ups contact with 90 qualified investors.
that have made an international impression,” says managing The innovation ecosystem surrounding Lausanne is humming
director Julien Guex. The list ranges from Sophia Generics to and the taxpayer should also benefit from this over the
MindMaze and Nexthink. medium term. In view of the forthcoming negotiations with
The results are also impressive in quantitative terms: to date, the canton about the financing of FIT, the board is planning an
FIT has granted 352 repayable loans of up to CHF 500,000 important change: “We want to start granting convertible
and 96 grants of between CHF 20,000 and CHF 100,000. More loans soon,” says Guex.
30 SWISS VENTURE CAPITAL REPORT 2023Good
ideas
can be
worth
pure
gold. Protect your innovation
with property rights.
It can have a lot of value.
More about:
Swiss Federal Institute of Intellectual Property
Stauffacherstrasse 65/59g, CH-3003 Bern
+41 31 377 77 77, info@ipi.ch, www.ige.chPublireportage
Scale-up mit einem
erfahrenen und
kapitalstarken Schier und Christian Sarwa, MBA, verfügt
über ausgewiesene Erfahrung in der
Partner an Ihrer Seite erfolgreichen Weiterentwicklung und
Internationalisierung von innovativen
Unternehmen in Europa. Weitere fach-
spezifische Expertise stellen wir über
hochqualifizierte Advisory- und Invest-
ment-Komitees aus Wissenschaft und
Praxis sicher.
Kapital ist nicht gleich Kapital. In der Wachstumsphase sind Start-ups nicht
nur auf Finanzspritzen, sondern vor allem auf Expertise in der strategischen Werden auch Sie Teil unseres spannenden
und operativen Expansion sowie ein internationales Netzwerk angewiesen. Portfolios und profitieren Sie von unserer
Swisscanto bietet genau dies: Kapital plus Expertise. Wir unterstützen Sie Erfahrung und unserem umfangreichen
bei der Fortsetzung Ihrer Erfolgsgeschichte. Netzwerk.
Ihre Geschäftsidee hat sich bewährt, und nach der Investition ist ein zentraler und Gemeinsam wachsen mit den
Sie sind mit operativen Themen voll aus- wichtiger Bestandteil unseres Anlagepro- Schweizer Kollektivanlagen von
gelastet. Nun kommt die Zeit im Lifecycle zesses: Swisscanto
jedes Unternehmens, in der frisches Kapital Die Investment-Teams unserer beiden
für die weitere Expansion benötigt wird. – Direkte Unterstützung mit einem Kapitalanlagen Swisscanto (CH) Private
Die Aufnahme von Wachstumskapital ist Verwaltungsratsmitglied: Als aktiver Ver- Equity Switzerland Growth Fund I KmGK
eine beliebte Möglichkeit, um finanziellen waltungsrat fokussieren wir uns auf und Swisscanto (CH) Private Equity World
Rückenwind zu erhalten. Entscheidend ist Schlüsselfaktoren wie Absatzmärkte und Carbon Solutions I KmGK richten sich an
dabei der Fit. Das heisst, der Kapitalgeber Wachstumstreiber und bieten Unterstüt- Unternehmen in der Expansionsphase
muss zur aktuellen Wachstumsphase pas- zung bei der Verstärkung Ihres Manage- und schaffen bei der raschen und erfolg-
sen, um Ihr Unternehmen auf die nächste mentteams oder des Verwaltungsrats. reichen Marktdurchdringung bis zur
Ebene zu heben. Swisscanto bietet rasch Die operative Verantwortung verbleibt Unternehmensveräusserung (Exit) aktiv
wachsenden Firmen langjährige Expertise beim Management. Mehrwert. Direktinvestitionen werden
und Kapital – und dies ganz in Ihrer Nähe. – Erhöhung der Visibilität: Wir unterstützen in technologisch hochstehende Unter-
Sie im Dialog mit potenziellen Kunden nehmen innerhalb unserer Fokusthemen
Aktive Value Creation und Finanzinvestoren, um Ihnen den ICT, Industrie, Gesundheit sowie Klima /
Als aktiver Schweizer Investor unterstüt- Einstieg in grosse Märkte wie die USA zu Dekarbonisierung getätigt. Wir freuen
zen wir Portfoliofirmen mit Kapital, Know- ermöglichen. uns, gemeinsam mit Ihnen Ihre unter-
how und dem Zugang zu internationalen nehmerische Zukunft zu gestalten.
Partnern für die weitere Expansion und Kapital und Expertise aus einer Hand Kontaktieren Sie Herrn Andreas Nicoli,
begleiten sie bis zum erfolgreichen Exit. Unser Anlageteam mit den Investment Leiter Private Equity, unter 044 292 45 67
Die aktive Wertschöpfung (Value Creation) Directors Nils Granath, MBA, Dr. Robert oder unter andreas.nicoli@zkb.ch.
Health Tech Industrial / Clean Tech IT / ICT
®
Rechtliche Hinweise: Die vorliegenden Angaben und Informationen dienen ausschliesslich zu Informationszwecken, wurden einzig zur Verwendung durch den Empfänger erstellt und stellen
kein Angebot, keine Aufforderung und keine Empfehlung zum Erwerb von kollektiven Kapitalanlagen dar. Die in diesem Dokument erwähnten Anlagevehikel sind risikobehaftet und sind aus-
schliesslich für spezifische qualifizierte Anleger zugänglich. Die in diesem Dokument enthaltenen Informationen wurden mit grösster Sorgfalt zusammengestellt. Die Informationen und Meinungen
stammen aus zuverlässigen Quellen. Trotz professionellen Vorgehens kann die Zürcher Kantonalbank die Richtigkeit, Vollständigkeit sowie die Aktualität der Angaben nicht garantieren. Die Zürcher
Kantonalbank weist darauf hin, dass jede Investition mit Risiken verbunden ist, und lehnt jede Haftung für Investitionen, die sich auf dieses Dokument stützen, ab.FUNDS RADAR
55 open funds
Showcase for the VC industry
The SVCR team surveyed more than 100 Swiss investors about their VC vehicles in
the fundraising phase. The result is good news for the entire ecosystem: the number
of venture capital investment opportunities is constantly increasing.
3VC BiomedVC Cutler Capital Management
3VC II SCSp ** BiomedInvest IV Tomahawk.VC – Fund II, LP
DACH and CEE (10 % Switzerland) Europe Switzerland (10 %), Europe (60 %),
software therapeutics (biotech / pharmaceuticals) US (30 %),
series A early stage Web3
CHF 100–150 m CHF 150 m pre-seed, seed
CHF 25 m
Alpana Ventures SA Blue Horizon
Alpana IV – Cleantech Blue Horizon Growth II CV VC
Switzerland (95 %) global (40 % US, 40 % Europe, African Fund
cleantech 20 % rest of world) Africa
growth sustainable food systems blockchain
CHF 100 m growth pre-seed, seed, pre-series A
CHF 500 m USD 10–20 m
Apprecia Partners
Apprecia Capital I SCSp ** blufolio DAA Capital Partners SA
Europe, Switzerland (60 %) Blufolio Blockchain Venture Capital Tech 1291 Ventures I **
Fund II SICAV-RAIF Switzerland (75 %), Europe (25 %)
sustainability
global (Switzerland approx. 20 %) deeptech
pre-seed, seed, pre-series A, series A
Web3 / blockchain seed, series A
CHF 30 m
early CHF 50 m
CHF 30 m
Backbone Ventures
Backbone Ventures 5502 Fund ** DAA Capital Partners SA
Collateral Good Management AG Tech 1291 Ventures II
Switzerland (approx. 40 %), Germany, rest
of Europe Collateral Good Ventures Sustainability I ** Switzerland (75 %), Europe (25 %)
sector-agnostic global deeptech, energy, environment
pre-seed / seed sustainability food, material and seed, series A, series B
packaging systems
CHF 20–30 m CHF 100 m
seed to series A
CHF 100 m
BFI Consulting Efficient Frontier Investing SA
AltAlpha Digital Fund EFI Lake Geneva Ventures 1 **
Creadd SA
worldwide 80 % Switzerland, up to 20 % Europe
Creadd Tech Ventures
crypto hedge funds (e. g. quant, L / S, technology companies (medtech,
market-neutral) Switzerland (60 %), Europe ICT, deeptech)
established life sciences, tech, SaaS early stage, seed, series A
CHF 100 m early, series A, early B CHF 50 m
CHF 25–40 m
The list comprises fund managers in an active fundraising phase:
• Funds offered by advisor / manager domiciled in Switzerland (not exhaustive);
list based on survey of 100+ investors
• Entry order: advisor / manager, fund name, geographic focus,
sector focus, development stage focus, target size
• ** First close
• Pure corporate venture capital funds are excluded
33 SWISS VENTURE CAPITAL REPORT 2023Boost your business with a loan guarantee and be one of over Emmanuel Darves
AQUA4D®
120 Swiss companies in our portfolio whose innovative
technologies contribute to a sustainable reduction in
Hannes Eugster
greenhouse gas emissions. Use the QR code for a iNovitas AG
quick pre-check. www.technologyfund.ch
Jan Lichtenberg
InSphero AG
Stefan Bahamonde
Libattion AG
Beda Weibel
ionair ag
Myriam Locher
Carmen Traversa Locatee AG
Misurio AG
Ebba Carlson
Matthew Reali Bcomp AG Daria Luedtke
Ponera Group Sagl Wegaw AG
Emerald Technology Ventures AG along with subcontractor South Pole is mandated by the Federal Office for the Environment to manage the Technology Fund.
Right on track. Your legal
With us. advisor for future
challenges.
Ulysses von Salis
Partner, Corporate/M&A,
Venture Capital and Private Equity
ulysses.vonsalis@nkf.ch
Clara-Ann Gordon
Partner, Technology, Outsourcing
and Data Protection
clara-ann.gordon@nkf.ch
Patrik R. Peyer
Partner, Corporate/M&A,
Venture Capital and Private Equity
patrik.r.peyer@nkf.ch
Niederer Kraft Frey with its specialised NKF4Tech team is the first choice for legal advice
when it comes to innovative solutions that help start-up companies to grow. We see ventures,
entrepreneurs and investors through the entire life-cycle from incorporation to financing
rounds to exit.
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