StartAngels Network leads CHF 1.7m round for hystrix medical


Hystrix, an online B2B marketplace for medical products, has raised additional capital of CHF 1.7 million, bringing its pre-Series A financing to CHF 2.6 million. Led by StartAngels Network, the funds will flow into the further development of its marketplace software and exploration of international opportunities for expansion.


Alongside the StartAngels Network (SAN), one of Zurich's leading early-stage Angel investor communities, existing and new investors participated in the round, jointly investing CHF 1.7 million in hystrix. The total pre-series A amount of CHF 2.6 million also includes the first seed financing of CHF 860,000 and EUR 50,000 in grant funding from the EU. The startup intends to use the funds to further develop the ‘hystrix marketplace software’. The technology will be developed from the existing “Minimum Viable Product” into a fast, transparent and user-friendly marketplace solution. UI/UX testing is now underway with users that will see the hystrix team deliver a similar software solution to that used in the B2C sector in time for the main hospital buying season in Q4. In line with the new investment, hysterix has welcomed Stephan "Essi" Fischer, an experienced IT entrepreneur and start-up consultant, to its Board of Directors as a representative of the StartAngels Network. Bringing new B2C-like dynamics in the Swiss healthcare system Hystrix developed the first Swiss B2B marketplace for medical products. By digitizing procurement and sales processes, the startup has helped to create speed, efficiency and transparency in the Swiss healthcare system. With their solution, therefore, the startup team strives to bring simplicity, user-friendliness and transparency into the complex and partly opaque B2B processes in the Swiss healthcare sector and offer a concrete solution for keeping costs under control. The marketplace started with six pioneer hospitals carrying out initial pilot testing of the hystrix concept between November 2018 and April 2019. Since the conclusion of the pilot, the purchasing activities of users, as well as the number of suppliers and products, have risen sharply. Now, more than 30 hospital partners have access to some 75,000 products, over 580 brands and 40 supplier companies. This growth shows clear support and acceptance from the healthcare industry. Medical device vendors are looking for alternative, less expensive B2B distribution channels that support their onshore business model in times of significant pressure on cost and headcount. Philippe Hügli, CEO and founder of hystrix says: "We help suppliers adapt their distribution cost structure to today's conditions and optimize their relationships with hospital customers. On the other hand, we offer hospitals an efficient and time-saving "one-stop-shop" for comparing prices and procuring consumables from different vendors”(Press release)