EY Swiss Startup Barometer H2 2023

Despite a strong start to the year, Swiss startups received less financing and fewer rounds in 2023.

Download the EY Startup Barometer Update second half of 2023

In brief

• Financing fell significantly in the second half of 2023 compared to the first six months, resulting in a lower overall financing volume for 2023 than the preceding two years.
• Health startups secured almost one-third of all funds invested in Swiss startups, making the healthcare industry the best performer in this space once again in 2023.
• A clear majority of startups that secured financing were founded by all-male teams even though women are well represented in the startup scene in general.

The EY Startup Barometer, which is also published regularly across diverse European nations, seeks to foster in-depth comprehension of financing in the varied sectors of the Swiss startup scene.

Our updated EY Startup Barometer that includes latest data from H2 2023 revealed that startups in Switzerland achieved a significantly lower financing volume in the second half of 2023 (CHF 1.62bn) than in the first six months, bringing the total for the year to USD 3.58bn. This represents a fall of around 10% on the prior year and the lowest figure since the initial outbreak of Covid in 2020. Two large-volume deals in July inflated the overall volume in what was otherwise a modest financing year.

Just as surprising is the decline in financing rounds carried out in the second half of 2023: 254. This marks a steady fall in since the first half of 2022 (H1 22: 471 rounds; H2 22: 426 rounds, H1 23: 342 rounds). In 2023, 596 financing rounds were completed – a decrease of 34% compared to the previous year (897 rounds).

Regional focus

Zurich and Romandie managed to maintain their status as financing focal points in 2023, collectively holding 70% of the market share in terms of number of financing rounds. However, all regions experienced a notable decline in financing rounds overall compared to the prior year.

The decline in number of rounds was also reflected in lower financing volume across the board in 2023. The Greater Zurich Area once again dominated, albeit slightly less so than in the prior year, capturing 45% of the market and CHF 1.6 billion.

Industry focus

In 2023, health startups secured the lion’s share of investment capital, amassing approximately CHF 1.15bn, which represents 32% of all funds invested in Swiss startups. The Health industry was also the strongest performer when it came to the number of financing rounds.

Out of 1,090 Swiss startup founders who secured venture capital in 2023, 140 are women, making up 12.8% of the total. The education sector boasts the largest share of female founders at 29%, with 7 out of 24 founders being women. Following close behind are the Health sector with 59 of 296 female founders and the AgTech sector with 5 out of 35.

Download the EY Swiss Startup Barometer to browse our updated results in full and discover which companies were involved in key deals in Switzerland in 2023: