The initial observation may seem negative at first glance with this total amount of 2,369 MCHF invested in Swiss start-ups in 2024. But as Stefan Kyora, editor-in-chief, says: "Start-up founders and investors have to be optimists, otherwise they would not take the risks associated with their jobs". This optimism can be reflected in encouraging signs, such as the biotechnology sector returning to its record level of investments. Investors have also expressed their willingness to actively participate in this recovery.
Biotechs are back at the forefront
The most evident proof is the rebound in the biotechnology sector. In 2024, 739.2 million francs were invested in Swiss start-ups in this sector, more than 50% higher than the previous year and only 10% below the previous record set in 2020.
Investments in biotechnology surged during the pandemic and were then the first to be affected by the general decline in venture capital. Today, the sector is clearly the first to recover!
Vaud and Geneva on the podium
The overall investment balance by canton highlights significant progress for Vaud and Geneva, reaching 2nd and 3rd place, respectively. Zurich remains the leader despite experiencing a significant decline, with 631.4 MCHF. The canton of Vaud recorded a clear improvement, reaching a total of 506.2 MCHF compared to 444 MCHF in 2023.
A result that pleases Patrick Barbey, director of Innovaud: "We are happy with this growth, which contrasts with a decline in other regions. A fact that strengthens the position of the canton of Vaud as one of the two major innovation hubs in Switzerland, due in particular to its high academic density and its diversity ».
The canton of Vaud benefits from the rise of healthtechs
In the canton of Vaud, invested capital increased by 13.3% compared to the previous year. The canton has benefited from the growth of the health sectors: four of the five investments in the top 20 come from the biotech and medtech sectors. This reflects the importance of the health sector in the Lake Geneva region.
Among them is Asceneuron, which raised 89.5 MCHF (2nd largest investment of the year), Neo Medical, which ranks in the top 10 with 57.5 MCHF. Also among the 20 largest funding rounds, Amazentis (Timeline) raised 56 MCHF, followed by Argá Medtech with 49.3 MCHF. The fifth Vaud start-up in this Top 20 is Be WTR, from the cleantech sector, which secured 39 MCHF.
The amount of capital invested is lower than the record set in 2021, which accounted for more than 600 million francs, but significantly higher than pre-pandemic years. The number of funding rounds is also much higher, with a 21.6% increase in 2024 compared to 2023.
5 Vaud exits in 2024
In 2024, the canton’s ecosystem recorded 5 exits, including Strong Network, Typeless, and Veventis Microscopy. Among these acquisitions, two companies from the Scale-Up Vaud community, Inpher and NetGuardians, also stand out.
« What is interesting about Netguardians' exit with a Swedish Private Equity firm, is the opportunity for collaboration with a Belgian company in the cyber security sector. This allows Netguardian to not only further its reach but also increase its impact when securing financial practices for its clients. This is a good example of the strong startups we have in the trust sector in Vaud », notes Charlotte Ducrot, co-head of the Scale-Up Vaud Community.