This article is an analysis of the SECA Venture Capital 2025 Mid-Year Report.

Switzerland’s venture capital performance in the first half of 2025 appears solid on the surface. Invested capital rose 36% year-on-year to CHF 1.47 billion. Yet beneath this surge lies a fragile reality: deal volume continues to shrink, capital is flowing to a narrowing set of sectors and stages, and investor confidence is riddled with contradictions. The latest Swiss Venture Capital Report, co-published by SECA and Startupticker.ch, reveals not a market in recovery but one grappling with its dependencies and imbalances.

Three forces define the current cycle: overconcentration in biotech, a capital gap for scale-up, and a mismatch between investor optimism and portfolio anxiety. While headlines focus on unicorns and record rounds, the data tells a more precarious story.