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2019 Swiss Venture Capital Report

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2019 Swiss Venture Capital Report Edition No 7 Swiss Venture Capital 2019 Report Overall investment A billion for the first time Sectors ICT more than doubles its money Cantons Zurich takes back the lead In cooperation with SECA – Swiss Private Equity & Corporate Finance Association Editorial Contents Creation of an eco-system Results In order for a start-up scene to 7 At a glance develop its own momentum, it VC investment reaches a new record needs not only ambitious founders 9 The Top 20 with promising projects, but also Fintech SEBA Crypto collects investors, financing for their funds, CHF 100 million and established companies that Analysis are willing to work together with 15 start-ups and ultimately take Looking abroad Photo: pisonic Photo: them over. Over the past year, Results there has been significant progress in all these areas. This 18 Sectors has resulted in significantly more funds invested in 22 Phases significantly more start-ups, as our data shows, investors 28 Cantons and business angel clubs are becoming more active, and Swiss companies such as Scandit are attracting world- Trend renowned Silicon Valley investors (see page 21). In Switzer- 34 New funds arising land, new funds were closed in 2018 and others are under Pension funds discover the construction, as Thomas Heimann and Maurice Pedergnana benefits of VC show on page 34. Find out on page 37 which of these Background funds are involved in pension funds in a big way. Exits 40 Tokenisation are the focus on page 43, and business lawyer Christian Normalisation and a new Wenger explains on page 49 what needs to happen in perspective for the crypto scene development of the Swiss start-up ecosystem in order to Exits move forward and bring it to the global forefront. 43 IPOs and trades sales Stefan Kyora Interview Editor-in-chief startupticker.ch 49 Christian Wenger The untiring networker and lawyer on his role in the Swiss innovation ecosystem Chronicle 53 The year in the news Supported by Financing rounds 59 All the companies from A to Z Partners 67 Promoters present their services Summit in sight Swiss-made innovations deserve global perspectives We are thrilled to empower technology companies on their mission to build something meaningful for Switzerland and the world. Is it time to climb your next summit? Let’s get in touch! More about Swisscom Ventures at swisscom.ch/ventures sme-ins-summit-ventures-a4-en.indd 1 15.01.19 13:57 Inside Swiss Venture Capital Report 2019 is published by the news portal startupticker.ch in collabo ration with the Swiss Private Equity & Corporate Finance Association SECA. Our implementation partners are digitalswitzerland and the School of Management Fribourg. Greater accuracy thanks to partners The database of the Swiss Venture Capital Report is based on rounds of financing reported on startupticker.ch in 2018, or released Summit by investors, business angel clubs and start-ups for publication in the report. In addition, for the first time we have received confidential data on financing rounds from data partners for the analysis, which has allowed us to draw an even more accurate picture of Swiss start-up investment. For example, thanks to the information provided by in sight investiere, we were able to include the financing volume of about 30 investments in the evaluation. All information provided by the Swiss-made innovations data partners on confidential financing rounds was individually reviewed in a multi-stage process to ensure that it conformed to the criteria of the Swiss Venture Capital Report. deserve global perspectives The analysis takes into account only Swiss start-ups; that is, those companies that have their legal headquarters in this country. In addition, a senior person with decision-making authority, such as a C-level manager or a board member, must be based in Switzerland. We are thrilled to empower technology companies on their mission The report focuses exclusively on venture capital investments of at to build something meaningful for Switzerland and the world. least CHF 100,000. Strategic partners are not included in the analy - sis; however, a separate list on page 65 provides an overview of such Is it time to climb your next summit? Let’s get in touch! deals. Buy-out financing and private equity investment in established companies are not included. More about Swisscom Ventures at swisscom.ch/ventures Data partners Authors Editorial Stefan Kyora, Jost Dubacher, Ritah Nyakato, Sophie Küsterling Thomas Heimann is Head of Research & Statistics at SECA Project leader Claus Niedermann Stefan Kyora is a partner at JNB Journalisten- Translation and editing Lynne Constable, büro, Lucerne, and editor-in-chief of English Edits, www.englishedits.ch startupticker.ch Graphic design Schön & Berger, Zurich Specialist advisers Maurice Pedergnana, Infographics Daniel Karrer, Zurich General Secretary SECA; Ulrich Geilinger, HBM Partners AG Picture editor Beatrice Geistlich, Zurich Printer galledia ag, Flawil Imprint Contact JNB Journalistenbüro GmbH, Publisher JNB Journalistenbüro GmbH, Hirschmattstrasse 33, 6003 Lucerne, Lucerne [email protected]; +41 41 226 20 80 Partner startupticker.ch, [email protected] Collaboration partner Swiss Private Equity & Corporate Finance Association SECA © January 2019, Concept and implementation JNB Journalis- JNB Journalistenbüro GmbH, tenbüro GmbH, Lucerne Lucerne 1901- Venture Capital Report - 58x27 - druck.indd 1 17.01.2019 15:03:29 sme-ins-summit-ventures-a4-en.indd 1 15.01.19 13:57 Your legal advisor for innovative solutions Niederer Kraft Frey with its specialised team is the first choice for legal advice to help start-up companies to grow and investors to increase the value of their investments. We see ventures, entrepreneurs and investors through the entire life-cycle from incorporation to financing rounds to exit. Meet our experts Ulysses von Salis Clara-Ann Gordon Patrik R. Peyer Partner, Corporate/M&A, Partner, Technology, Outsourcing Partner, Corporate/M&A, Venture Capital and Private Equity and Data Protection Venture Capital and Private Equity [email protected] [email protected] [email protected] Niederer Kraft Frey Ltd Bahnhofstrasse 53 CH-8001 Zurich +41 58 800 80 00 nkf.ch Results – Summary At a glance Your legal advisor for A new investment record innovative solutions The new record for venture capital investment in Switzerland is due mainly to the ICT sector. Swiss B2B software companies at all stages are well received by investors. In the cantons, Zurich and Zug improve strongly. Niederer Kraft Frey with its specialised team is the first Investment in Swiss start-ups has hit the billion mark. Although sectors developed differently, all phases choice for legal advice to help start-up companies to grow In 2018, nearly CHF 1.24 billion flowed into Swiss start- increased both in number of financing rounds and in ups – an increase of 31.8% on the previous year. The volume. The early phases developed particularly well. and investors to increase the value of their investments. number of financing rounds increased simultaneously, As a result, the total amount of investment is signifi- growing by 31.4% to 230. cantly less dependent on individual large rounds than These figures are due mainly to the upswing in before. The top 20 rounds contributed only 56% of the We see ventures, entrepreneurs and investors through the particular of the ICT sector, including fintech. Start-ups volume – five years ago, it was 82%. The development in this area were responsible for a total of CHF 685 shows the increasing maturity of the ecosystem. entire life-cycle from incorporation to financing rounds to exit. million in venture capital in 2018. Compared with 2017, In the cantons, the development in Zurich stands out funding has more than doubled, increasing by 123.6%. particularly. In 2018, CHF 515.2 million was invested in The sector represents 10 of the top 20 rounds of financ- 99 Zurich start-ups, an increase in volume of 88.7% and ing, including the top three – SEBA Crypto, Nexthink in number of 70.7% compared with the previous year. and WayRay. It is also noteworthy that backers of Zurich’s ICT sector is prominent: 64 start-ups come Swiss ICT companies include some of the world’s most from this area and generated a total of CHF 313.7 million. famous VCs, such as Index Ventures and GV, the venture Among the other cantonal winners are Zug with a capital arm of Google’s parent alphabet. volume increase of 143% (to CHF 171.8 million) and Meet our experts The ICT sector has replaced life sciences as the larg- Basel-Stadt with 72.7% (to CHF 142.1 million). est Swiss venture capital sector. Biotech investment fell An international comparison shows how impressive 43% to CHF 252.6 million after years of growth. In the largest Swiss financing rounds are, and a compari- contrast, the medtech sector developed positively: in son of the top 20 investments with other European terms of volume, it increased by 41.9% from CHF 86.6 countries shows that in Switzerland there are rela- million to CHF 122.9 million. tively more projects with a clear USP. Invested capital Financing rounds in Swiss start-ups of Swiss start-ups INVESTED 2018 ROUNDS 2018 Ulysses von Salis Clara-Ann Gordon Patrik R. Peyer CHF m number Partner, Corporate/M&A, Partner, Technology, Outsourcing Partner, Corporate/M&A, 1236 CHF m 230 Venture Capital and Private Equity and Data Protection Venture Capital and Private Equity [email protected] [email protected] [email protected] 1400 250 1200 200 1000 800 150 600 100 400 50 200 0 0 2012 13 14 15 16 17 2018 2012 13 14 15 16 17 2018 Niederer Kraft Frey Ltd Bahnhofstrasse 53 CH-8001 Zurich +41 58 800 80 00 nkf.ch 7 VC Report No 7 | startupticker.ch BACHELOR • MASTER • CONTINUOUS EDUCATION • CONSULTING SERVICES AND RESEARCH WE ARE COMMITTED TO CREATING POSITIVE IMPACT THROUGH THE STUDENTS, PARTICIPANTS AND PARTNERS WHO BENEFIT FROM OUR PROGRAMS AND ACTIVITIES IN THREE CORE AREAS : ENTREPRENEURSHIP, INNOVATION AND INTERNATIONALIZATION.
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