Originally published on Kainjoo Ventures.
TLDR: An EPFL spinout developing neurostimulation for spinal cord injury couldn’t find a Swiss fund that fit — a funding lesson every life-science founder should internalise: do not confuse mismatch with failure.
A mismatch of mandate, not merit
ONWARD Medical, an EPFL spinout developing neurostimulation therapies to restore movement after spinal cord injury, did not match the Swiss funds of the time and had to address large European VCs specialised in medtech — a question of mandate and risk appetite, not merit. Highly regulated medtech also demands a particular discipline: an ambitious vision paired with a narrow, precisely defined intended use that specialist investors can evaluate.
The path worked
Venture Leaders in 2014, a 2021 Euronext listing on Brussels and Amsterdam, and an April 2026 capital increase of an indicative EUR 40 million. For life-science founders, match capital to your stage and modality, treat a local “no” as information about fit, and pursue specialist investors wherever they are.
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
