Startup Exit & IPO Pathways: Germany, Austria & Switzerland
- Jörn Menninger
- Mar 10
- 5 min read
Updated: Apr 10
Exits — whether through trade sales, IPOs, or secondary transactions — are the mechanism by which startup ecosystems generate returns and recycle capital. The exit landscape across Germany, Austria, and Switzerland differs from the United States in timing, mechanisms, and typical multiples. Trade sales dominate, with IPO activity limited to landmark cases like AUTO1 (EUR 1.8B, 2021) and On Running (CHF 6.5B, NYSE 2021). This page covers stock exchanges, trade sale dynamics, secondary markets, and exit multiples across the DACH region.
In Short
Trade sales remain the dominant DACH exit path, with 1,191 exits in H1 2025 globally. The Frankfurt Stock Exchange Scale segment, SIX Swiss Exchange, and Vienna Stock Exchange provide IPO venues, but recent activity has been limited. Secondary transactions hit $162 billion globally in 2024. B2B SaaS exits typically achieve 3–7x revenue multiples in Europe versus 5–15x in the US, with average time to exit around 7–10 years.
Executive Summary
The DACH exit landscape is shaped by conservative market structures and a preference for trade sales over IPOs. The Frankfurt Stock Exchange offers the Scale segment for growth-stage SMEs, while the SIX Swiss Exchange is the third largest in Europe by market capitalization. Vienna handles Austrian listings but recent startup IPO activity is limited. Trade sales to corporate acquirers account for most exits, with 1,191 recorded in H1 2025 globally. The secondary market has grown significantly, reaching $162 billion in global PE secondary volume in 2024. Exit multiples in the region carry a discount compared to US equivalents, with B2B SaaS exits at 3–7x revenue versus 5–15x in the US and average time to exit running 7–10 years compared to 5–7 years in the United States.
Key Takeaways
Trade sales to corporate acquirers remain the dominant exit path in DACH, with 1,191 exits in H1 2025 globally, down 3% year over year.
The Frankfurt Stock Exchange Scale segment targets growth-stage SMEs seeking public equity without full Main Market regulatory requirements.
SIX Swiss Exchange is the third largest in Europe (EUR 1.6 trillion free-float market cap), hosting On Running's landmark 2021 listing.
Global PE secondary transaction volume reached $162 billion in 2024, providing an increasingly important liquidity mechanism for DACH startups.
DACH exit multiples carry a significant discount: B2B SaaS at 3–7x revenue vs. 5–15x in the US, with time to exit averaging 7–10 years.
Stock Exchanges and IPO Venues
The Frankfurt Stock Exchange (Börse Frankfurt), the world's third oldest and twelfth largest by market capitalization, offers the Main Market (Regulated Market) and Scale segment for growth-stage SMEs. The Scale segment targets companies seeking public equity access without full Main Market regulatory requirements. The SIX Swiss Exchange is the third largest in Europe with a free-float market capitalization of EUR 1.6 trillion, and hosted On Running's landmark 2021 IPO at a CHF 6.5 billion valuation. The Vienna Stock Exchange handles Austrian listings, though recent startup IPO activity has been limited. AUTO1's February 2021 IPO at EUR 1.8 billion remains a notable German landmark.
Trade Sales and Secondary Transactions
Trade sales to strategic corporate acquirers remain the most common and often preferred exit path in the DACH ecosystem, with 1,191 exits in H1 2025 globally (down 3% year over year). Corporate acquirers value DACH startups for engineering talent, deep-tech IP, and established European customer bases. The secondary market has become a significant liquidity mechanism alongside trade sales. Global PE secondary transaction volume reached $162 billion in 2024, giving early investors and employees a path to liquidity before a full exit event.
Exit Multiples and Timelines
Exit multiples in the DACH region carry a discount compared to US equivalents. B2B SaaS exits typically achieve 3–7x revenue multiples in Europe versus 5–15x in the US. The average time to exit runs approximately 7–10 years in DACH compared to 5–7 years in the United States. These longer timelines and lower multiples reflect the more conservative European investment environment, smaller addressable markets in individual countries, and fewer mega-round funding histories that drive US valuations.
Relationship Map
What This Page Does Not Cover
Partner with Startuprad.io
Want to reach founders, investors, and startup operators across Germany, Austria, and Switzerland? Become a partner and get your brand in front of the DACH startup ecosystem.
Frequently Asked Questions
What are the main exit paths for startups in Germany, Austria, and Switzerland?
The three main exit paths are trade sales (acquisitions by corporate buyers), IPOs on exchanges like the Frankfurt Stock Exchange or SIX Swiss Exchange, and secondary transactions where early investors sell stakes to later-stage buyers. Trade sales dominate the DACH ecosystem, with IPOs reserved for larger, more mature companies.
How do DACH exit multiples compare to the US?
DACH exit multiples carry a significant discount. B2B SaaS exits typically achieve 3–7x revenue in Europe versus 5–15x in the US. Time to exit also runs longer at 7–10 years in DACH compared to 5–7 years in the United States, reflecting more conservative market dynamics and smaller addressable markets.
Which stock exchanges handle startup IPOs in the DACH region?
The Frankfurt Stock Exchange offers the Scale segment for growth-stage SMEs alongside its Main Market. The SIX Swiss Exchange is the third largest in Europe and hosted On Running's 2021 listing. The Vienna Stock Exchange handles Austrian listings, though recent startup IPO activity there has been limited.
How large is the secondary market for startup exits?
Global PE secondary transaction volume reached $162 billion in 2024, making secondaries an increasingly important liquidity mechanism. These transactions allow early investors and employees to sell stakes before a full exit event, providing partial returns and portfolio flexibility.
About the Host
Jörn "Joe" Menninger is the host of the Startuprad.io podcast and covers founders, investors, and policy developments across the DACH startup ecosystem. With years of experience reporting on German-speaking startups, he provides independent, English-language analysis of the trends shaping venture capital and innovation in the region.
Related Articles
Subscribe to the Startuprad.io Podcast
Apple Podcasts · Spotify · YouTube · RSS Feed
Support Startuprad.io
Startuprad.io is building one of the strongest English-language knowledge platforms for the DACH startup ecosystem, covering founders, investors, and the technologies shaping the region. If you find our work valuable, please share it with colleagues and fellow founders. Your support helps us remain independent and keep providing free, high-quality analysis.
Comments