Investment in Swiss start-ups is falling

Investment in Swiss start-ups fell by 15.5% in the first half of the year to CHF1.25 billion ($1.54 billion), according to the Swiss Venture Capital Report (SVCR) published on Tuesday.

The number of such investments, however, remained virtually unchanged at 123, halting a downward trend that had been observed for several years.

Following a slight recovery in the first half of 2025, the total amount of investment is now on a par with previous years, according to the study published by the online news portal Startupticker.ch and the trade association Seca, in collaboration with startup.ch.

It highlights “significant changes” across sectors and cantons: whilst start-ups specialising in IT hardware recorded a new funding record of over CHF324 million – an increase of more than 60 per cent year-on-year – there was a lack of major investments in biotechnology.

Vaud in the lead

At cantonal level, Vaud is clearly in the lead in terms of capital invested, with a total of over CHF330 million, “on a par with the record years of 2021 and 2022”. This performance is mainly due to the strength of the IT hardware sector, according to SVCR, which notes that three of the four IT hardware investments featured in the top 10 fundraising rounds were secured by start-ups from Vaud.

The canton of Zurich, by contrast, posted historically low figures. This is due to the absence of major investments in biotechnology and the continued low level of funding in information and communication technologies (ICT).

As for equity exits, which constitute “the essential prerequisite for a recovery in the venture capital market”, their number stood at 21, remaining at the same level as in the same period in 2025. The survey, conducted for the sixth time amongst Swiss venture capital investors, nevertheless notes a marked increase in strategic investments, which often precede exits.

When asked about their expectations for the next twelve months, investors were nevertheless more optimistic than a year ago, both in terms of their forecasts for the economic climate and their own investment activity, as well as the number of exits. According to SVRC, this confidence is a further sign of a looming recovery.

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Translated from German, reviewed by an English Department journalist.