Deal Ticker: Kellerhals Carrard advises Bug Bounty Switzerland AG on its CHF 12 Million Series A

Most companies find out they have a security problem only after it becomes a news story.

Every organization runs vulnerability scans and deploys firewalls — yet breaches keep happening. The reason is straightforward: automated tools find known issues, but real attackers don't follow a script. Bug Bounty Switzerland AG flipped the model. Instead of selling another scanning tool, the company built the operating system for security testing — a platform that orchestrates a global community of vetted ethical hackers, continuously testing what matters most for each customer. The smarter move: a system designed to find what real attackers would, before they do.

Founded six years ago by Sandro Nafzger, Lukas Heppler, and Florian Badertscher, Bug Bounty Switzerland AG built the business the old-fashioned way: profitably, without raising a single franc. Their clients are the kind of organizations for whom a headline about a breach is not an option — and they proved the model works. The platform has since added an AI layer that cuts through the noise and tells the security team what to actually fix, and translates those findings into something a board can act on.

Bug Bounty Switzerland AG has now raised CHF 12 million in a Series A round co-led by Direttissima Growth Partners and Deutsche Beteiligungs AG (DBAG) to take the model international.

Kellerhals Carrard advised Bug Bounty Switzerland AG on all legal aspects of this transaction.

The KC Core Team:

• Karim Maizar (Lead, Partner, Corporate / VC / M&A)
• Kathrin Moser (Senior Associate, Corporate / VC / M&A)
• Céline Schmid (Counsel, Employment)
• Vera Vallone (Senior Associate, Intellectual Property)
• Lisa Schmid (Paralegal, Corporate/VC)

„What you want as a founder going into a Series A is to feel that the deal is genuinely yours — to understand every move on the table, and feel confident about every decision along the way. Kellerhals Carrard gave us exactly that, patiently and humanly. We came out with the relationship to our investors we wanted, not just the terms.“ — Lukas Heppler, Co-Founder & CTO, Bug Bounty Switzerland AG.

Warm congratulations to Sandro Nafzger, Lukas Heppler, Florian Badertscher, and the entire Bug Bounty Switzerland AG team on this milestone — and to Philipp Bolliger and the teams at Direttissima Growth Partners and Deutsche Beteiligungs AG for backing the future of security testing.