
The DACH startup ecosystem, encompassing Germany, Austria, and Switzerland, is undergoing a dynamic transformation. While Berlin has long reigned as the region's startup capital, renowned for its consumer-focused giants (Zalando, Delivery Hero, HelloFresh, Auto1), recent data paints a more nuanced picture – one of decentralization, increasing maturity, and strategic shifts in focus. With $11 billion+ in total venture funding in 2024, DACH remains a European powerhouse, but the real story lies in where and how this capital is being deployed.
Total VC Funding in DACH in 2024
While Germany remains DACH's dominant force (67% of funding), its startup capital is shifting. In 2024, Bavaria overtook Berlin (EUR 2.3bn vs. EUR 2.2bn), driven by Munich-based successes like Helsing, The Exploration Company, and Isar Aerospace, alongside rising stars like RobCo and Avelios. This decentralization extends to Dresden (Staffbase), the Rhine-Neckar region (DeepL, Bezahl.de), Frankfurt (Qualifyze), and even Hamburg (1KOMMA5). Beyond location, AI is key. DACH's AI sector saw 114% YoY funding growth to $1.38B in Q1 2024, with 477 startups and 561 rounds, becoming the unifying thread across sectors like semiconductors and cybersecurity.
Funding amounts in Germany
Creandum's commitment to the DACH region is deeply rooted, with around 30% of our investments directed towards DACH ventures in the past five years. Our recent activity reflects the region's evolving dynamics. While Berlin remains a crucial hub for emerging tech companies, we recognize the rise of other key centers where great companies are founded.
Creandum's more recent investments in DACH
As AI reshapes industries across Europe, it's also redrawing the startup map within DACH. While Germany’s ecosystem is evolving through decentralization and sectoral shifts, a new leader is emerging: Switzerland. Long known for its stability and deep-tech expertise, the country is rapidly positioning itself as the region’s premier startup hub—especially in AI.
This shift signals more than just Switzerland's rise—it marks a fundamental rebalancing of DACH’s startup ecosystem. Let’s take a closer look into what is driving this ecosystem to the forefront.
Switzerland's startup scene is on fire. With per-capita funding of $392, it ranks 4th globally–surpassing the UK's $281 and trailing just behind Sweden's $463. Boasting more unicorns per capita than any other country in Europe, Switzerland proves that entrepreneurial success isn't determined by size. Having topped the Global Innovation Index for 14 consecutive years, it continues to showcase its unmatched innovation prowess.
Nicknamed “Silicon Limmat” in insider circles, Switzerland is leveraging two world-class institutions, ETH Zurich and EPFL Lausanne, alongside strong business schools such as HSG. The country's robust AI ecosystem is further strengthened by its density of research labs and supporting university infrastructure, including the ETH AI lab and substantial university funding. In addition, the country shines with the newly established Swiss National AI Institute, designed to drive AI innovation. With 1.8 billion CHF in AI funding in 2024, a business-friendly environment, and a high density of AI startups, Zurich is now a magnet for talent, investors, and global tech players like Google and OpenAI.
ETH Zurich
Three main hubs drive Switzerland’s ecosystem:
Zurich: The leading startup center with strengths in fintech and deep tech.
Lausanne: Experiencing impressive growth with a 63% funding increase, fueled by EPFL's expertise in robotics and life sciences.
Basel: A thriving biotech hub, benefiting from the presence of pharmaceutical giants like Roche and Novartis.
Scanning the ecosystem’s most up and coming startups, we have identified a few companies (amongst many many others) we’re really excited about in these three main sectors:
Some exciting startups in Switzerland (amongst many many others)
Logicstar.ai, founded in April 2024 by a team of experts from ETH Zurich and INSAIT, including Boris Paskalev (CEO), Dr. Mark Niklas Müller (CTO), and Dr. Veselin Raychev (Chief Architect). The company focuses on developing an agentic AI platform that autonomously validates, reproduces, and fixes software bugs with high precision, allowing engineering teams to concentrate on innovation and new features.
Scalera is another ETH-spin-off based in Zurich, founded in 2023 by Sven Affeltranger, Leonard Reinhard and Federico Gossi. It’s an AI-based software provider offering tender assistance for the construction industry. Scalera is still in its early days and hasn’t raised any institutional funding yet.
Zenline, another ETH spin-off out of Zurich, founded by Arber Sejdiji, Minh-Kha Nguyen, and Gerrit Merz in 2024, it operates as an AI-based product portfolio optimization platform for businesses. The company went through the Microsoft for Startups accelerator program.
Adaptyvbio: A biotech startup specializing in AI-driven protein design and engineering, co-founded by Julian Englert and Daniel Nakhaee-Zadeh Gutierrez. The company offers a cloud-based platform that enables researchers to design, build, and test novel proteins efficiently. By integrating generative AI with automated laboratory processes, Adaptyv Bio aims to revolutionize the development of new proteins for applications in medicine, manufacturing, and energy. The company's innovative approach has garnered support from Y-combinator, EPFL and Founderful.
Convoke.bio: The company was founded in 2024 by former Swiss life sciences consultant Alex Telford, who ran projects in neurology, oncology, rare diseases, and novel treatment modalities and writes prolifically about trends in BioPharma on his blog. Convoke is building better software to help drug developers plan for clinical development, launch, and commercialization.
Entyre: health tech company founded in 2018. The company focuses on enhancing home-based patient care by providing software solutions, regular visits from care advisors, and multi-channel support. Their platform enables patients and caregivers to competently perform care tasks, ensuring efficient interaction with relevant stakeholders such as physicians, pharmacies, and health insurers. Entyre raised a growth round in 2024 led by HV Capital.
Nsave: The Geneva-based fintech provides a digital banking services platform that offers a secure way to save. It also offers services such as financial inclusion without account restrictions that allow customers to get global safe accounts for their money with the utmost financial security. Nsave went through Y Combinator, Sequoia led their Seed round and their $18 million Series A funding round was led by TQ Ventures.
Bling is reinventing Retail-Banking for families, co-founded by Nils Feigenwinter but operating out of Berlin. Bling provides educational, family-friendly digital solutions in the areas of payment, investment, and mobile communications. Their app combines pocket money, cell phone tariffs and easy investing for the whole family in one app. The company’s mission is to help families to understand, manage and grow money by creating an ecosystem for family finances by using simple visualisations and educational information in the app and on social media. Their 2022 seed round was led by La Famiglia and they closed their $12M Series A round led by Owl Ventures in 2024.
Ledgy is a Zurich-based startup that provides an equity management platform for high-growth companies. Founded in 2017 by Yoko Spirig, Ben Brandt, and Timo Horstschäfer, the company helps businesses manage their capitalization tables and employee equity more efficiently. Ledgy recently secured €22 million in a Series B funding round led by New Enterprise Associates (NEA), with participation from Sequoia Capital, Speedinvest, and others. The platform simplifies complex equity processes, supports companies across 45 countries, and serves over 2,500 businesses, helping them attract, motivate, and retain top talent through transparent equity ownership.
Creandum team members meeting founders in their mobile Swiss office
Overall, we are excited to see that Switzerland is emerging as a beacon of entrepreneurial excellence and the Swiss ecosystem, particularly in Zurich, represents a microcosm of potential that's capturing global attention.
We're actively seeking visionary founders across Switzerland (and the entire DACH region) who are building the next generation of category-defining companies globally. If you're building something unique, we'd love to hear from you!