Swiss start-ups raised CHF 2.4 billion in venture capital in 2024, marking an 8.5% decline from the previous year. The number of financing rounds also fell for the first time, reflecting a challenging investment climate. Despite these setbacks, biotech and cleantech sectors saw strong growth, and investor sentiment remains optimistic for 2025.
The Swiss Venture Capital Report 2025, the leading publication on start-up investment trends in Switzerland, provides a comprehensive analysis of venture capital activity, financing rounds, and exits for the past year. Compiled by startupticker.ch, the report reveals that the Swiss start-up ecosystem experienced another year of reduced venture capital funding in 2024, with total investment falling to CHF 2.4 billion—an 8.5% drop compared to the previous year. The number of financing rounds also decreased, from 397 in 2023 to 357 in 2024, marking the first decline in recent years.
While large-scale financing rounds exceeding CHF 100 million were largely absent, investment was distributed more evenly across mid-sized rounds. The median investment amount across all rounds rose to CHF 3 million, a 40.7% increase compared to 2023, signaling a trend toward consolidation among well-established start-ups.
Biotech rebounds, while fintech struggles
Sectoral trends revealed significant shifts in investor focus. The biotech sector saw a resurgence, attracting CHF 739.2 million—50% more than in the previous year—making it the dominant recipient of venture capital. Healthcare IT also rebounded, following a downturn in 2023. Cleantech recorded a record number of financing rounds, underscoring growing interest in sustainable solutions.
Conversely, ICT and fintech start-ups faced another difficult year, with investments falling sharply. Fintech, in particular, saw a 51% drop in funding, continuing its decline from the record highs of 2022.
Zurich declines, Vaud and Bern gain ground
Despite experiencing a 27.1% decline in invested capital, Zurich remained the top canton for start-up funding, followed by the cantons of Vaud, Geneva, and Basel-Landschaft. Notably, Vaud benefited from increased investment in healthtech, while Geneva saw an 81.3% rise in investment. Bern emerged as a standout, setting a new record with CHF 117.85 million raised across 24 financing rounds.
Exit market remains subdued, but optimism rises
The number of exits remained stable in 2024, with 30 Swiss start-ups acquired by foreign buyers and 11 by domestic firms. The most notable transaction was the USD 1.2 billion acquisition of Swiss-Greek company BETA CAE Systems International by US-based Cadence.
Investor sentiment, however, is showing signs of improvement. A survey of venture capital investors revealed that 76% expect investment volumes to increase in 2025, while 68% anticipate a rise in exits. At the end of 2024, 46 Swiss-based venture capital funds were actively fundraising, a figure slightly lower than in previous years but still indicating sustained interest in the ecosystem.
Cautious optimism for 2025
While 2024 was another challenging year for Swiss start-ups, the resilience of the deeptech, biotech, and cleantech sectors signals promising opportunities ahead. With investor confidence rebounding and a growing focus on scalable, innovative technologies, the Swiss start-up landscape may be poised for renewed growth in 2025.
