top of page

This Month in German, Swiss, and Austrian (GSA) Startups — November 2023

New Blog

This blog post first appeared first on old medium publication (, and was moved to this blog with the relaunch of our website in summer 2024.

Welcome to our November 2023 wrap-up with vital news from the startup scenes in Germany, Austria, and Switzerland in 30 minutes or less 🙂.

Our startup news are recorded with Chris in New York City and Joe in Frankfurt. The recording date is November 28th and all news not included will be in our next news to be released on December 21st. Our last planned publication is on December 22nd the annual fintech review (yes, we moved away from December 25th). Note: We will take a holiday break until January 18th, 2023, when you can expect the first publication in the new year.

Our Highlights:

AI startup Aleph Alpha raises half a billion dollars, CMBlu raises 100 mn € for energy storage, WeFox gets 55 M US$ from Deutsche and Unicredit, and Vanguard pulls the plug on their German robo advisor. It seems that Sono Motors has found an investor to keep going at least until the end of 2024 and the German subsidiary of WeWork also has to file for insolvency.

Let’s talk startups:

Our Partners (AL)

Supercharge your sales game with Pipedrive! 🚀 Unlock the ultimate tool for lead management and conversion. 💼 Seize this exclusive offer: Get a jaw-dropping 30% OFF for an entire year! 🌐 Elevate your business 💥 #Lead

🎉 Elevate your customer support game with Zendesk! 🚀 Experience excellence for FREE — get 6 months on us! 🌐 Revolutionize your service and delight your customers. ⏳ Don’t miss out on this incredible opportunity! 🚀 #CustomerSupport

The Video Podcast Will Go Live on Thursday, November 30th, 2023

The Audio Podcast Will Go Live on Thursday, November 30th, 2023

You can subscribe to our podcasts here.


Apple Podcasts


Global Podcast Network (Formerly NY City Podcast Network)

Tune in to our Internet Radio Station here:

Be one of more than 100.000 people smartening up with our content, as well as that of many media partners, including but not limited to and Stanford University Radio Show Laptop Radio

Subscribe Here

Find all options to subscribe to our newsletter, podcast, YouTube channel, or listen to our internet radio station here:

Our Enablers

This recording is supported by HTAI and the Enterprise Europe Network Hessen

This recording was made possible by HTAI and the Enterprise Europe Network Hessen. These organizations have made tremendous contributions to helping startup businesses succeed and thrive, providing a range of services from helping to find grants to ongoing partnerships. By taking advantage of these resources, startup companies can network and develop innovative strategies for success on the international stage. The dedicated support of HTAI and the Enterprise Europe Network Hessen is paramount in providing startup businesses with the tools for lasting success. Look for our dedicated sub-podcast in partnership with them: Tech Startups Germany on our

The best way to identify investors and cooperation partners for early-stage startups. Sign up for early access here:

Top News

Aleph Alpha raises 500 mn US$

Heidelberg-based Aleph Alpha raises a total investment of more than half a billion US Dollars from a consortium of industry leaders and new investors for their AI for Enterprises and Governments The investors want to create a counterweight to OpenAi in Europe and offer with Luminous a chatbot that claims to be more transparent regarding its sources.

CMBlu Energy raises 100 mn €

German Energy scale-up CMBlu offers „warehouses for energy“, with batteries storing up to gigawatt hours. They now raised 100 million Euros, with Strabag being the sole investor, one of Europe’s largest construction companies, based in Vienna. The company with its local storing solutions hopes to benefit from the coming boom of renewables. CMBlu is located in Alzenau, not too far away from Frankfurt, but already in Bavaria.

WeFox Raises 55m US$

Deutsche Bank and UniCredit back $4.5 billion insurance startup Wefox with $55 million in fresh funds. WeFox is an online insurance broker and it did not raise equity, so their valuation stayed the same.

Sono Motors May Have Found An Investor

Sono Motors was once hailed as a new hope for the German startup scene, listing early in the US in November 2021. The company wanted to increase the reach of electro-cars by adding solar cells but ran into many problems while developing electro-cars. In the end, they had to file for insolvency but are now restarting with tech that allows the retrofitting of solar panels for fossil fuel busses. Sono Motors filed a 6-K form with the SEC saying that the company secured its survival for 2024, apparently most of the 250 employees can find further employment.

Read more in our blog post: Sono Motors Finds Investor

Vanguard Pulls The Plug on Their Robo Advisor in Germany

Vanguard’s German robo advisor costs millions and scores only 4 mn assets under management (AuM) at the end of 2022. A disaster according to FinanceFWD to compare this: Scalable Capital had 11 months after launch more than 100 mn AuM

WeWork Germany Files For Insolvency

WeWork’s German subsidiary files for insolvency — the company had issues everywhere.

Housekeeping & Time to Brag

Nothing to see here :-)


Economic data

  • Germany’s €1 Billion for a „Fund of Funds“: Sifted reported its closing and details that the „Growth Fund Germany” is going to invest in German and European VC funds, in order to make more growth capital available to these markets — it’s traditionally lacking there. We have some more details in a blog post, based on Sifted:

  • There is hope for an uptick in business in Germany: ifo Business Climate Index Rises (November 2023)


Here we want to highlight some hidden gems and cities of general startup interest.

Frankfurt / Rhein-Main-Area

  • We had our first-ever interview with main incubator. They already rebranded to neosfer. Now they spin off their first startup Lissi

  • TVARIT secures 6,5 M Euro Venture Capital for their industrial AI

  • Former football player (Eurocup Winner 1996) and football manager Oliver Bierhoff and Frankfurt-based Finvia Family Office set up a unit for pro athletes. Finvia wants to offer investment opportunities in the sports sector.


  • Foodtech startup GoodBytz secures 12 M € investment They are offering kitchen robots for restaurants that should be able to prepare complete meals.

  • Oxolo — a generative AI startup — Closes €13M Series A Funding


  • Mannheim-based Klarna subsidiary Stocard becomes profitable. They are offering loyalty card solutions for chain stores.


  • Germany’s richest man wants to ensure Europe has an OpenAI rival. The Dieter Schwarz Foundation has therefore chosen Aleph Alpha as its main strategic partner for an AI innovation park in South West Germany.


  • Graz-based same-day delivery hNow has to file for insolvency

  • Austrian parliament enables a new legal form for companies called FlexCo. They expect a new wave of newly started companies from that

Switzerland — Again Biotech Reigns Supreme

  • Spacetek Technology AG raises CHF 5.8 million to redefine real-time analysis of gases and liquids

  • SkyCell AG provides pharmaceutical supply chains with temperature-controlled hybrid containers. It has completed a USD 57 million equity financing round at a USD 600 million valuation with M&G Investments

  • Onena Medicines closes 3.7M CHF funding round to advance its novel antibody portfolio

  • Memo Therapeutics Raises CHF 25 Million Series C Financing

  • Evolva: a CHF 20 million exit deal prevents company closure

  • Alivion secures CHF 3.8 million to give mobile devices a sense of smell

General News / Tech News / Companies News Section

A little note here. Since we aim to inform you about the startup world in GSA, SMEs and large enterprises are also active in the markets. Therefore we include some news of them here as well:

New Funds, in case you are looking for money:

  • Berlin-based AI venture studio Merantix is raising a new €100m fund to co-invest in startups

Fintech News

  • Startups Via Trade and Myos fund purchases of Amazon merchants. The business was hyped, but now both are in trouble

  • The fourth wave of layoffs running through the former bearer of hope for German proptechs McMakler

  • Berlin-based fintech Solaris Bank scores a win against German finance oversight body Bafin — there will be no limiting customer deposits

  • Siemens uses J.P. Morgan’s blockchain for programmable payments

  • PE fund Pollen Street Capital starts consolidation of the German wealthtech market finance Group, Fundhero, and fundsaccess will be working together under the Pollen Street Umbrella

  • Crypto platform Bullis, backed by billionaires like Peter Thiel and Christian Angermayer is preparing its launch in Germany

  • Trade Republic: Neobroker generates 145 M € loss in the business year ending September

General News

  • German fund of funds Equation buys VC fundraising platform Betterfront

  • Grover founder steps down from his CEO job in a surprise move. He feels it is the right time to do so. Linda Rubin (formerly COO) takes over. She is a seasoned manager with experience in JP Morgan and Rothschild

  • Celonis buys AI startup Symbio, and adds generative AI capabilities

  • Berlin-based unicorn Getyourguide was a hot candidate for an IPO in 2024, but now the CEO dampens these hopes

Schumpeters Schöpferische Zerstörung ⇒ Creative Destruction Still Ongoing:

Schumpeter was one of the most influential economists of the 20th century and coined the term creative destruction in German Schöpferische Zerstörung as well as Entrepreneur. Learn more about him here: We introduced this section towards the end of covid and it is still going strong.

End on a High Note: Successful Fundraisings and Exits:

Keep in mind this is a small selection. The news here and their total value show how resilient the startup scene is. We included only selected fundraisings above 5 million Euros or USD

We will be back shortly before Christmas on December 21st.

Stay Ahead of the Curve

Like What You Hear?


We are always looking for ways to make the show better. Please take this opportunity and share your feedback with us! We would love to hear from YOU!!!

The Interviewer

This interview was conducted by Jörn “Joe” Menninger, startup scout, founder, and host of Reach out to him:

Keep Up to Date


bottom of page