Dübendorfer: 40 angel investments yielded two total losses and up to 33x returns
Thomas Dübendorfer · With a Swiss Founder-Investor Who Built 9 Startups and Funded 40 | Thomas Dübendorfer · Oct 14, 2025 · at 28:46
Thomas Dübendorfer, president of SICTIC, breaks down the exit rate and loss record across his personal portfolio of 40 direct angel investments.
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“I think out of fourth, you had two complete losses, and, ah, another 10 exits, which, ah, produced more than a half of them, up to 33 times the investment.”
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“Unicorns, the companies that had a billion dollar valuation or more in the last 12 years, we found 58 of them, where we have a public proof that they reached a one billion valuation.”
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“Switzerland has a stock exchange, but it's not really well suited for startups, right? And if you don't have enough revenues, don't have enough valuation, then no way to even have a chance.”
Dübendorfer: Switzerland has Europe's most diverse startup ecosystem
“So if you go for the most diverse ecosystem it's definitely Switzerland.”
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“What you're really bad at, I would say it's doing things at scale at the masses, B to C, just cheap. And go big. Don't have the right cost structure here.”