2017 Swiss Venture Capital Report
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Edition No 5 Swiss Venture Capital 2017 Report Overall investment Almost a billion francs Cantons Vaud jumps further ahead Exits The year of the IPO In cooperation with SECA – Swiss Private Equity & Corporate Finance Association start up ticker .ch www.plusgestaltung.com — Foto: photocase.de / antifalten — Foto: www.plusgestaltung.com The swiss start-up news channel We might not hand out trophies – but we show you where to get them 8 Y J 9 Create your Get the Follow Set alerts for personal archive weekly newsletter companies deadlines Principal Commission for Technology and Innovation CTI Supporters State Secretariat for Economic Affairs SECO, Business & Economic Development Canton of Zurich, Swissparks.ch, Partners Startupticker Foundation, Gebert Rüf Foundation, Stiftung digitalswitzerland, ETH Zurich, Venture Kick, InnoCampus, School of Natur und Umwelt, Swiss Startup Invest, ETH transfer, EPFL Innovation Management Fribourg, GENILEM, Swiss Private Equity & Corporate Park, Start-up Promotion Centro Ticino Finance Association SECA, StartAngels Network, Top 100 Start-ups, Institut für Jungunternehmen IFJ, STARTUPS.CH, Y-Parc, Fongit, Contributors Swisscom, Swiss Startup Invest, W.A. de Vigier, P & TS BASELAREA.SWISS, STARTFELD, Innovaud, STARTUP SUPPPORT Intellectual Property, EPFL Innovation Park, Ernst Göhner Foundation, LUZERN, Technopark Luzern, Swiss Economic Forum SEF, swissECS, GoBeyond, Microsoft SEF Growth Initiative for SMEs, Swiss Innovation Forum SIF, BioBusiness, MedTech-Business, SBB, Zürcher Kantonalbank, StartupCampus, Technopark Zürich Editor Journalistenbüro Niedermann GmbH, Lucerne Input: [email protected] start up ticker .ch Editorial Contents Five years of growth Results In the beginning, we were simply 5 At a glance curious: when we researched CHF 908.7 million for the first Swiss Venture Capital Swiss start-ups Report five years ago, we wanted 9 The Top 20 www.plusgestaltung.com — Foto: photocase.de / antifalten — Foto: www.plusgestaltung.com Two companies obtain more to create transparency. then CHF 100 million However, a year later, we saw an increase in the amount invested Entrepreneurs by almost 25%, and since then 16 Four out of 151 Photo: pisonic Photo: this publication has witnessed an unexpected and frankly sensational upswing. Report The start-ups came and went. Investment activity in The swiss start-up news channel the individual cantons and sectors fluctuated, support 18 Sectors programs were launched, merged and renamed, 20 Phases but the positive trend remained and led to the fact that 22 Cantons investment in Swiss start-ups has almost tripled in 24 Growth financing just five years – to nearly CHF 1 billion. 26 Exits Visionary entrepreneurs, such as the founders of the four We might not hand start-ups presented on p. 16, or the networker and Interview national councillor Fathi Derder (interview, p. 32), have 32 Innovation ecosystem out trophies – provided the impetus. And even though not all conditions N a t i o n a l C o u n c i l l o r F a t h i D e r d e r are as optimal as they could be, as the analysis by on Switzerland’s role in Europe but we show you where Thomas Heimann on p. 24 shows, I am convinced that we will see a new record over the next year. Chronicle 34 The year of the promoters to get them Stefan Kyora Editor-in-chief startupticker.ch Financing rounds 37 The companies from A to Z 42 Strategic investments Supported by Partners Create your Get the Follow Set alerts for 43 Promoters, universities, personal archive weekly newsletter companies deadlines investors and corporates present their services Principal Commission for Technology and Innovation CTI Supporters State Secretariat for Economic Affairs SECO, Business & Economic Development Canton of Zurich, Swissparks.ch, Partners Startupticker Foundation, Gebert Rüf Foundation, Stiftung digitalswitzerland, ETH Zurich, Venture Kick, InnoCampus, School of Natur und Umwelt, Swiss Startup Invest, ETH transfer, EPFL Innovation Management Fribourg, GENILEM, Swiss Private Equity & Corporate Park, Start-up Promotion Centro Ticino Finance Association SECA, StartAngels Network, Top 100 Start-ups, Institut für Jungunternehmen IFJ, STARTUPS.CH, Y-Parc, Fongit, Contributors Swisscom, Swiss Startup Invest, W.A. de Vigier, P & TS BASELAREA.SWISS, STARTFELD, Innovaud, STARTUP SUPPPORT Intellectual Property, EPFL Innovation Park, Ernst Göhner Foundation, LUZERN, Technopark Luzern, Swiss Economic Forum SEF, swissECS, GoBeyond, Microsoft SEF Growth Initiative for SMEs, Swiss Innovation Forum SIF, BioBusiness, MedTech-Business, SBB, Zürcher Kantonalbank, StartupCampus, Technopark Zürich Editor Journalistenbüro Niedermann GmbH, Lucerne 3 VC Report No 5 | startupticker.ch Input: [email protected] Inside Swiss Venture Capital Report 2017 is published by the news portal startupticker.ch in collaboration with the Swiss Private Equity and Corporate Finance Association (SECA). The report is based on all investment in Swiss start-ups made public. Our implementation partners are Switzerland Global Enterprise, the School of Management Fribourg, Niederer Kraft & Frey and Technopark Zurich. Support: selecting the best Methodology: strict criteria Once again, start-ups supported by The database of the Swiss Venture Capi- three programmes have shown that tal Report is based on rounds of they are able to attract investors. financing that were reported on start- Of the 151 total funded enterprises in upticker.ch or in other media in 2016. 2016, 30 carry the CTI Startup Label. To- In addition, we approached investors gether, they generated CHF 173.5 million and start-ups to gain information about with a median of CHF 4.5 million. This is investments. much higher than the median of all fi- The report focuses exclusively on nancing rounds. venture capital investment. Strategic Of the start-ups that presented at partners are not included in the analy - Swiss Startup Invest and CTI Invest, 62 sis; however, a separate list on page 42 attracted investors, with CHF 350.8 mil- provides an overview of such deals. lion flowing into them. The 30 start-ups In addition, the analysis takes into awarded by Venture Kick raised a total account only Swiss start-ups; that is, of CHF 249.1 million. those companies that have their head- Investment in supported start-ups is quarters in this country. showing a stable upward trend. For CTI The investment phases: Startup Label companies, the amount ¡ Seed: founders, 3Fs, foundations. rose from CHF 100 million in 2013 to Average amount: below CHF 1 million. CHF 173.5 million in 2016. For start-ups ¡ Early stage: round A, business angels that presented at Swiss Startup Invest, and venture capitalists. Average the total increased from CHF 164.5 mil- amount: CHF 1 mil lion to CHF 5 lion in 2015 to CHF 350.8 million. For million. companies supported by Venture Kick, ¡ Later stage: growth, after round A, the amount increased from CHF 14 mil- VCs. Average amount: more than lion (2013) to more than CHF 249 million. CHF 5 million Authors Thomas Heimann is responsible for research and statistics at SECA Stefan Kyora is a partner at Journalistenbüro Niedermann, Lucerne, and editor in chief of startupticker.ch Specialist advisers Maurice Pedergnana, General Secretary SECA; Jean-Pierre Vuilleumier, Managing Director Swiss Startup Invest Imprint Publisher Journalistenbüro Niedermann English Edits, www.englishedits.ch GmbH, Lucerne Design concept Atelier werkk., Kollbrunn Partner startupticker.ch, [email protected] Layout Bernet & Schönenberger, Zurich Collaboration partner Swiss Private Printer galledia ag, Flawil Equity & Corporate Finance Association SECA Contact Journalistenbüro Niedermann GmbH, Concept and implementation Journalisten- Hirschmattstrasse 33, 6003 Lucerne, büro Niedermann GmbH, Lucerne [email protected]; +41 41 226 20 80 Editorial Stefan Kyora, Jost Dubacher, Ritah Nyakato Project leader Claus Niedermann © startupticker.ch Translation and editing Lynne Constable, No 5, January 2017 4 VC Report No 5 | startupticker.ch Summary At a glance The power of digitisation Investment in Swiss start-ups has risen once again – by 35% in 2016 – and is approaching the billions. The sharp rise in ICT start-up investment is particularly pleasing. Stefan Kyora In 2016, 151 financing rounds of Swiss are used in the digitisation of tradi - in fintech, Zurich’s young companies start-ups were reported – an increase of tionalsectors, such as agriculture and attracted the most capital. 26% on 2015. The invested capital is even logistics,and of course in the financial The amount of risk capital that flows stronger, rising from CHF 676 million to industry.In 2016, almost CHF 50 million into a country determines ultimately CHF 908.7 million. Since 2012, this total wasinvested In fintech start-ups. how many lucrative exits are possible. has almost tripled. However, one impor- Despitea stronger ICT sector, in Swit- tant indicator has not improved: the zerlandmost money goes into biotech median of all financing rounds remains companies. The sector once again in - The amount of risk capital relatively low at CHF 2.5 million. creasedat a high level. In 2016, nearly determines the number CHF400 millionwas invested, spread of lucrative exits – and 2016 Increase in the ICT sector over25 financing rounds. ICT start-ups recorded the biggest had much to offer growth. The invested capital increased Vaud is number one by CHF 142 million, or 110%, to CHF 271 In the cantons, Vaud was clearly ahead And 2016 had much to offer in this re- million; this did not include the large in 2016 – as in 2014. More than half of spect, with five IPOs from venture- financing round in healthcare IT of the total invested flowed into this can- backed companies, two stock market CHF 100 million from MindMaze. The ton. Overall, Vaud-based start-ups launches via reverse takeover and nu- increase in the ICT area was provided generated more than CHF 460 million. merous trade sales. Companies such as by typical B2B software companies For the first time, the canton was also Hewlett Packard Enterprise, 3M, Trip- (Nexthink, SonarSource), and also by the Swiss number one by invested capi- Advisor and Celgene were among the many start-ups where their products tal in ICT start-ups.