The EY Startup Barometer Switzerland 2025 reveals that for the second consecutive year, Swiss startup investments have declined.
In 2024, a total of 513 funding rounds were recorded, marking a 6.7% decrease compared to the 550 rounds in 2023.
The total investment volume also fell by 15% to 2.3 billion Swiss Francs, down from 2.71 billion Swiss Francs in the previous year.
Despite this decline, the Swiss startup ecosystem remains resilient.
“The Swiss startup scene has had to endure a decline in funding rounds and volume for the second consecutive year. However, this decrease is flattening significantly and is not as severe as in 2023,”
said Alexander Schatt, Head of Startups and Scale-ups at EY in Switzerland.
The 513 funding rounds recorded in 2024 still represent the fourth-highest number in the past decade.
AI Investments Double, Health Sector Leads in Funding Volume
AI is emerging as a key driver in the startup landscape. In 2023, AI-focused startups accounted for one in ten funding rounds, but this figure has doubled in 2024, with 22% of all funding rounds now directed at AI ventures.
“Despite the overall decline in startup investments, we are seeing a strong increase in investor interest in AI-related startups. This reflects growing confidence in Switzerland as a prime destination for AI investments,”
added Schatt.
By sector, Software & Analytics led in the number of deals with 153 rounds, while the Health sector recorded 134 rounds. Other key sectors included Hardware (40 rounds), Energy (39), Fintech/Insurtech (38), and Cleantech (28).
In terms of investment volume, the Health sector remained dominant, securing 1.039 billion Swiss Francs—45% of total startup investments.
Within this sector, biotech startups attracted 703 million Swiss Francs, followed by medtech (275 million), care (26 million), and life sciences (25 million).
Software & Analytics startups secured the second-highest funding volume at 397 million Swiss Francs, followed by Fintech/Insurtech (193 million), Hardware (165 million), and Energy (152 million).
Top Ten Funded Swiss Startups in 2024
The Health sector attracted the largest investments, with biotech startups taking the top four spots in the rankings:
- Alentis Therapeutics – 158 million CHF
- Asceneuron – 87 million CHF
- Bright Peak Therapeutics – 80 million CHF
- iOnctura – 77 million CHF
- H55 (Mobility sector) – 65 million CHF
- Neustark (Cleantech) – 61 million CHF
- terralayr (Energy) – 60 million CHF
- Neo Medical (Medtech) – 58 million CHF
- Neurosterix (Biotech) – 56 million CHF
- SkyCell (Hardware) – 53 million CHF
For the first time, the EY Startup Barometer Switzerland also ranked the Top Five AI-focused startups:
- Lakera – 17 million CHF
- EthonAI – 15 million CHF
- Jua – 14 million CHF
- Prem Labs – 12 million CHF
- DeepJudge – 10 million CHF
Women in Startups: All-Female Founding Teams on the Rise
Among the 431 startups recorded with known founding team compositions, 30 (7%) were founded by all-female teams, while 76 (18%) had at least one female founder.
The majority – 325 startups (75%) – were founded exclusively by men.
Although still a minority, the share of all-female founding teams increased from 2% in 2023 to 7% in 2024.
The percentage of mixed-gender teams declined slightly from 22% to 18%, while all-male founding teams remained stable.
Overall, women accounted for 14% of all startup founders (130 out of 919 individuals).
Geographical Trends and International Comparison
The canton of Zurich led in the number of funding rounds (194), followed by Romandie (151), Central Switzerland (71), and Mittelland (36).
However, in terms of investment volume, Romandie topped the list with 751 million CHF, followed by Zurich (712 million CHF) and Northwestern Switzerland (315 million CHF).
In a comparison with neighbouring countries, Switzerland saw the smallest decline in funding rounds (-6.7%), outperforming Germany (-12.3%) and Austria (-19%).
In terms of total investment volume, Germany recorded a 17% increase, while Switzerland (-15%) and Austria (-17%) saw declines.
“Switzerland’s decline in financing rounds was more moderate compared to Germany and Austria, in line with expected market trends. However, there are promising signs ahead, particularly in biotech and AI-related startups,”
said Schatt.
Featured image credit: edited from freepik
