San Francisco – February 18, 2025
The Swiss Venture Capital Report 2025 reflects a year of transition for Switzerland’s startup ecosystem. Total investment fell to CHF 2.4 billion—an 8.5% drop compared to the previous year. The number of financing rounds also fell for the first time since 2012. Yet, despite these challenges, key sectors like biotech rebounded, cleantech gained traction, and later-stage investments remained stable. This shift highlights the challenges in the market but also demonstrates the resilience of Swiss startups.
U.S. Investors Are Engaged from Growth to Exit
One notable takeaway from this year’s report is the strong presence of U.S. investors in Swiss growth-stage funding. Many of the largest financing rounds in 2024 were backed by American VCs, including OrbiMed, RA Capital Management, and Venrock, demonstrating Switzerland’s global appeal. But U.S. involvement doesn’t stop at funding—they are also key acquirers. In 2024, 10 Swiss startups were acquired by U.S. companies, almost matching the 11 acquisitions by Swiss buyers. This underlines a crucial reality: for Swiss startups with global ambitions, the U.S. is not just a funding source—it’s also a primary exit market.
Seed-Stage Startups Need a Global Mindset Earlier
While U.S. investors are key players in Swiss growth-stage funding, their presence at the seed stage remains limited. This isn’t just about capital—it’s about having the right investors from the start. Smart angels and early-stage VCs who understand both the Swiss and U.S. ecosystems can make a difference. Funds like DartLab and FYRFLY Venture Partners show how early investors can provide not only funding but also access to U.S. networks, mentorship, and market opportunities. For Swiss startups, securing internationally connected investors early can smooth the path to later rounds and prevent cap table and organizational bottlenecks when it’s time to scale.
Biotech Leads the Way
In Switzerland, one sector that exemplifies this global integration is biotech, which saw CHF 739.2 million in investment in 2024—a 50% increase from the previous year. We just experienced this hype at the JP Morgan Healthcare Conference in San Francisco, where many Swiss startups were highly active, using Swissnex as a base for strategic meetings, public events, and business development. Switzerland’s biotech sector has proven that with the proper funding, networks, and global outlook, Swiss startups can lead on the world stage.
Life Sciences Camp: Preparing Swiss Startups for the U.S. Market
The Swiss Venture Capital Report 2025 confirms that Switzerland has the talent to thrive, but fully unlocking its potential requires a shift in mindset—embracing global opportunities from the start. In 2024, startups in the Bay Area attracted $90 billion in VC funding, accounting for over half of all US VC investment that year. While Switzerland boasts a startup ecosystem, with 2.4 billion invested in Swiss startups, tapping into the Bay Area’s market is crucial for Swiss innovation to reach its full potential. A key step in this direction is the Startup Camp (Health-Tech), powered by Innosuisse and managed by Swissnex. Switzerland’s future in innovation depends on building bridges, accelerating growth, and fostering a bold, global mindset—and at Swissnex in San Francisco, we are committed to making that happen.
Written by Matteo Cariglia, Entrepreneurship Program Manager at Swissnex in San Francisco. Matteo is committed to supporting and connecting the Swiss entrepreneurship ecosystem and Swiss innovators with the US West Coast.