From
Female Foundry
THE REPORT
Despite the challenging macro fundraising climate, female entrepreneurs and emerging fund managers in Europe continue to build and innovate.
A time of creativity and resilience.
The 2024 Female Foundry State of Gender Diversity in European Venture Report clearly demonstrates not just the resilience of female entrepreneurs and investors, but also highlights the significance of the untapped potential for innovation driven by these women, which is crucial for Europe's future.
Challenging times serve as fertile ground for innovation, and so, it could not be a better time for investors to step up and meet the ambitions of female founders and fund managers who are at the forefront of new business creation in Europe.
Agata Nowicka
Founder
Female Foundry
Author of the State of Gender Diversity in European Venture report
Meet the team behind
the report
Get to know the team behind the report who, over the past year, gathered data, brought to life never-before-seen insights, and engaged with the wider European venture ecosystem.
Tap on a picture to learn more
Agata Nowicka is a two-time entrepreneur, startup investor and mentor. She is particularly interested in businesses innovating in fintech and those leveraging data.
Having been on both sides of the venture ecosystem, in 2020, Agata founded Female Foundry to support more female entrepreneurs innovating across Europe.
Agata holds an MBA from INSEAD and Wharton Business School.
Agata Nowicka
Founder, Investor
Female Foundry
Louis is responsible for public policy-focussed research at Dealroom.co.
As co-lead of the Intelligence Unit, Louis manages a team of ecosystem analysts, and coordinates research projects pertaining to startup ecosystems, job and value creation, DE&I, and benchmarking of the startup economy across Dealroom’s network of 100+ government partners globally.
Louis Geoffroy-Terryn
Ecosystems Research Lead, Dealroom
Kaisa Snellman is an Associate Professor of Organisational Behaviour at INSEAD and the Academic Director of the INSEAD Gender Initiative.
Her research focuses on gender and entrepreneurship. She earned PhD and MA degrees in Sociology from Stanford University, and she was a postdoctoral fellow at Harvard Kennedy School of Government.
Kaisa Snellman
Associate Professor,
INSEAD
Leila Baeriswyl is a startup founder and aspires to venture into the VC space.
With a passion for innovation and a background in entrepreneurship, she brings a unique perspective to the table.
Leila Baeriswyl
Startup Founder, Analyst
Aoife manages Ecosystem and Government partnerships at Dealroom.co, working with policymakers globally to measure and grow their local innovation ecosystem.
Prior to Dealroom, Aoife worked at WeAreXena - building diverse tech teams for Europe’s leading startups and scaleups.
Aoife Morrin
Ecosystem Parterships, Dealroom
Kamil Stronski is a Post-Doctoral Research Fellow at INSEAD.
His research lies at the intersection of strategy and organizational theory. He received his Ph.D. in Strategy (summa cum laude) at ESMT Berlin. He also holds an M.A. and B.A. in Economics from the Warsaw School of Economics.
Kamil Stronski
Post-Doctoral Research Fellow, INSEAD
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Jacob Keer is a final year student at UCLA, Califronia, US.
Having worked within data analysis statistical modeling throughout his work with the Labrynth project at UCLA, Jacob assisted with data research and the venture community management.
Jacob Keer
Research Analyst
Apart from being a Global Director of Community at one of the major technology companies, Margaux Miller is also a a founding member of WomenTech Network, and the founder of the Start Canada Podcast and the Manitoba Women in Tech group.
Margaux Miller
Global Director of Community, Podcaster
Fostering thriving venture ecosystem
for female founders and investors
in Europe.
The future of European venture is here.
About Female Foundry
Entrepreneurs, investors and ecosystem players in Europe are part of our network
6,000
Weekly office hours
Mentorship
Weekly newsletter on the key news across
the European Venture ecosystem
Newsletter
Partnerships with leading
European players to deepen connections across
the venture ecosystem
Connections
Bringing granular data
on the state of
ecosystem for female
entrepreneurs and
emerging fund managers
in Europe
Data
This report would not have been possible without the support of our sponsors. We are very fortunate to be backed by some of the most innovative organisations in the world that share our view on the untapped potential of female entrepreneurship and investment.
From Ashurst
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"We achieve what we measure and we need to measure what matters. If we want to achieve not just equality but also equity within the European venture ecosystem, we need access to the data to hold ourselves to account."
Tara Waters, Partner & Chief Digital Officer
Ashurst
Ashurst is a leading international law firm with world class capability and a prestigious global client base. The firm's in-depth understanding of its clients and commitment to providing exceptional standards of service has seen it become a trusted adviser to local and global corporates, financial institutions and governments on all areas of commercial law.
From Google
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"Data is the cornerstone of innovation, but generative AI (genAI) is the catalyst that ignites it. With genAI, we can analyze vast data sets, uncover hidden patterns, and generate new ideas at an unprecedented scale. With the power of genAI we can ask bolder questions, explore uncharted territories, and create solutions that go beyond what we could have ever imagined."
Adrian Poole, Director
Digital Natives UKI, Google Cloud
Google Cloud accelerates every organization’s ability to digitally transform its business and industry. Customers in over 200 countries and territories turn to Google Cloud as their trusted partner to solve their most critical business problems.
From the London Stock Exchange
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"Equity, diversity and inclusion should serve to provide an equal opportunity for everyone to thrive – and that should be no different in the way our capital markets and economy work than it is within any individual firm. This report showcases the contribution that female founders can make to the wider economy, and how important it is to back their businesses. Progress can only be achieved on the foundations of accurate data and an honest reckoning of where we are, and the steps required to ensure that female founders are provided the same level playing field to be able to access capital as their peers."
Julia Hoggett, CEO
London Stock Exchange
London Stock Exchange operates at the heart of where ideas meet capital, connecting companies, countries and investors in the real world to make measurable and positive differences across the globe.
From HSBC Innovation Banking
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"Objective data about the true state of the innovation economy is essential for driving
change. It empowers the entire ecosystem to turn good intentions into lasting impact
by revealing new opportunities to improve, innovate, and invest – and that benefits
us all."
Juliet Rogan, Managing Director
HSBC Innovation Banking
HSBC Innovation Banking provides commercial banking services, expertise and insights to the technology, life science and healthcare, private equity and venture capital industries.
From Accenture and FinTech Innovation Lab London
"Adopting a data-driven approach is key to evolving Europe's startup landscape, enhancing transparency and fostering innovation. By acknowledging the true state of gender diversity, the industry is both empowered and accountable to create meaningful change."
Emma Kendrew, Lead for Accenture Technology in The UK and Ireland, Accenture
Accenture is a leading global professional services company helping organisations build their digital core, optimise their operations, accelerate revenue growth and enhance consumer services.
Part of Accenture, the FinTech Innovation Lab London is a pioneering accelerator programme that provides innovative startup fintech companies at various stages with the support of the world’s leading financial service firms.
From our sponsors
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From Carta
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"Venture capital is an inherently opaque business. Without quality data on the demographic makeup of venture investors and the companies they serve, it's impossible to know if the startup ecosystem benefits everyone or just a select few.
That's why it's crucial to increase the transparency around who gets venture funding. This push for transparency is even more important in a downturn like the one founders have experienced in 2023. What gets measured can get managed - and we all want to see startups be an engine for more inclusive growth."
Peter Walker, Head of Insights, Carta
Carta is an ownership and equity management platform.
Associate sponsor
It takes a village.
Get to know our partners.
The State of Gender Diversity in European Venture report would have not been possible without the great support from all our partners.
The data, perspectives, and insights shared in this report are the collective effort of our partners, contributors, volunteers, and enthusiasts. It is thanks to their commitment and passion we are able to engage with innovators across Europe to deliver the most granular image of the investment opportunities into female founders and emerging fund managers.
Read on to learn about who has been with us on this journey.
Data Partner
Dealroom is a global company information database & research firm. Its software, database and bespoke research enable its clients to stay at the forefront of innovation, discover promising companies and identify strategic opportunities.
Among its clients are world-leading strategy consulting firms, investment banks, multinationals, technology firms, venture capital & buyout firms and governments.
Our data partnership with Dealroom, a true supporter of the European venture ecosystem has allowed us to gain insights from vast amounts of data.
Media Partner
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Analysis Partner
We are supported by the leading European ecosystem players
Our report would not be possible without the support of the fantastic community partners across 18 European countries.
Learn more about our partners
Scroll through to learn more about the country-specific and Europe-wide ecosystem players that support our mission to bring transparency and data on female innovation in Europe.
The Luxembourg Private Equity and Venture Capital Association
The Luxembourg Private Equity and Venture Capital Association (LPEA) is the representative body of private equity and venture capital professionals in Luxembourg.
With 485 members, LPEA plays a leading role in the discussion and development of the investment framework and actively promotes the industry beyond the country’s borders.
The Swiss Startup Association
The Swiss Startup Association is the umbrella association of the Swiss startups. It is the the voice of the Swiss Startups and improves the conditions for Swiss startups on a political and educational level and provides them with the necessary viability. The association provides a platform for networking, knowledge exchange, and actively engages in policy discussions to shape a favourable environment for startups.
The Dutch Startup Association
Dutch Startup Association is the largest, independent representative for startups, scaleups and innovation in The Netherlands.
We provide entrepreneurs with the network, knowledge, and expertise to produce real results, and we create toolkits, host and organise events, and much more - giving them all the support they need to reach their goals.
The Finnish Venture Capital Association
The Finnish Venture Capital Association (FVCA) is the industry body and public policy advocate for the venture capital and private equity industry in Finland.
Established to foster collaboration and growth within the investment community, FVCA serves as a catalyst for innovation, supporting startups and contributing to the evolution of Finland's entrepreneurial ecosystem.
The Swiss Private Equity & Corporate Finance Association
The Swedish Venture Capital Association
SVCA is an independent, not-for-profit industry body for firms and individuals active in the Swedish private equity sector, and includes buyouts, venture capital, business angels, and business angel networks. The Association, which was founded in 1985, seeks to improve how the private equity market in Sweden functions and to increase knowledge and understanding of the private equity market among the general public.
The German Private Equity and Venture Capital Association
The German Private Equity and Venture Capital Association, (BVKAP), serves as the representative voice for the private equity sector in Germany.
Advocating before policymakers and media, it highlights the sector's significance in the German economy. With a commitment to continuous market monitoring and analysis, the association adapts to industry changes.
SPAINCAP
SPAINCAP is the association uniting Venture Capital & Private Equity entities in Spain, including investors like insurers and pension funds.
With over 170 national and international firms, it fosters long-term investments, offering stable funding, innovation, and management support to non-listed companies.
Active Owners Denmark
Active Owners Denmark is a collaborative association of company owners dedicated to fostering growth and prosperity in Denmark.
Comprising private investors, funds, families, venture and private equity funds, and pension funds, our members empower entrepreneurs, elevate companies, and ensure returns for Danish investors and pension savers.
Tesi
Tesi (officially Finnish Industry Investment Ltd) is the Finnish state-owned investment company driving growth in Finland.
As a venture capital and private equity investor, Tesi supports Finnish companies at various stages, aiming to create a positive impact on the national economy through strategic investments and partnerships.
France Digitale
France Digitale is the largest startup association in Europe, bringing together over 2000 startups and investors (venture capitalists and business angels).
Founded in 2012, it advocates for the interests of startups and digital entrepreneurs, fostering a dynamic community. France Digitale actively engages in shaping policies, promoting innovation, and connecting key players to drive the growth of the digital sector.
SuperReturn International
Portuguese Association of Risk Capital
APCRI, Portuguese Association of Risk Capital is a non-profit association representing the venture capital and corporate interests, business angels, family offices, startups, and innovative SMEs.
It serves as a platform for networking, collaboration, and advocacy, promoting the growth of the investment ecosystem and supporting innovative businesses.
The Irish Venture Capital Association
The Irish Venture Capital Association (IVCA) is the representative body for venture capital and private equity firms on the island of Ireland.
Associate members of the IVCA include firms that provide advisory services including corporate finance houses, commercial and intellectual property law firms, accountants and other advisers experienced in the venture capital field.
Startup-Verband
The Startup Association (Federal Association of German Startups) is the voice of startups in Germany, advocating for their interests in politics, business, and the public sphere.
With a network of 1,200 members, the association fosters dialogue between startups, scale-ups, investors, and established businesses. Its goal is to make Germany and Europe more startup-friendly locations.
The Estonian Private Equity and Venture Capital Association
Estonian Private Equity and Venture Capital Association (EstVCA) is a dynamic hub fostering innovation and entrepreneurial growth in Estonia. This collaborative platform unites investment professionals, driving economic development and supporting startups.
EstVCA plays a pivotal role in shaping Estonia's investment landscape, connecting professionals and contributing to the success of emerging businesses.
Startup Portugal
InnovUp
InnovUp is Italy's non-profit association fostering innovation by uniting startups, scaleups, innovative SMEs, and various entities in its ecosystem.
Representing a diverse range, including incubators, accelerators, and corporations, InnovUp plays a pivotal role in supporting and advancing the Italian innovation landscape.
TechChill
TechChill Foundation is a leading Baltic tech event that unites entrepreneurs, investors, and enthusiasts.
Annually held in Riga, Latvia, it features impactful discussions, startup pitches, and networking opportunities. Founded in 2012, TechChill fuels the region's startup community by connecting key players, fostering knowledge exchange, and inspiring innovation.
Startup Estonia
Estonia has the highest number of unicorns per capita in Europe.
The bustling startup ecosystem Startup Estonia is developing is one of the building blocks of our startup success story. For this purpose we foster three building blocks: availability of human resources and capital, open and connected community and services, and transparent and simple regulative infrastructure.
Tech Barcelona
Tech Barcelona is a private non-profit association that supports and catalyses Barcelona’s digital and technological ecosystem.
Connecting startups, investors, and corporations, it fosters innovation through events, networking, and knowledge sharing. With a mission to position Barcelona as a global tech hub, Tech Barcelona accelerates the growth of the city's digital ecosystem.
Startup Poland
Startup Poland is a representative body for Polish startups, engaging in dialogue with the government, parliament, the European Commission, and local authorities.
The organisation facilitates connections between startups, clients, and investors, contributing to the growth of the Polish startup ecosystem.
VC Lab
VC Lab is the global venture capital accelerator which offers a free program focused on helping new and emerging fund managers raise funds and build enduring, impactful VC firms. VC Lab provides fund-building structure, proven advice, mentorship and peer support to reduce the barriers of entry to the low-transparency and high-cost world of venture capital.
Since 2020, we've accelerated 300+ next generation venture funds.
Casa do Impacto
In this house, it is the causes that move us. We want to contribute to the creation of positive Social Impact!
Casa do Impacto is a Lisbon-based social impact hub cultivating the next generation of change-makers. Hosting impactful events, it provides actionable insights, uniting social entrepreneurs and impact investors to shape collaborative ventures.
Belgian Venture Capital Association
EQL:HER
EQL:HER is a platform empowering women in the workplace by facilitating mentorship connections and fostering a supportive community.
Through tailored programs and networking opportunities, EQL:HER aims to break down barriers and promote equality, diversity, and inclusion in professional environments.
