SeedBlink Blog

We recently hosted a fireside chat about the fundraising journey of Swisspod and what it truly takes to scale with a diverse investor base. Denis Tudor, CEO of Swisspod, spoke with Eric Bartha, Head of Financial Services at SeedBlink for an open conversation about Swisspod's fundraising journey.

During the session, Denis and Eric discussed:

• How Swisspod built and structured its fundraising strategy through different stages of growth.
• The realities of equity crowdfunding and the common mistakes founders often make.
• The strategic benefits of alternative funding models and continuous fundraising efforts.
• How to raise capital when revenue isn’t expected for 3–4 years.
• Hard-earned lessons: what worked, what didn’t, and advice for startups looking to fundraise smarter.

How Swisspod approached early funding rounds

Swisspod’s fundraising journey began modestly yet strategically, evolving and adapting with each stage of the company’s development. In the very beginning, funding came from founder contributions and an early angel investor who backed the company without formal term sheets or shareholder agreements, fully trusting the founders’ vision and plans.

Denis: “There’s an angel investor here in Lausanne who was following startup technologies and looking to invest. We had no shareholders' agreement, no term sheet, basically nothing at that moment. To be honest, we didn’t even know that the company should have a shareholders' agreement or even how an investment technically happens. He just transferred the cash and signed a subscription form, which was about half a page long, and he said, 'I trust you.' And I thought that was normal, like that's how it happens. We didn’t even have a name for that fundraising, but we started getting his feedback.”

As Swisspod grew, the team gradually introduced more structured fundraising practices. After securing a major Swiss government grant valued at 4.5 million CHF to build Europe’s first Hyperloop test track, they launched their first proper seed round. This marked a significant shift, as the company established formal shareholders' agreements and laid the groundwork for larger investments.

Denis: “That was a big trigger. It convinced a couple of angel investors and even a VC to invest, and we closed around 1.1 or 1.2 million Swiss francs. At that moment, we had our first shareholders' agreement and a proper investment round. After that, we delayed the round to add another 2 million Swiss francs because we realized developing this technology at the test track would take time, especially during the pandemic. It was a period of extreme volatility, and we were advised to prioritize cash rather than valuations, advice I agreed with then and still agree with today.”

In later rounds, especially during their Pre-Series A, Swisspod introduced staged tranches with incentives, such as a 20% share price discount in the first tranche, to encourage faster commitments. This structure, combined with a focus on validating terms through lead investors, helped create both urgency and credibility.

Denis: “We’re now getting close to the end of our Pre-Series A, with only about 1 million Swiss francs left to close. What’s exciting is that, even though the ecosystem remains volatile, the last two investors we've signed are venture capitalists. We didn't have the luxury to choose our investors. That's the reality. It was extremely difficult for us to bring VCs onboard before, but now one is signed, and the other is in very advanced due diligence.”

Continuous fundraising with capital from different investors

Swisspod’s fundraising journey has been heavily shaped by the need to diversify funding sources and maintain a continuous flow of capital. Denis mentioned that flexibility in funding models, especially during unpredictable times such as the pandemic and the war in Ukraine, was key to keeping the company moving forward.

Denis: “There’s no perfect scenario for a company like ours, which started from a dream and built a product that depends on new types of infrastructure and regulations. Somewhere along the way, a compromise is inevitable; it can't all be perfectly aligned. Our compromise was to accept smaller ticket sizes initially. But now, we’ve increased the minimum ticket size for new investors during this round to 250,000 Swiss francs.”

Continuous fundraising became a necessity rather than a choice. Swisspod’s development timeline, particularly for constructing complex infrastructure like Hyperloop test tracks, requires long-term investments without immediate revenue. Instead of relying on isolated funding rounds, Swisspod maintained an ongoing strategy to secure capital as needed, adjusting its tactics in response to market conditions.

Denis: “VCs look at different things than family offices or angel investors. They focus much more on the go-to-market strategy rather than the team, technology potential, or the company's legacy. For instance, with the two VCs we're now signing, the discussions were primarily focused on how we will monetize, rather than just the technology itself.”

In addition to strategy, VCs conduct more thorough and rigorous due diligence compared to other types of investors. They thoroughly analyze scenarios, company documents, and operational risks, including employment structures such as non-compete clauses, to ensure the company's long-term stability.

Denis: “They go very deep — even into employment details, like whether employees are obligated to have non-compete clauses for 12 or 18 months. Because our strategy is medium to long-term, and since we’re building complex technologies, even if an employee leaves, we need to protect the company's long-term interests. That makes it more challenging to hire, because we can’t offer extremely high or competitive salaries. We incentivize with options, but not all employees fully understand or value them.”

If you want to learn more about employee stock option plans and their value for your company, read our guide on how to implement and adjust an ESOP program at each stage of a startup’s journey.

Show your investors what you are building

Denis shared that more than 50–60% of investors who took the time to visit Swisspod’s facilities in Lausanne or the U.S. test track ultimately committed to an investment.

Being able to see the technology in action, walk through the research facilities, and witness firsthand the tangible progress made a huge difference compared to traditional virtual pitches. It helped investors move beyond skepticism, giving them a real sense of the company’s capabilities and long-term vision.

Beyond just facility visits, Swisspod also focused on building trust through consistent and open communication with its investors.

Denis: “I'm communicating every month to shareholders, being open, explaining everything, and being transparent when decisions are needed. Many shareholders have appreciated how we run the company and the transparency we have maintained, and we are committed to continuing this approach in the future. Without them, we wouldn’t be where we are today. It's thanks to them that we made all the advancements we have.”

Raising funds with SeedBlink

Swisspod successfully partnered with Seedblink to raise €600,000 through multiple crowdfunding campaigns. They successfully attracted tens of investors from a diverse range of nationalities, effectively building a broad and engaged shareholder community.

Denis: “The life of an entrepreneur, especially for a company like ours, is a rollercoaster every day. You get a bad email, then a good email, then a terrible email, and you feel like you’re going to hell, and then back up again. It's a complex day-to-day ride. However, seeing all these people investing in the platform and watching the amount raised change hour by hour brings your drive and energy back. In a startup like ours, the definition of success for a CEO is mainly based on fundraising. Seeing that flow of investment means people trust you.”

Beyond the capital raised, the SeedBlink campaigns provided Swisspod with critical exposure to a broader investor base and reinforced its culture of transparency and community building. Our network of investors played a significant role in Swisspod’s growth, complementing their larger grants and equity investments and helping the company stay flexible and resilient as it advanced toward its long-term goals.

Denis: “It’s been a great experience, not just because we raised around 600,000 euros through the SeedBlink campaign, but because of what it built. We had over 120 or maybe 150 investors coming from many different nationalities. That's already a community. For CEOs who watch it daily, it drives them, giving them the energy to run the startup every day, regardless of the ups and downs. And I think that's amazing.”

Explore further

If you found Swisspod’s fundraising journey inspiring, there’s so much more to learn directly from Denis Tudor’s firsthand experience. From real-world lessons on building a diverse investor base to navigating the rollercoaster of startup life, the full conversation is packed with insights every founder and investor can take away.

Watch the full webinar recording and get the inside story on how Swisspod is shaping the future, one funding decision at a time.

Whether you are raising your first private round or seeking to diversify your funding sources, SeedBlink offers a range of financing options tailored to support tech startups and scale-ups at different stages. Our platform provides the infrastructure for private markets, bringing together startups and investors, to help companies access the capital they need efficiently.