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2021 Swiss Venture Capital Report

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2021 Swiss Venture Capital Report Edition No 9 Swiss Venture Capital 2021 Report Overall investment CHF 2.1 billion despite pandemic Sectors More ICT rounds with less money Cantons Basel takes off In cooperation with SECA – Swiss Private Equity & Corporate Finance Association CHF5,500,000 TO GIVE 163 KICKS TO STARTUPS IN 2021 AND BRING SWISS DEEP TECH TO GLOBAL MARKETS THE PRIVATE INITIATIVE VENTURE KICK IS FINANCED BY: The 2017 Venture Kick winner Maxwell Biosystems AG raised CHF 4 million in 2020. MaxWell Biosystems develops cell imaging systems empowering scientists in pharma and academia to reveal the function of neuronal networks in a dish. GET YOUR KICK: VENTUREKICK.CH Editorial Contents Proven recipe for success Results The innovative strength of the Swiss economy is often under- 7 Summary estimated, based as it is on a large number of global innovation Robust investment in 2020 leaders, often known only to specialists. This great breadth is also 9 The Top 20 CHF5,500,000 found in start-ups and it provides the ideal structure in which The start-ups that made survive crises, as our figures for 2020 show. The total invested sum the most of more than CHF 2 billion is more evenly distributed among the TO GIVE 163 KICKS TO STARTUPS IN 2021 AND Report 300 or so financing rounds than ever before. 16 BRING SWISS DEEP TECH TO GLOBAL MARKETS This structure can also produce unicorns and several can be found Sectors in our list of IPOs and trade sales. We report on the pipeline, which 20 Phases is well filled with unicorn candidates, in ‘Soonicorns’ on page 42. 26 Cantons THE PRIVATE INITIATIVE VENTURE KICK IS FINANCED BY: One reason for the upswing is the increasing number of venture capital funds, which we list on page 37. At the same time, more Interview Swiss VCs are making it into the top European league and can be 30 Michael Hengartner found increasingly among investors in the top 20 rounds. The president of the ETH The many good ideas that lead to the numerous start-ups often Board on his role in the Swiss innovation ecosystem arise at institutions in the ETH Domain. Michael Hengartner, president of the ETH Board, explains the requirements that must Trend be met for this to continue to succeed – because successful 37 VC funds start-ups need the right framework conditions, and in this respect Focus on verticals they do not differ from SMEs. Analysis 42 Soonicorns Start-ups on the unicorn route Exits 45 IPOs 47 Trade sales Chronicle 55 Against all the odds Photo: Severin Nowacki Severin Photo: Financing rounds Stefan Kyora Thomas Heimann Editor-in-chief, startupticker.ch Deputy general secretary, SECA 61 All the companies from A to Z Partners Supported by 73 Promoters present their services The 2017 Venture Kick winner Maxwell Biosystems AG raised CHF 4 million in 2020. MaxWell Biosystems develops cell imaging systems empowering scientists in pharma and academia to reveal the function of neuronal networks in a dish. GET YOUR KICK: VENTUREKICK.CH 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 Inside Swiss Venture Capital Report 2021 is published by the news portal startupticker.ch in collaboration with the Swiss Private Equity & Corporate Finance Association (SECA). Our implemen- tation partners are digitalswitzerland, Gebert Rüf Stiftung and Swisscanto Invest. The information published in the 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 confiden - tial information from data 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 The Swiss conforms to the criteria of Swiss Venture Capital Report. More information on the study method can be found on page 71. Network for Venture Capital Data partners Private Equity & Private Debt Long-Term Investments Corporate Finance Mergers & Acquisitions Research & Statistics SECA Trainings & Events Venture Capital Workshop SECA Conference Venture Capital on Stage Authors Editorial Mirco Bazzani, Jost Dubacher, Ritah Nyakato Thomas Heimann Deputy general secretary, Private Equity Workshop SECA, and analyst, HBM Partners Publishing management Claus Niedermann Private Markets Seminars Stefan Kyora Partner, JNB Journalistenbüro, Translation and editing Lynne Constable, Lucerne, and editor-in-chief, startupticker.ch www.englishedits.ch Trainings Romandie Specialist advisers Maurice Pedergnana, Graphic design Schön & Berger, Zurich Several Webinars & Events general secretary, SECA; Ulrich Geilinger, Infographics Daniel Karrer, Zurich HBM Partners Picture editor Beatrice Geistlich, Zurich Imprint Printer galledia ag, Flawil Publisher JNB Journalistenbüro GmbH, Contact JNB Journalistenbüro GmbH, Lucerne Hirschmattstrasse 33, 6003 Lucerne, [email protected]; +41 41 226 20 80 www.seca.ch Partner startupticker.ch, [email protected] Collaboration partner Swiss Private [email protected] Equity & Corporate Finance Association SECA Concept and implementation JNB Journalis- © January 2021, tenbüro GmbH, Lucerne JNB Journalistenbüro GmbH, Lucerne Inserat VC Report - 69x297.indd 1 05.01.2021 17:38:27 OVATE VEST GROW Vaud: The innovation hub at the heart of Europe www.innovaud.ch Results – Summary At a glance More than CHF 2 billion again The Swiss start-up scene is very diverse and this has proved to be a strength in a crisis. Although financing rounds of more than CHF 200 million were missing in 2020, start-ups generated more than CHF 2 billion for the second consecutive year. Investment in Swiss start-ups was surprisingly robust sector, with a total of 157 rounds completed; here, the in 2020, with the threshold of CHF 2 billion in venture sector is still clearly in first place. capital exceeded again. This is not only astonishing in In the investment phases, development in early view of the corona crisis, but also very large invest- stage rounds stands out, rising by 43 % to 149 and ments of more than CHF 200 million were missing, of capital invested by about a third to CHF 686 million. which there were three in 2019. Nevertheless, the total Half of the rounds took place in this phase, with a third invested sum decreased by only 7.4 % compared with of the total investment compared with only a quarter the previous year. And the second half of 2020 was in previous years. With the exception of the very large actually the best half-year observed by us in terms of rounds of more than CHF 200 million, the number of flow of funds. The stable development was enabled by large investments also developed very positively, with a significantly higher number of financing rounds – the number of financing rounds of more than CHF 10 increasing by 14.3 % – and considerably higher invest- million rising from 37 to 51. ment per round, with the median rising from CHF 1.95 Cantonal analysis reveals enormous growth in million to CHF 2.9 million. Basel-Stadt: over CHF 540 million was invested in 2020, In terms of sectors, most set new records. Compared about more than four times as much as in the previous with 2019, biotech grew by 31.3 % to CHF 820.3 million. record year of 2018. Biotech start-ups were mainly re- After two years, this sector is again ahead of ICT, includ- sponsible for this growth, with investment also in ing fintech, where the total invested capital sank healthcare IT and medtech companies. The cantonal drastically – by 40 %. The lack of rounds of more than comparison also shows that in addition to the tradi- CHF 200 million had an impact here. In contrast, the tionally leading cantons, other regional ecosystems are number of investments and the median rose in the ICT emerging; for example, in Bern and St. Gallen. Invested capital Financing rounds OVATE VEST GROW in Swiss start-ups of Swiss start-ups INVESTED 2020 ROUNDS 2020 CHF m number 2124 CHF m 304 2400 350 2000 300 Vaud: 250 1600 The innovation hub 200 1200 at the heart of Europe 150 800 100 www.innovaud.ch 400 50 0 0 2012 13 14 15 16 17 18 19 2020 2012 13 14 15 16 17 18 19 2020 7 VC Report 2021 | startupticker.ch EMPOWERINGEMPOWERINGEMPOWERING EMPOWERING EMPOWERINGGAMEGAMEGAME CHANGERS CHANGERSCHANGERSCHANGERS GAME CHANGERS GAMEInvestingInvestingInvestingInvesting in inin Europe’sin Europe’sEurope’s Europe’sCHANGERS most mostmost most promising promisingpromising promising start-ups start-upsstart-ups start-ups throughthroughthrough the the the experienced experiencedexperienced Investingexperienced in Europe’seyes eyeseyes eyes of ofof ofsuccessfulmost successfulsuccessful successful promising Swiss SwissSwiss Swiss start-ups entrepreneurs. entrepreneurs.entrepreneurs. entrepreneurs. throughInvesting the experienced in Europe’s eyes most of successful promising Swiss start-ups entrepreneurs. through the experienced eyes of successful Swiss entrepreneurs. www.redalpine.comwww.redalpine.comwww.redalpine.comwww.redalpine.comwww.redalpine.com www.redalpine.com SVCR_2021_1/1_Redalpine.indd 1 19.01.21 09:23 Results – The Top 20 The Top 20 The largest financing rounds In 2020, only 54 % of the total money invested went to the largest financing rounds. In most previous years, the rate stood at about 70 %. The reasons are the lack of investments of more than CHF 200 million and the high number of growth financings. Company Sector Phase Canton Year founded Amount (CHF m) GetYourGuide ICT later stage ZH 2008 At the end of October, the Swiss-German booking platform for travel 122 experiences led by Searchlight Capital issued convertible bonds. With the fresh money, the company wants to consolidate its market- leading position.
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