Venture capital (VC) funding in Switzerland is rebounding this year, driven by large deals in biotech, information and communications technology (ICT), and fintech, new data released by Startupticker.ch reveal.

In the first half of 2025, Swiss startups secured nearly CHF 1.5 billion (US$1.9 billion), a 36% increase compared to H1 2024, and the third highest figure on record. At the same time, the number of financing rounds fell 10.1% YoY from 138 in H1 2024 to 124 in H1 2025.

These data suggest that funding is becoming more concentrated in fewer, larger deals, indicating that investors are prioritizing startup with greater impact and growth potential.

Biotech, ICT and fintech led much of that growth, recording year-over-year (YoY) VC funding increases of 74%, 86% and 93%, respectively.

Biotech sets new records

Biotech startups were particularly prevalent, especially those with innovative approaches to drug development and which are already in human trials. The sector raised a new record of CHF 705 million but saw the number of deals decline by 15% YoY, reflecting a shift toward larger rounds.

Among the standout financings were Windward Bio’s CHF 183.1 million (US$227 million), the largest deal in Switzerland in H1 2025, GlycoEra’s CHF 107.5 million (US$133 million) round, and RhyGaze’s CHF 78.5 million (US$97 million) round.

ICT and fintech recovers

The ICT and fintech sectors also made a good recovery, securing about CHF 250 million, and CHF 90 million, respectively. Fintech was further boosted by the emergence of a new unicorn, Sygnum Bank, after it secured CHF 52.9 million (US$58 million) in January to expand its market presence in the Europe and Hong Kong, enhance institutional infrastructure, and develop Bitcoin-focused products.

Sygnum Bank is a global digital asset banking group, providing services including custody, trading, staking, lending, and tokenization. The company serves over 2,000 institutional clients across 70 countries, operating through regulated entities in Switzerland, Singapore, Abu Dhabi, Luxembourg, and Liechtenstein.

In 2024, the company reported strong growth, with trading revenues surpassing the previous year’s total by Q3 and annual trade volumes increasing over 1,000%. This was driven in part by collaborations with PostFinance and more than 20 banks using its business-to-business (B2B) platform.

It also launched Sygnum Connect, a 24/7 multi-asset settlement network, and Sygnum Protect, a secure custody platform for institutional clients.

Swiss fintech funding mirrors global trends

Switzerland’s fintech rebound mirrors global trends. In H1 2025, global fintech investment reached US$24 billion, marking a 6% increase from US$22.4 billion in H2 2024.

Europe made up 18% of that amount, totaling US$4.4 billion, with the UK, France, and Germany maintaining their positions as regional fintech leaders.

The UK remained at the forefront, raising US$1.5 billion across 240 deals and accounting for 34% of European fintech funding volume, and 36.8% of deal count. France raised US$694 million through 65 deals, and Germany raised US$669 million from 58 deals. Together, these three countries accounted for 65.9% of fintech funding in Europe (US$2.9 billion) and 55.6% of deals in the region in H1 2025 (363 deals).

Increased dependence on foreign investment

Another key trend highlighted in the Startupticker.ch report is Switzerland’s increased dependence on foreign investments, particularly the US. In H1 2025, US investors contributed more than CHF 520 million (US$644 million), representing over a third of the total amount, and participated in about a quarter of all financing rounds. Both figures represent new records.

US investors were particularly active in biotech, where at least one US VC was involved in nine of the 17 rounds of H1 2025. It’s estimated that about half of the capital invested in Switzerland’s biotech sector in H1 2025 came from the US.

At this pace, 2025 is well on track to set a new record for US participation in Swiss VC.

Investors show optimism with cautious

Investor sentiment, however, shows a mix of optimism and cautious. A survey conducted by Startupticker.ch for the Swiss Venture Capital Report 2025 | Update revealed that two-thirds of the 95 Swiss VC investors polled rated the the environment as “good” and 11% even as “very good”.

Investors are also positive about the number of new investment opportunities in Switzerland, with 69% of respondents rating the number as “good”, up from 59% last year. Only 10% rated it as “not pleasing”, down 10 points from 2024.

VC are also optimistic about the next 12 months, with 88% of respondents expecting more investment opportunities, up 2 points from last year. For new investments, 72% anticipate an increase.

Fundraising conditions, however, are viewed more cautiously. 49% of respondents expect a decline in fundraising over the next 12 months compared with 27% in the previous year. This suggests that investors are optimistic about investment opportunities, but remain cautious on the challenges posed by current market conditions.

Featured image: Edited by Fintech News Switzerland, based on image by sodawhiskey via Freepik