The Swiss Scale-Up Report 2026: Swiss scale-ups are growing into global market leaders, but increasingly financed from abroad
The Swiss Scale-Up Report 2026 shows that scale-ups have become a significant part of the Swiss economy, creating highly skilled jobs, developing innovative products based on cutting-edge research and succeeding in global markets. Yet as they grow, ownership and financial value creation are increasingly shifting abroad.
Zurich, 16 September 2026 – The 265 identified Swiss scale-ups have reached a combined estimated valuation of over CHF 26 billion. Once young startups, they have grown into companies of increasing economic significance, employing tens of thousands of highly skilled people and generating most of their revenue internationally. Scale-ups are becoming an increasingly important part of the Swiss economy and a key driver of innovation, deeply rooted in the country’s scientific and technological landscape.
Swiss investors accounted for 13% of the later-stage capital raised by these 265 identified scale-ups in 2025, down from an average of 27% over 2019 to 2022. Ownership follows the capital: as these companies increase in value, more of that value is held outside Switzerland.
These are among the central findings of the Swiss Scale-Up Report 2026, published today by Deep Tech Nation Switzerland, Swisscom Ventures, SIX Swiss Exchange and startupticker.ch, with contributions from Swisspreneur and the Swiss Startup Association.
“This report shows that scale-ups are no longer a niche part of the startup ecosystem. They have become an economically significant group of companies, creating highly skilled jobs, turning Swiss research into global businesses and building substantial company value”, says Joanne Sieber, CEO of Deep Tech Nation Switzerland. “The next challenge is to ensure that Switzerland does not only create these companies, but participates more strongly in the economic value they generate as they scale.”
Highly skilled jobs remain anchored in Switzerland
The 75 scale-ups participating in the survey employ around 6,500 people worldwide, including approximately 3,700 in Switzerland. Around 2,700 full-time positions are in research and development (R&D). Extrapolated to the full population of Swiss scale-ups, this corresponds to around 18,000 people working in R&D, compared with 59,000 people working in R&D across Switzerland overall. This underlines their disproportionate importance in sustaining Switzerland’s innovative strength.
The companies are also strongly rooted in Switzerland’s scientific base. 64% of identified scale-ups are classified as deep tech, while 43% are spin-offs from Swiss universities or research institutions. As Prof. Edouard Bugnion, Vice President for Innovation and Impact at EPFL, puts it in the report: “The next generation of Swiss scale-ups will be born in the lab and raised in the market.”
Global companies, but Switzerland captures too little of the financial upside
Swiss scale-ups are international by design. Three out of 4 surveyed companies generate the majority of their revenue outside Switzerland, and around half of those reporting growth increased revenue by more than 50% year over year.
International capital is an important part of this success. Foreign investors bring financing, expertise and access to global networks. The concern highlighted by the report is therefore not the presence of foreign investment, but the limited participation of Swiss investors alongside it. Swiss investors provided only 13% of attributed later-stage capital in 2025. The gap matters beyond individual financing rounds because investment determines who participates financially when companies increase in value and eventually exit.
The survey points in the same direction. Asked which exit routes they would consider, 79% name an acquisition by a foreign corporate and 39% an acquisition by a Swiss corporate; 41% would consider an IPO on a foreign exchange and 27% a listing on SIX Swiss Exchange.
“The companies have scaled. The investors have not”, says Alexander Schlaepfer, Managing Partner at Swisscom Ventures, in his commentary for the report. Switzerland, he argues, still lacks large growth-stage investors able to lead major financing rounds from 50 to 100 million. “Foreign capital and international markets are indispensable for Swiss scale-ups”, says Sieber. “The ambition should not be to replace them. It should be to have stronger Swiss participation alongside them, so that more investors, employees, institutions and ultimately the Swiss economy benefit from the value these companies create.”
The challenge has shifted from innovation to scaling
According to the report, technology is not the biggest hurdle for Swiss scale-ups. Sales and customer acquisition is the most frequently cited operational challenge, named by 60% of surveyed scale-ups. Access to growth capital follows at 37%, and 28% cite competitors with deeper funding.
This is particularly challenging for companies scaling physical products. “Hardware is hard. You need to invest years into R&D, prototyping and field trials, but it also requires massive working capital to scale production and commercial channels”, says Dominique Mégret, CEO of Ecorobotix.
At the same time, 73% of respondents identify easier access for pension funds to venture funds as a reform that would directly benefit them, the most frequently selected policy measure in the survey. The picture is therefore increasingly one of scaling rather than invention: reaching customers, accessing larger international markets and securing sufficient long-term capital to build global market leaders around strong technologies.
The full Swiss Scale-Up Report 2026 is available for download starting 16.09.2026: deeptechnation.ch/resources/swiss-scale-up-report-2026/
Selected additional voices from the report
Alexandre Meldem, Lead Editor, Swiss Scale-Up Report 2026, Deep Tech Nation Switzerland:
“Switzerland has no shortage of innovation. The challenge begins when innovation has to become a global business. Scale-ups are already creating jobs, revenue and significant value. The question is how strongly Switzerland participates in the next stage of that growth.”
Vincent Bieri, Co-Founder, Nexthink:
“You can innovate locally and start locally. You never scale locally.”
Stefan Kyora, Editor-in-Chief, startupticker.ch:
“Swiss scale-ups provide an answer to the question of how Switzerland can sustain its innovative strength over the long term. For the first time, the Swiss Scale-Up Report demonstrates this with data.”
Fabian Gerber, Head Origination, SIX Swiss Exchange:
“When successful Swiss scale-ups remain connected to Switzerland as they mature, value creation, talent, experience and investor returns can continue to circulate through the ecosystem.”
About the Swiss Scale-Up Report 2026
The Swiss Scale-Up Report 2026 is published by Deep Tech Nation Switzerland, Swisscom Ventures, SIX Swiss Exchange and startupticker.ch, with contributions from Swisspreneur and the Swiss Startup Association. The report is intended to be published regularly in the future, making the development of the Swiss scale-up landscape visible over time.
The report combines the Swiss Scale-Up Survey of 75 companies with company and funding data covering 265 identified scale-ups. The total Swiss scale-up population is estimated at 400 to 500 companies.
About the initiators
About Deep Tech Nation Switzerland
The Deep Tech Nation Switzerland Foundation is a private, non-profit initiative backed by leading corporations, foundations, associations, and universities. Operating as a neutral catalyst, it shapes the future of Switzerland so others can build, scale, and invest. For more information, visit deeptechnation.ch.
About Swisscom Ventures
Swisscom Ventures advises investment funds for Swisscom and institutional investors. Since 2007, it has invested in over 90 technology companies from offices in Switzerland and the United States. In addition to capital, it supports portfolio companies with its deep expertise in digital transformation, as well as access to Swisscom’s technical infrastructure and market channels. For more information, visit ventures.swisscom.com.
About SIX
SIX serves the Swiss and Spanish financial centers and a broad international client base, offering stable and efficient infrastructure services. SIX operates stock exchanges and provides services in post trading, financial information as well as the payments business. For more information, six-group.com.
About Startupticker.ch
Startupticker.ch is Switzerland’s national information platform for startups, providing daily coverage of relevant developments across the ecosystem. For the past 15 years, it has also published data-driven studies such as the Swiss Venture Capital Report. For more information, visit startupticker.ch.
About Swisspreneur
Swisspreneur.org is a nonprofit organization focussed on promoting and advancing entrepreneurship in Switzerland. For more information, visit swisspreneur.org.
About Swiss Startup Association
The Swiss Startup Association (SSA) is Switzerland’s leading association for startups. Since its foundation in 2015, the non-profit organisation has represented the interests of the Swiss startup community. For more information, visit swissstartupassociation.ch.