These venture capital funds have dry powder to invest in Swiss startups in 2025

13.01.2025 17:00, Rita Longobardi

If you are preparing a financing round, These VC investment firms closed a new fund last year and, therefore, have the money to invest in Swiss startups with a leadership position. Which startups have a chance?

The venture capital landscape in 2024 has faced considerable challenges. The sharp decline in VC-backed exits and the near-absence of public listings have constrained investors' ability to secure returns. Fundraising conditions have tightened significantly, leaving some firms with depleted reserves, often referred to as "zombie funds." Additionally, crossover investors have largely retreated from the VC space, further restricting capital inflows. As a result, investments have become increasingly selective, with heightened scrutiny across all stages.

Despite these challenges, Switzerland’s venture capital ecosystem has demonstrated resilience. Investor sentiment remains cautiously optimistic, buoyed by substantial "dry powder" available for deployment. This robust capital base has allowed VC firms to continue supporting innovative startups across sectors, particularly in areas like AI, cleantech, and digital transformation.

The European venture capital landscape has seen a mix of contraction and evolution in 2024. While the overall capital raised has declined compared to previous years, significant funds have been directed toward technology-driven and sustainable sectors. Large VC firms continue to focus on a combination of early- and growth-stage investments, targeting areas such as AI, fintech, spacetech, and climate tech.

Several sectors attracted strong interest from venture capitalists in 2024, particularly cleantech, AI, digital health, and deep tech. European VCs also targeted niche areas like spacetech, industrial automation, and energy management. Notable firms raising substantial funds included Index Ventures and Redalpine (AI), AENU and Swisscanto (cleantech), Heal Capital and Kurma Partners (healthtech), Alpine Space Ventures (spacetech), and MiddleGame Ventures (fintech).
 

13books Capital	Fintech
20VC	AI, Fintech, Consumer, Vertical SaaS, Climate, Enterprise SaaS
415 Capital	Healthtech
Accel	Agnostic
Acurio Ventures (formerly All Iron Ventures)	Agnostic
AENU	Cleantech
Alpine Space Ventures	Spacetech
Alstin	B2B SaaS
Atomico	Digital
Axeleo Capital (AXC)	Greentech, B2B Software
Balderton	AI, Fintech, B2B, SaaS, Digital Health, Mobility, Gaming
Bek Ventures	Enterprise, Infrastructure, SaaS, B2C
BrightCap Ventures	Agnostic
Capmont Technology	B2B Technologies
Carbon Equity	Climatetech
Cogito Capital Partners	Enterprise Software & Data Analytics, Fintech & Insurtech, Healthtech
Copilot Capital	B2B-SaaS
Creandum	Agnostic
Direttissima Growth Partners	Industrial Digitalisation, Automation, Energy Tech, Transportation
Dreamcraft Ventures	B2B SaaS
Emerge	Edtech
Expansion Ventures by Audacia	Spacetech, Sustainable Aerospace, Defense
Extantia Capital	Climatetech
Fly Ventures	Deeptech: SaaS, Fintech, ICT
Forestay Capital	Enterprise AI and SaaS
Founderful	Agnostic
Frumtak Ventures	AI, Software, Deeptech
GET Fund	Cleantech
Heal Capital	Healthtech
Heartcore Capital	Web3, AI, Travel, Climatetech
Index Ventures	AI
Kennet Partners	B2B SaaS
Kurma Partners	Biotech
Lead Ventures	Mobility, Energy and Sustainability, B2B Services and Software
LUMO Labs	AI, Digital Technologies
Maki.vc	Deeptech
Marktlink Capital	Deeptech
MiddleGame Ventures	Fintech (AI, Cyber, DeepTech, Quantum)
Nine Realms	AI, Software, Cleantech, B2B
Outward VC	Fintech
Redalpine	AI, Cleantech, Biotech and medtech
Resurge Growth Partners	Agnostic
Rialto Venture Capital	B2B
SC Net Zero Ventures (Suma Capital)	Green Transition, Circular Energy
Seaya	Climatetech
SET Ventures	Distributed Energy Systems, Digital Utilities, AI, Cleantech, Industrial Enery Management, Mobility & Transport
Spicehaus Partners Swisscanto	AI, big data, cybersecurity, fintech, machine learning and robotics Decarbonization
UVC Partners	B2B Technologies
Voima Ventures	Sustainable Deeptech
Vsquared Ventures	AI and Next-Gen Software
Wind Capital	Climatetech

  The shifts in the venture capital market highlight the importance of adaptability and strategic focus. While the challenges of 2024 have reshaped the investment landscape, the strong commitment of European VC firms to tech-driven and sustainable innovation remains evident. As these firms continue to channel resources into promising sectors, the outlook for startups in Switzerland and across Europe remains encouraging.
Are any funds missing from our list? Get in touch and let us know.