Deep Tech Startups Drive Swiss Investment

More venture capital went to Swiss startups from deep tech sectors such as biopharma and hardware & robotics in 2024 than in 2023 – and the trend was significantly more positive than in the US and Europe overall.

In 2024, Swiss startups raised USD 2.6 billion in 357 financing rounds. As in Europe as a whole, the figures were slightly lower than in 2023, when USD 2.9 billion was raised in 397 rounds. The decline is due mainly to falling figures in the ICT and fintech sectors. On the other hand, startups from deep tech sectors were able to gain ground, as is shown by the latest Swiss Venture Capital Report published in February.

The biotech sector was the main growth driver, with startups generating USD 810 million in 2024, more than 50% higher than the previous year and only about 10% lower than the record sum of 2020, when the euphoria generated by the first year of the pandemic helped the entire sector to soar.

Although there was an upturn in the biotech sector in other countries, it was more muted. According to the Annual Healthcare Report by HSBC Innovation Banking, the amount invested in the US and Europe did not increase by 50% compared with 2023, but only by 35% – 27% below the record level set during the pandemic.

Investments in Swiss cleantech startups, most of which develop deep tech solutions, have also performed significantly better than in other countries. In 2024, approximately 70 financing rounds raised more than USD 500 million and the number of financing rounds set a record. According to Pitchbook data, the number of investments in North America and Europe in 2024 was more than 30% below the record set in 2021. In terms of the amount invested compared with the years before the pandemic, growth in Switzerland is much greater than in other western countries. The amount has more than quadrupled in this country since 2018/19, whereas in North America and Europe as a whole it has not even doubled.

Robotics and hardware startups set a record in terms of investment volume and number of financing rounds in Switzerland in 2024. In total, about USD 250 million was generated, of which the largest amount, more than USD 60 million, was secured by ANYbotics, whose four-legged AI-supported inspection robots are already in use worldwide.

These records also went against the global trend. According to an analysis by Crunchbase, the total venture capital generated globally by robotics and robotics-related startups in 2024 was the same as in 2023 and only about 50% of the record level set in 2021, and the number of financing rounds decreased by 14.2%.

The success of Swiss startups shows that they have what is required today: solid business models, capital efficiency, rapid initial sales and, last but not least, strong IP.

Exactly how much money startups received, and from which investors, can be found in Swiss Venture Capital Report. It not only provides analysis but also a complete list of more than 300 non-confidential financing rounds, as well as a list of all known exits of venture-backed startups.

The report also provides the results of a survey of 100 Swiss VCs, thus giving an overview of the investor landscape, and a list of almost 50 funds from Swiss managers that are currently fundraising. This illustrates the Swiss ecosystem’s focus on deep tech startups: about two-thirds of the funds explicitly state deep tech or deep tech sectors as target industries. Which of these funds is the most active in Switzerland can be found on our subpage for investors.

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