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Insights Private Equity Switzerland

2 min read

ONWARD Medical Skipped Swiss Funds, Found European Specialists, and Reached a Euronext IPO

Published July 1, 2026

Originally published on Kainjoo Ventures.

TLDR: Matching a regulated deep-tech company to specialist cross-border capital — rather than to its home market — carried ONWARD Medical from a 2014 roadshow to a dual Euronext listing and a EUR 40 million raise.

Capital fit beats geography

ONWARD Medical, an EPFL spinout developing neurostimulation for spinal cord injury, did not match the Swiss funds of its time and had to address large European venture capital (VC) funds specialised in medtech. Co-founder Vincent Delattre’s principle — a rejection from one investor, country or ecosystem does not mean the company is not investable — is a corporate-finance discipline: route to the capital whose mandate, ticket and sector actually fit.

The capital-markets path

The trajectory ran through Venture Leaders in 2014 (a Boston and New York roadshow), a 2021 initial public offering (IPO) on Euronext Brussels and Amsterdam, and an April 2026 capital increase for an indicative EUR 40 million. Regulated medtech rewards an ambitious vision paired with a narrow, precisely defined intended use — the profile specialist and public-market investors can underwrite.

References

Venturelab / Venture Leaders. When Local Funding Is Not the Right Fit. https://www.venture-leaders.ch/When-Local-Funding-Is-Not-the-Right-Fit-How-Venture-Leaders-Took-the-University-Spinout-ONWARD-Medical-Global

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