CHF 1.5 billion for Swiss start-ups – high-flyers ensure good numbers

CHF 1.47 billion in venture capital went to Swiss start-ups in the first half of 2025, the third best result ever. A small handful of high-flyers are responsible for these strong figures. For the majority of start-ups, the search for funding remains difficult. Swiss investors are also facing challenges and expect their situation to worsen further in the coming year, particularly in terms of their own fundraising and opportunities to sell companies.

According to the half-year update of the Swiss Venture Capital Report, Swiss start-ups generated CHF 1,473.7 million in venture capital in the first six months of the year. This represents an increase of 36% compared with the first half of 2024. However, the number of financing rounds fell from 138 to 124 – a decrease of 10% and the third consecutive decline.

Record biotech investments

The major financing rounds took place primarily in the biotech sector. Start-ups from this sector alone generated CHF 705 million in capital, which represents a new record. The previous high, in the first half of 2021, was CHF 436 million.

The weak ICT and fintech sector also showed a recovery. Compared with the first half of 2024, the amount invested in general ICT start-ups increased by 86%, to CHF 247 million. Fintech start-ups received CHF 153 million, an increase of 93%.

Broad decline in number of investments

However, the positive figures are not due to a broad reversal in the investment trend, but rather to individual large financing rounds. Obtaining venture capital financing remains challenging for the majority of start-ups, as can be seen from the declining number of investments. This has also affected those sectors that have seen significant increases in invested capital, such as biotech and fintech.

New unicorn

On the other hand, the large financing rounds demonstrate the Swiss ecosystem’s ability to produce high-flyers that can convince international investors even during a period of economic uncertainty. In the biotech sector, this is thanks to drug candidates based on cutting-edge research and the highly experienced teams behind these start-ups. However, high-flyers also exist outside the healthcare sector: in the first half of 2025, Sygnum Bank, which specialises in digital assets, was valued at more than USD 1 billion in its financing round, thus joining the unicorn club.

Cautious outlook

The results of a broad-based survey of Swiss venture capital investors reveal what can be expected over the next 12 months. Investors are more pessimistic about their prospects than last summer. Expectations are particularly subdued in terms of their own fundraising and opportunities to sell portfolio companies. Thus, the situation remains challenging not only for start-ups but also for VCs. On the other hand, investors are relatively unconcerned about the effects of the US administration’s introduction of additional trade barriers.

The half-year update 2025 is available to download as a PDF at:  https://www.startupticker.ch/en/swiss-venture-capital-report. The Swiss Venture Capital Report is published by the online news portal startupticker.ch and the investor association SECA in cooperation with startup.ch.

(Press release)