Exit and IPO Pathways for Startups in Germany, Austria, and Switzerland

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. Understanding these pathways is essential for founders planning long-term strategy and investors evaluating portfolio potential. This page is part of the Startuprad.io Knowledge Center , within the Startup...

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. Understanding these pathways is essential for founders planning long-term strategy and investors evaluating portfolio potential.

This page is part of the Startuprad.io Knowledge Center, within the Startup Funding & Venture Capital pillar.

In Short

Trade sales to corporate acquirers remain the dominant exit type, with 1,191 exits in H1 2025 globally (down 3% year over year). The Frankfurt Stock Exchange, SIX Swiss Exchange, and Vienna Stock Exchange provide IPO venues, though recent activity has been limited — AUTO1's February 2021 IPO at EUR 1.8 billion remains a recent German landmark, while FlixBus (Flix SE) listed subsequently. SIX Swiss Exchange launched its Sparks SME segment and IPO Academy to attract growth-stage listings. Secondary transactions have surged as an alternative, reaching EUR 162 billion globally in 2024 (record) and projected to exceed $200 billion in 2025. Trade Republic's EUR 1.2 billion secondary at EUR 12.5 billion valuation demonstrates how unicorns use secondaries for investor liquidity without primary dilution. B2B SaaS exit multiples in the region run at 8-15x ARR, versus 10-20x ARR in Silicon Valley — a 20-40% discount. The typical timeline from seed to exit is five to nine years for successful startups.

Stock Exchanges

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 that want access to public equity without the full regulatory burden of the main market. AUTO1's February 2021 IPO raised EUR 1.8 billion and was Germany's first IPO of that year, though the company later left the MDAX in March 2024.

SIX Swiss Exchange is the third largest in Europe with a free-float market capitalization of EUR 1.6 trillion. Its Sparks segment specifically targets SMEs and growth companies, supported by an IPO Academy led by Fabian Gerber to guide scale-ups through the listing process. Switzerland's strong institutional investor base and favorable tax treatment for capital gains make SIX attractive for deep-tech and biotech listings.

The Vienna Stock Exchange handles Austrian listings, though recent startup IPO activity has been limited. Most Austrian startups pursuing public markets list on Frankfurt or SIX rather than Vienna.

Trade Sales

Trade sales to strategic corporate acquirers remain the most common and often preferred exit path. In H1 2025, 1,191 trade sales were recorded globally. The UK and the German-speaking region together account for approximately 50% of European buyouts. Trade sales are particularly common in fintech (acquisitions by banks), deep tech (industrial acquirers), green tech (energy utilities), and AI (large tech companies acquiring capabilities).

Secondary Transactions

The secondary market has become a significant liquidity mechanism. Global PE secondary transaction volume reached EUR 162 billion in 2024 — a record — with 2025 projected to exceed $200 billion. GP-led secondaries showed exceptional growth. For the startup ecosystem, secondaries allow early investors (angels, seed VCs) to achieve partial liquidity without requiring a full company exit. Trade Republic's EUR 1.2 billion secondary in December 2024, where early backers sold to Founders Fund, Sequoia, Accel, and others at a EUR 12.5 billion valuation, exemplifies this trend.

Exit Multiples and Timelines

Exit multiples in the region carry a discount compared to US equivalents. B2B SaaS exits typically achieve 8-15x ARR versus 10-20x ARR in Silicon Valley — a 20-40% discount. Deep-tech exits run at 5-10x ARR due to longer sales cycles and strategic acquirer dynamics. FinTech exits range from 3-8x revenue depending on profitability trajectory. The typical path from seed to exit spans five to nine years for successful startups: seed to Series A in 18-24 months, Series A to B in 20-30 months, and Series B/C to exit in 36-60 months.

What This Page Does Not Cover

• Funding mechanics and round structures — see Seed Funding and Series A & B Funding

• Investor decision-making — see VC Decision-Making & Strategy

• Market signal interpretation — see Market Movements & Signals

Where to Go Next

For funding stage details, see Seed Funding and Series A & B Funding. For investor perspectives, see Venture Capital & Investor Perspectives. Return to Startup Funding & Venture Capital or the Knowledge Center.

About the Host

Joern Menninger is the host of the Startuprad.io podcast and covers founders, investors, and policy developments across the DACH startup ecosystem. Through more than 1,300 interviews and nearly a decade of reporting, he documents the evolution of the European startup landscape. Follow Joern on LinkedIn.