By Christina Ioannou – Reporting from Startup Days, Bern, Switzerland

In a country known for discretion, neutrality, and long-term financial prudence, one wouldn’t necessarily expect boldness to be part of the investment ethos. But at this year’s Startup Days in Bern, Switzerland, conversations with key investors revealed a changing tide: Swiss investors, while still rooted in traditional values of stability, are increasingly exploring riskier, more innovative paths, especially in the startup and venture capital space.

A Shift in Swiss Startup Dynamics

Barbara Fischer, Founder and Managing Director at Arena Ventures, has a front-row seat to the evolving behavior of early-stage companies and their investors. Speaking to me at the event, she highlighted a new trend that reflects this shift in mindset, not just among investors, but founders too.

“What I observe as a new startup investment trend in Switzerland so far in 2025 is the tendency for many startup founders, particularly in AI, to seek a trade sale or merger with a larger player. This is currently a true alternative to investments from VC funds,” said Fischer. “We have seen this happen in Education Tech, E-Commerce, FinTech, Platform Plays, and Green Tech companies. It happens rather early, too. Companies that are only 1.5 years old, or 2 years at most, chose this path quite often. In nearly ten years in business as a startup fundraising expert, I have never seen this happen before.”

Barbara Fischer, Founder & Managing Director, Arena Ventures

The Role of Institutional Money

While private angel investors and early-stage VCs are becoming more comfortable with startup risks, institutional money, especially from Swiss pension funds, remains largely on the sidelines. This, according to some investors, is a missed opportunity for both financial return and national innovation.

Adrian Adank of Adank AG, a CFO, board member, and seasoned business angel, believes the potential for institutional capital to transform the startup landscape is enormous.

“Given their long investment horizon, pension funds would be ideal backers for venture capital,” Adank told me. “The legal framework exists, and the potential wealth gains through returns and innovation could benefit society as a whole. What’s still lacking is the willingness of decision-makers to take new paths.”

Adrian Adank, CFO, Board Member & Angel Investor, Adank AG

Risk vs. Stability: The Swiss Balancing Act

So, what really defines Swiss investment culture in 2025?

At its core, Swiss investors still value capital preservation. But that doesn’t mean they aren’t evolving. Family offices and high-net-worth individuals are allocating more to venture capital. Government-backed initiatives like Innosuisse continue to encourage R&D. And ecosystems in cities like Zurich, Lausanne, and Zug are thriving, especially in tech-forward areas like digital assets, life sciences, and energy innovation.

What’s Next?

For Switzerland to unlock its full potential as a startup nation, two things may be needed: a cultural shift in institutional investing, and a mindset change in how risk is perceived. Events like Startup Days are helping catalyze that change by bringing together diverse stakeholders, from early-stage entrepreneurs to seasoned investors and policymakers.

As Fisher and Adank both pointed out in Bern, the window of opportunity is open; but how long it stays open depends on whether Swiss capital can evolve to match Swiss innovation.

The message from the ground is clear: the willingness to take bold steps is growing. Now, the question is whether Switzerland’s investors can gradually embrace more risk, while still staying true to the country’s deep-rooted commitment to financial responsibility.