Polwarth Capital AG

Investing in Swiss technology startups

Polwarth Capital AG

Investing in Swiss technology startups

What we do

Early-stage tech Startups

We are passionate about making smart investments in fast-growing technology startups, primarily in the seed and early-stage phases. Our focus is on companies that have a clear value proposition, an innovative business model and ideally demonstrate promising initial market traction.

Passionate entrepreneurs

We invest in passionate and success-oriented entrepreneurs who have a clear vision of how to solve a defined problem by providing unique value to their customers. Their authenticity, focus and self-awareness provide the foundation for successful venture stories.

Skin in the game

By investing our own money, we are fully committed to our portfolio companies. We act responsibly and consistently, and are flexible when it comes to making decisions and delivering results in a timely manner.

Swiss Region

In order to support our portfolio companies as effectively and efficiently as possible, our focus is primarily on startups that are legal entities in Switzerland.

Who we are

Polwarth Capital AG is Stephan Thalmann’s investment vehicle for investments in startup ventures.

Stephan started his career as key account manager for a leading international cash handling provider. Soon after, he also became responsible for scaling up their ATM services, integrating business lines from a bought-out competitor and setting up a new location abroad.

In 2007, Stephan took over the role as CEO and owner of RELAG AG, the only domestic manufacturer of air curtains. During his years with RELAG, he developed the company into a clear market leader and was instrumental in increasing sales and profits. The strategic acquisition and integration of Impreva AG allowed for further diversification, and ultimately laid the groundwork for a very successful exit to a Swiss-based private equity firm.

Today, Stephan is an active real estate investor and business angel, board member, and member of the jury at the Swiss ICT Investor Club (SICTIC), the largest angel investor club in Switzerland. He is now able to combine his passion and experience with his curiosity for early stage ventures.

Stephan holds degrees in Business Administration from ZHAW University of Applied Sciences and an Executive MBA from IMD in Lausanne.

Partners & Memberships