Dear reader
Since its foundation in 2015, wefox has experienced rapid growth with its end-to-end platform connecting insurers with customers and own insurance products, and serves more than two million customers worldwide. The current challenging business environment has forced the company to downsize, exit some markets and sell off business units and subsidiaries. Its French AI team has been acquired by Swiss start-up Vector8, allowing it to protect wefox’s legacy as data and AI expert in the insurance sector. And Zurich-based insurtech Helvengo has sold its German subsidiary to its long-standing partner; the parent company will enter liquidation.
Despite these difficulties, insurance is a broad field with numerous opportunities. Calingo, founded in 2021, wants to transform the sector with a new approach focused on providing tailored solutions, such as pet insurance – less than 10% of pets are insured in Switzerland. Several investors have invested in Calingo’s pre-series A financing round to help fast-track its growth.
Further financing rounds were announced this week. DemoSquare, which provides an AI-based platform to monitor and analyse political and regulatory activities, has obtained CHF 1.2 million for its European expansion. Medtech start-up Release Therapeutics, which aims to treat genetic disorders without gene therapies, has raised CHF 3.3 million in seed funding. And Soeder, which supplies natural care products, has attracted Georges Kern, CEO of Breitling, as an investor and board member to fuel its growth.
Irmos Technologies, which provides maintenance solutions to maximise the safe life of buildings and bridges, has built on its successful market entry in Switzerland with its first customer deal in Greece and a large-scale pilot in New York, making the start of its internationalisation journey. EPFL spin-off Swissto12, a specialist in advanced radio frequency (RF) payload technologies, has won a CAD 10 million contract to supply equipment for improved safety at sea.
In addition to the 20 start-ups selected for the Boldbrain accelerator programme, five start-ups that have demonstrated a robust growth strategy and high market potential have been awarded the SEF.Growth High Potential Label. The label comes with benefits such as tailored coaching, access to top industry players and investors, and visibility and networking opportunities.
Seize the opportunity to expand your network and learn from experts at several upcoming events and workshops: see our calendar for details and to register. And remember to apply for competitions with expiring deadlines this month: the Bluelion accelerator deadline has been extended to 11 August.
Enjoy the sunny summer weekend.
Ritah Ayebare Nyakato
Duty Editor, Startupticker.ch