Investment in female-led start-ups remains low despite new records

In 2020, female-led start-ups in Switzerland attracted significantly more investment than in the previous year. The number of financing rounds increased from 19 to 26. The total invested amount almost doubled, rising from CHF 51 million to CHF 98 million. Both values represent all-time highs. However, the long-term comparison with investments in all Swiss start-ups is sobering. The number of financing rounds as well as the total invested capital in start-ups with female CEOs does not grow faster than that of start-ups with male CEOs. The respective shares of female-led start-ups thus remain at a very low level. In terms of the number of financing rounds, the share in 2020 was around 8.5%, and in terms of invested capital only 4.6%.


Source: Swiss Venture Capital Report / Startupticker.ch / Seca

Source: Swiss Venture Capital Report / Startupticker.ch / Seca

The Swiss Venture Capital Report database contains a total of 64 financing rounds for female-led start-ups. Regarding industries, the usual picture emerges with a broad distribution across all sectors. Nevertheless, a stronger focus on the life sciences is noticeable among female-led start-ups, while investments in IT companies are clearly less common.

Source: Swiss Venture Capital Report / Startupticker.ch / Seca

International comparisons are difficult because exact data are scarce. According to a Pitchbook report published in autumn 2020, female CEOs secured 13.5% of all VC investment in the US in 2019. Ten years ago, that ratio was 6.8%. Deal value, on the other hand, has hovered between 5% and 7% over the past decade, suggesting that relative deal value in female CEOs has decreased over time. As there has been less investment in female-led start-ups in the US in 2020, the figures are likely to have converged with those in Switzerland. Nevertheless, the shares in Switzerland seem to be lower than in the USA, especially when it comes to the number of financing rounds.

Numerous investment opportunities 



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170 logos can be found on this year's edition of our female led start-ups map. 50 more than last year and almost a hundred more than in 2019, when Startupticker published the map for the first time. Only innovative start-ups with a scalable business model and a female CEO are included. The growth in numbers can be attributed on the one hand to new startups. For example, Deepjudge, Avoodoo and Fea Money were incorporated in 2021. On the other hand, CEO changes, such as at Anokion, Sentifi or Smartwatcher, led to their inclusion in the map. In addition, there are new, somewhat older companies that have been added. 

The distribution across the individual sectors remains very broad. However, with the increasing numbers, the healthcare sector with medical technology, biotechnology and digital health has emerged as an important focus. The map lists 60 start-ups from this sector. Other important sectors are Cleantech with 19 companies and Fintech / Crypto with 17 companies.

We are happy to add more female-led start-ups to our map at any time. Just write to news@startupticker.ch. Requirements are an innovative product or service, a scalable business model with international growth potential, a professional team working full time for the start-up and a female CEO. 

In addition to the number of startups with a female CEO, the number of initiatives improving data about female founders has increased. A few weeks ago, Startup Campus published a female founders map, which is also continuously updated. In addition, the Founding Female Founders initiative launched by the Lucerne University of Applied Sciences aims to improve access to entrepreneurial financing for female founders.

(Stefan Kyora / Fabienne Roos / Mirco Bazzani)