In the first half of 2025, CHF 1.47 billion flowed into Swiss start-ups, an increase of 36 per cent compared to the previous year. This is the third-best result since measurements began. However, growth was driven by a small number of startups that raised large sums from international investors. The number of financing rounds fell for the third time in a row to 124, which corresponds to a decline of ten per cent.
Biotech as a growth driver The biotech sector in particular produced a strong result. It set a new record with an inflow of CHF 705 million in capital. The previous record of CHF 436 million from 2021 was clearly surpassed. The reasons for this success lie in highly qualified start-up teams and technological developments based on excellent research.
Recovery in ICT and fintech The recently weakening ICT and fintech sectors were also able to recover. General ICT start-ups recorded investment growth of 86 per cent to CHF 247 million. Fintech companies received CHF 153 million, which corresponds to an increase of 93 per cent. The number of transactions remains low, which indicates continued investor selectivity.
Swiss startup ecosystem remains resilient Despite the uncertain market environment, the Swiss startup ecosystem is able to produce internationally competitive companies. One example of this is Sygnum Bank, which became Unicorn in the first half of 2025. The bank, which specialises in digital assets, was valued at over 1 billion dollars, a signal of the potential of innovation outside of the healthcare sector.
Gloomy outlook among investors A broad-based survey shows that expectations for the coming twelve months are subdued. Fundraising and more difficult exit opportunities are of particular concern. International trade barriers, on the other hand, only play a subordinate role. Access to capital is likely to remain challenging for many start-ups, despite individual success stories.
Technology start-ups are crucial for the progress of disruptive innovations. However, financial hurdles are hampering their growth, as a new study by the EPO makes clear. A comparison with the USA shows that there is a lack of private capital in Europe, particularly in the later financing phases. This forces many innovative companies to look outside Europe for investors.
A new evaluation system With the TIS, the EPO has developed a precise indicator to evaluate the specialisation of investors in patented technologies. The TIS is based on over 1000 individual values and indicates the proportion of patent-active companies in an investor’s portfolio. This enables start-ups to search specifically for investors who are particularly innovation-friendly.
Public investors as a central pillar The study shows that public institutions play a key role in promoting innovation. Programmes such as the European Innovation Council, national funding agencies such as Innosuisse or Bpifrance and the European Investment Bank offer essential support in the early financing phases. However, there is a lack of seamless follow-up financing from private investors, which makes it difficult to scale up innovative technologies.
A comparison of European and US financing models While 62% of private investors in Europe focus on early-stage financing, the proportion is significantly higher among the 100 largest US investors with a later-stage financing focus. 98 of the top 100 investors in the US are private, over half of whom specialise in growth financing. These differences illustrate the gap in the European capital structure.
New digital tools for finding investors The EPO is expanding its digital tools to make it easier for start-ups to access capital. A filter has been added to the Deep Tech Finder that allows investors to be found specifically according to financing phase, location and technology field. This enables start-ups to efficiently identify suitable investors and improve their financing opportunities.
Paths to a stronger innovation ecosystem The study emphasises the need for action to improve the networking of public and private innovation financing in Europe. With new digital tools such as the TIS and the Deep Tech Finder, the EPO is providing decisive impetus to close the financing gap and keep start-ups in the European market in the long term.
As part of the reorganisation, which is accompanied by a focus on construction, capital and pensions, Hans Klaus, a long-standing member of the Board of Directors, has announced his retirement. This step follows the successful implementation of the company’s strategic realignment, which Klaus has played a key role in shaping since 2021. His departure marks the end of an era in which he made significant contributions to the development and positioning of Admicasa.
New impetus from Stefan Kölliker With the appointment of Stefan Kölliker, who has in-depth knowledge of politics and business, Admicasa is focusing on a continued innovative and interdisciplinary strategy. Kölliker’s experience from his time as Head of the Department of Education and President of the Government of St. Gallen is particularly valuable for future projects and challenges, such as combating the housing shortage.
Kölliker himself emphasises the innovative potential of the company and the opportunity to actively contribute his broad knowledge. His vision of tackling cross-industry problems with new approaches is highly valued by Serge Aerne. Aerne sees Kölliker not only as a successor, but also as a driving force who will enrich the company with his extensive network and his political and economic expertise.
Outlook and strategic goals With the integration of Stefan Kölliker into the Board of Directors, Admicasa is pursuing the goal of further expanding its market-leading position. Kölliker’s background and strategic mindset are key to setting the course for a successful future and leading Admicasa into a new phase of growth and innovation.
Burkhalter Group has successfully completed a capital increase for the acquisition of Solothurn-based Riggenbach AG, Lüftungs- und Klimatechnik, the Zurich-based specialist for building technology announced in a press release. Specifically, 148,774 new registered shares with a nominal value of 4 centimes each were issued from the existing capital band. The seller of Riggenbach AG will receive the new shares as part of the purchase price and has undertaken to hold two thirds of the registered shares for at least two years.
With the capital increase, Burkhalter’s share capital has risen to just under CHF 425,000. It consists of a total of 10,622,130 registered shares with a nominal value of 4 centimes each. The new registered shares can be traded on the SIX Swiss Exchange as of 30 August.
The acquisition of Riggenbach AG is intended to give Burkhalter additional market share. The company, which is headquartered in Olten and has branches in Solothurn and Brugg AG, generates annual sales of around CHF 40 million. In its strategy, Burkhalter reserves the right to acquire other building technology companies in order to expand its market share.
Zurich-based Migros is investing in the Zurich start-up Rayo. To this end, the retail group is pouring capital in the single-digit millions into the start-up via Sparrow Ventures, a Migros subsidiary and growth capital provider, and Migrol AG, also part of the Migros Group, according to a media release.
Rayo wants to make solar energy more accessible by renting out solar systems in a subscription model. This way, owners have no initial costs. Instead, owners pay “a fixed monthly amount for 20 years for their individual solar solution”. The price includes the photovoltaic system as well as all services from clarifications, planning, installation, maintenance and repairs to insurance and a smart home app.
There is interest in sustainable, individual solar solutions and energy self-sufficiency. Nevertheless, according to the data, only about one in ten single-family homes in Switzerland has solar panels on the roof. This is low by European standards. According to a media release, Lorenz Lüchinger, CEO of Sparrow Ventures, believes that the reason for the reluctance to install solar panels on one’s own house is the initial costs and the administrative effort.
It is precisely this gap that Rayo wants to close “and offer a solar solution with which the Swiss population can reduce their electricity costs and at the same time improve their ecological footprint”, Andreas Flütsch, CEO of Migrol, is quoted as saying.
Rayo subscribers can also order a battery storage system for surplus solar power in addition to their solar package. Rayo also provides charging stations for electric vehicles, using synergies with Migrol and the Migros Group. Migrol, headquartered in Adliswil ZH, operates filling stations, charging stations and car repair shops, among other things.
Zurich-based DuraMon AG has received CHF 1 million in a seed financing round. The investment was led by the Zurich-based venture capital firm QBIT Capital. In addition to Serpentine Ventures, the ETH Foundation and other investors, the Zug-based building materials group Sika also participated as a strategic investor, according to a media release.
According to the statement, the funds raised will be used in particular to expand the team, broaden the customer portfolio and optimise and automate the company’s processes.
DuraMon is developing the world’s first sensor technology and smart analytics solution for precise and reliable monitoring of the corrosion status of reinforced and prestressed concrete. These solutions enable timely detection of deterioration in concrete infrastructures such as bridges, tunnels, car parks and garages.
DuraMon helps customers “choose the right type of repair for the right structure at the right time”. As a result, reinforced and prestressed concrete infrastructures are repaired neither too early nor too late, according to the promise.
Through the strategic partnership with global player Sika, “we can serve our customers in the construction industry with a comprehensive technology that enables sustainability through the rational use of construction materials and the proper maintenance of infrastructures and building structures,” Philippe Jost, head of construction and member of the executive board at Sika, is quoted as saying in the media release.
The spin-off of the Swiss Federal Institute of Technology Zurich(ETH) was founded in 2021 and transformed from DuraMon GmbH into DuraMon AG in April this year.
Until now, real estate investors who wanted to realise a construction project usually turned to traditional capital providers, especially banks. “But the need for alternative forms of financing has been growing for years,” explains Kevin Hinder, Co-Founder and CEO of Property One. There are many reasons for this: “One decisive factor has to do with the fact that it is becoming increasingly difficult to access capital given the increasingly complex situation on the real estate market.” In the worst case, this leads to temporary financing gaps that can jeopardise the launch and completion of projects. The challenge for professional real estate investors is therefore to actually be able to seize the market opportunities that present themselves. “These opportunities are still absolutely present in the Swiss real estate market,” Hinder emphasises. The local industry is confronted with an enormous shortage of living space in the short and medium term, and the supply is disproportionate to the increasing demand. “Although the market is yearning for new projects, so to speak, there is a lack of the necessary funds as well as often a lack of flexibility to seize the opportunities that arise.“
Opening up alternative paths to success Property One Investors AG has created the ONE Real Estate Debt Fund to remedy this situation. This fund gives professional players in the Swiss real estate market, such as owners, architects and project developers, access to an alternative financing option. Specifically, the fund grants subordinated loans that are secured by promissory notes. The commonly known “second mortgage”, so to speak. Property One’s corporate DNA comes into its own here: “Our fundamental expertise and experience come from the world of real estate,” Kevin Hinder explains. Thanks to this expertise as well as a profound understanding of the market, it is possible to create attractive, real estate-based financing solutions for clients. “We understand the language of our borrowers.”
The possibilities of the subordinated loans from the ONE Real Estate Debt Fund are accordingly diverse: In addition to bridging financing bottlenecks, the funds also optimise the bank’s own capital structure and return on equity. Consequently, additional equity is released for further market opportunities. “In addition, we are extremely flexible in terms of the general conditions regarding repayment modalities, interest repayments and project progress, as long as we always receive a debt certificate on a Swiss property,” explains Hinder. As an institution subject to FINMA supervision, Property One Investors AG ensures at all times that all framework conditions are complied with and that all loan requests are thoroughly examined and assessed.
A proven tool Critics of subordinated real estate loans often cite the – supposedly high – interest costs incurred as a counter-argument to this financing approach. For Kevin Hinder, this justification is not valid. “Subordinated real estate loans are a flexible catalyst for new market opportunities, which has a market price and enables further investment opportunities for borrowers.” For this very reason, he said, the form of financing established itself as a proven financing tool in Europe, the UK as well as the US years ago. “Our track record also speaks for itself,” Kevin Hinder emphasises. The figures prove him right: in the last two years, more than 250 million Swiss francs have been moved through the ONE Real Estate Debt Fund. During this time, there were no loan defaults and the investments generated a net return of around 6% per year. “We were thus able to establish ourselves with our fund as a sustainable business booster for local real estate professionals and arrange win-win situations.”
Anyone who would also like to benefit from this boost can contact the experts at Property One Investors AG at any time.
The information in this document has been prepared with the greatest of care and in good faith and is intended for information purposes only and does not constitute investment advice. Opinions and assessments contained in this document are subject to change and reflect the viewpoint of Property One Investors AG (POI). No liability is accepted for the accuracy and completeness of the information. Past performance is not indicative of current or future performance. This document is marketing material. Furthermore, this information is intended exclusively for qualified investors within the meaning of Art. 10 para. 3 and 3ter of the Collective Investment Schemes Act (CISA) domiciled in Switzerland.
About Property One Investors AG The owner-managed company was established in 2013. It is a specialised provider in the real estate and investment segment. Its focus is on the asset classes of real estate and private real estate. Since December 2020, Property One Investors AG has been authorised to manage collective assets and is subject to supervision by the Swiss Financial Market Supervisory Authority (FINMA).
Schindler generated global sales totaling CHF 2.80 billion in the first quarter of 2023. This corresponds to year-on-year growth of 6.2 percent, the Lucerne-based lift manufacturer said in a statement. At 2.89 billion Swiss francs, however, incoming orders were 8.7 per cent lower than in the first quarter of 2022.
“Delays at construction sites and the uncertainty on the international capital markets are having an increasingly negative impact on the real estate sector, despite strong demand in the residential construction sector,” Silvio Napoli, Chairman of the Board of Directors and CEO of Schindler, is quoted as saying in the release. “Even in this challenging environment, Schindler achieved sales growth in all regions and product lines.”
The operating result at EBIT level increased year-on-year from CHF 211 million to CHF 282 million. Adjusted for the sale of the former factory site in Suzhou, net profit of CHF 186 million was 29.2% higher than in the same quarter of the previous year.
In the same press release, Schindler also announced a change in the Group Executive Committee. The newly appointed Chief Technology Officer Donato Carparelli will replace Karl-Heinz Bauer, who is retiring.
At the end of March, Schindler also won a lawsuit that had been ongoing for almost ten years. The background to the case is the capital increases at Hyundai Elevator, which were carried out against the wishes of shareholder Schindler. The Supreme Court of the Republic of Korea ruled in favour of Schindler in the liability suit against various members of the Board of Directors of Hyundai Elevator, according to the statement.
Burkhalter Holding AG has successfully completed a capital increase, the Zurich-based building technology specialist announced in a press release. Specifically, 62,732 new registered shares with a nominal value of CHF 0.04 each were issued. Burkhalter’s share capital thus increased to 10,425,674 registered shares with a total nominal value of CHF 417,026.96.
The capital increase from authorised capital was carried out as part of the acquisition of LKE Haustechnik AG from Landquart GR and Strässle Installationen AG from Amriswil TG. Burkhalter acquired both companies in January of this year. Part of the purchase price will be paid in listed registered shares. Burkhalter is listed on the SIX Swiss Exchange. The new registered shares will be traded on the stock exchange from 6 March. hs
Zurich Investment Foundation has completed a capital increase for its Immobilien Wohnen Schweiz investment group with new capital of CHF 250 million, which was launched in mid-July, Zurich Invest AGannounced in a press release. The subsidiary of the Zurich Insurance Group is responsible for the management of the investment foundation. The new funds are to be used to purchase a property in Zurich where a construction project has already started and six fully rented residential buildings in Lucerne.
In the project in Zurich, three residential buildings with a total of 269 apartments are being built on Austrasse. According to the statement, the buildings should meet the requirements of the gold level of the Swiss Sustainable Building Standard. According to her, the six newly built apartment buildings with a total of 61 apartments in the canton of Lucerne are also sustainable development.
Residential properties throughout Switzerland with a value of almost 3 billion Swiss francs are pooled in the investment group Immobilien Wohnen Schweiz, Zurich Invest explains. The portfolio is "well diversified in terms of size, age structure and geographic distribution".
Zürichholz issues shares worth 3 million Swiss francs. As the wood marketer writes in a press release , the capital increase creates “a high-yield, sustainable investment opportunity” for qualified investors from the Swiss forest, wood and CO2 industries”. The company, which specializes in logs and energy wood, reached a new growth stage in 2019 after a consolidation phase. With the additional share capital, the company intends to continue growing in the forward-looking business areas of hardwood processing and biochar production.
Since the groundbreaking ceremony in November 2021, Zürichholz has been building a new operations center in Illnau ZH for around 12 million francs, which is scheduled to go into operation at the end of 2022. This includes a pyrolysis plant for the production of biochar, a garage and workshop for the vehicle fleet, a wood chip hall to increase the capacity of the Aubrugg wood-fired power plant, offices for Zurich wood with rental capacity for third parties and a heating center for the Illnau heating network.
The increasing demand for wood is reflected in a “very pleasing” balance sheet for the 2021 financial year. The company expects sales to jump from 15 million Swiss francs to 20 million in the medium term.
The canton and city of Zurich are among the approximately 300 shareholders as large forest owners, which gives the share “additional stability and potential”. The issue price is CHF 1,400 per share with 2 to 1 subscription rights. Trading in subscription rights is excluded. The long-term dividend yield of nominally 5 percent should be maintained.
Wood is becoming increasingly popular from a climate point of view. This applies to construction and industry, in energy production and as pyrolysis wood in bioenergy. Timber stocks are not only financially worthwhile. An investment in the forest and timber industry also pays off with a view to “climate management and net zero obligations of companies and the public sector,” it says. Due to its high CO2-reducing effect, wood is considered one of the leading negative emission technologies ( NET ) because it can absorb greenhouse gases from the atmosphere and thus minimize them.
Kaqtu has successfully completed a first round of external investments, the young company from the Zurich Oberland announced in a press release. According to a corresponding report on startupticker.ch, business angels from the real estate industry are providing Kaqtu with a total of around half a million francs. Kaqtu intends to use the capital to further develop its digital interior design assistant.
With this, interested parties can digitally search for furniture, decoration, colors and wallpaper for individual rooms or the entire apartment. The digital setup assistant is free to use, but Kaqtu offers a number of paid packages for more personal advice.
The young company is pursuing the goal of “digitizing the entire furnishing process and thereby enabling individual and beautiful living in every household,” writes Kaqtu in the statement. However, the company does not want to achieve this on its own, but rather in cooperation with partner companies in the furnishing market. The establishment of a corresponding network is therefore to be tackled in the current year. In addition, Kaqtu wants to invest part of the newly raised capital in marketing.
Baloise Asset Management AG will carry out a capital increase for its Baloise Swiss Property Fund from August 10th to 19th, announced the asset management company of the Baloise Group in a message . A maximum of 1.24 million new shares with a total value of around 135 million are to be issued on a commission basis.
The issue price including issuing commission is stated in the notification at 110.70 francs per unit. According to her, every 19 subscription rights entitle the holder to purchase five new shares. Any shares that have not been subscribed will not be issued, Baloise informs.
The funds raised are to be used for the acquisition of a real estate portfolio consisting of 15 residential properties, one commercial property and one mixed-use property. Baloise announced the planned purchase of this property, which is spread across ten cantons, last month.
The property portfolio with a market value of around 185.2 million francs is currently held by Basler Versicherung AG and Basler Leben AG, which are part of the Baloise Group. The Swiss financial supervisory authority has already granted the fund management company the necessary exemption from the ban on takeovers by related parties, explains Baloise. To finance the purchase, Baloise intends to raise around 50 million francs in outside capital in addition to the capital increase.
Swiss Life Asset Managers has successfully completed a capital increase for the real estate fund Swiss Life REF (LUX) German Core Real Estate SCS, SICAV-SIF, informs the asset manager belonging to the Swiss Life Group in a message . A total of 108.7 million euros were raised, it continues. The funds are to be used to acquire sustainability-oriented properties in Germany.
Among other things, Swiss Life Asset Managers will acquire contractually secured residential properties that are characterized by energy efficiency and earnings potential, the company explains in the press release. In general, at least 50 percent of residential real estate should continue to be held in the fund. However, part of the newly brought in funds will be used to acquire commercially used properties in good to very good locations in German cities.
Swiss Life Asset Managers signed the UN Principles for Responsible Investment as early as 2018, the announcement further explains. According to her, the company applies appropriate environmental, social and corporate management criteria to both the purchase and management of real estate.
With the Series A financing round, Swiss Nuclides AG was able to raise CHF 2.6 million. Zurich-based Turos Capital AG and private investors were involved. This capital will be used to continue the preclinical and clinical development of the lead molecules.
The Aargau start-up develops solutions for personalized cancer diagnostics, prostate cancer and neuroendocrine tumors. This improves the use of positron emission tomography (PET). This reduces cancer diagnosis and radiation exposure for patients to a minimum. With this method, sugar metabolism processes are examined to identify changed tissue structures. The patients take glucose which is linked to a weakly radioactive tracer molecule.
Zurich-based Helvetica Capital AG is issuing new shares in the Helvetica Swiss Living Fund at CHF 109.68 each between May 10 and 26. With this, the company wants to generate additional equity. This is what she needs to buy 300 apartments worth a total of 130 million francs in the Zurich area and the Lake Geneva region, according to a media release .
This means that the fund will grow to more than 800 apartments, which is intended to improve the diversification and distribution potential of the real estate investment. The purchase is planned for immediately after payment of the capital increase on May 31st.
In total, a maximum of 342,789 new shares will be issued. This increases the number of shares in circulation from 1,371,155 to a maximum of 1,713,944. There is no trading in subscription rights for shareholders.
Swiss pension funds can invest in high-quality Swiss properties from AST Swiss Life from February 1 to March 31. The investment foundation is planning to open up its two investment groups, Real Estate Switzerland and Commercial Real Estate Switzerland, worth around CHF 500 million. Payment will be made on May 5th.
According to a press release , the capital is to be used to reduce the debt capital ratio, to purchase further properties, to implement new construction projects and for ongoing investments in the portfolio.
The focus of the Real Estate Switzerland investment group is on residential properties in Swiss cities and agglomerations. The Swiss Commercial Real Estate investment group invests in commercial properties with stable returns and stable values in central locations. Both also hold shares in the Glatt shopping center in Wallisellen. Since their launch, both have had “an appealing performance” of 5.63 and 5.10 percent per year, respectively. In addition, the occupancy rate of more than 97 percent is above average for both of them.
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