Kellerhals Carrard

What they fund

They provide legal funding and support for corporate structuring, fundraising, and IP protection. [1] Their services cover seed to growth stages, assisting startups with term sheets, shareholder agreements, and governance. [1] They offer specialized advice for life sciences and technology sectors, as evidenced by their industry events and case studies. [1] They do not provide financial capital but enable capital raising through legal expertise. [1] Credibility: The firm's description of its 'Startup Desk' and recent deals illustrate this support model. [1]

Investment thesis

Kellerhals Carrard is a leading Swiss law firm, not a venture capital investor, and does not deploy capital into startups. [1] Its role is to provide legal counsel and transactional support to companies, including startups, across their lifecycle. [1] The firm's 'Startup Desk' offers specialized legal expertise for high-growth companies, focusing on corporate, financing, and IP matters. [1] They support founders through fundraising rounds, M&A, and governance structuring rather than taking equity stakes. [1] Credibility: The firm's homepage explicitly states it is a 'Wirtschaftskanzlei' (business law firm) and details its comprehensive legal services across all Swiss language regions and internationally. [1]

Value add

They offer deep legal expertise and a dedicated 'Startup Desk' for high-growth companies. [1] Their team includes experts in corporate, financing, and IP law, providing comprehensive support. [1] They foster a 'KC-Spirit' focused on customer and employee satisfaction, ensuring a positive client experience. [1] Fit verdict: Ideal for startups needing robust legal counsel in Switzerland and internationally. [1] Founder diligence script: 1. What is the Startup Desk's specific experience in my sector? 2. How do you handle cross-border transactions? 3. Can you provide references from similar startups? 4. What is your fee structure for early-stage companies? 5. How do you stay updated on regulatory changes affecting startups? Credibility: Information derived from the firm's website and recent case studies. [1]

Portfolio focus

The firm advises a diverse range of clients including tech and life science companies. [1] They recently advised PubliBike on its acquisition by VisionEdgeOne. [1] They also supported ZuriQ AG in a CHF 20.6 million seed financing round. [1] Their client base spans various industries, reflecting their broad legal expertise. [1] Credibility: The 'Deals & Cases' section on their website highlights these specific transactions. [1]

Notable investments & exits

Advised PubliBike on its acquisition by VisionEdgeOne. [1] Supported ZuriQ AG in its seed financing round. [1] These transactions highlight their involvement in key startup milestones. [1] Credibility: The 'Deals & Cases' section on their website provides details on these transactions. [1]

Strategic implications

Kellerhals Carrard's strength lies in its comprehensive legal expertise and strong market presence in Switzerland. [1] Its 'Startup Desk' is a key differentiator, offering specialized support for high-growth companies. [1] The firm's international network allows it to assist clients with cross-border transactions. [1] A potential risk is the high cost of legal services, which may be a barrier for early-stage startups. [1] The signal that would change the read is if the firm were to adopt an equity-for-fee model or launch a venture fund, which would fundamentally alter its relationship with startups. [1]

Where they could go further

The firm could develop more standardized legal packages for early-stage startups to reduce costs and complexity. [1] Expanding its digital legal services could improve accessibility and efficiency for clients. [1] Creating a dedicated mentorship program for founders could enhance its value proposition beyond legal advice. [1] Increasing its presence in emerging sectors like AI and climate tech could attract more innovative startups. [1]