Delve into the state of the European investment landscape and the funding opportunities available to female emerging fund managers. 2.4 VC Landscape The Stepping Stones There has been a gradual improvement in gender representation across European funds, as our data demonstrates. However, the proportion of women in decision-making roles within venture capital firms still lags behind, highlighting the need for continued efforts to create an environment that can attract more women into investment roles. Key insights 17% of all top decision-makers in European VC firms are women. Female general partners and female partners still constitute a small proportion of all venture capital partners in Europe. 82%, female founders say that the gender composition of their boards is important to them. Unlike the gender of investors, the gender composition of the board matters to female founders in Europe. French venture capital funds have the highest number of female general partners in Europe. This is a paragraph where you can include any information you’d like. It’s an opportunity to tell a story about the company. Representation of women in top positions in European venture capital funds remains low Female general partners and female partners still constitute a small proportion of all venture capital partners in Europe. According to our analysis, only 17% of all top decision-makers in European VC firms are women. Percentage of women in general partner and partner roles in Europe of all general partners in VC firms in Europe are women. 17% Notes: Source: Female Foundry, Crunchbase, Pitchbook LinkedIn Copy link Like Download the Report Female founders have mixed opinions when it comes to the significance of the gender of investors backing them In our survey, we wanted to gain more insight into just how important the gender of investors is for female founders creating businesses in Europe. We received mixed responses. Although gender appears to be more significant for female founders who have not yet received any funding, in general, the responses are inconclusive, with a slightly higher proportion of female founders indicating that it does not matter for them. Does gender of an investor matter to you? Female founders only Notes: 'Funded' founders are those who have raised any amount of funding. Source: LinkedIn Copy link Like Download the Report Associate, Earlybird Natalia Ahmadian Germany "I have definitely seen a positive impact of being part of a diverse investment team. This year, we seen a growing number of female founders proactively approaching us. Participating in events (both as an attendee and organizer) dedicated to female founders has been incredibly rewarding and led to very strong connections between founders and VCs. This also gave me the chance to leverage my network to encourage more female entrepreneurs to step forward, start their ventures, and connect with relevant stakeholders such as VCs and angels." 82% of female founders say that the gender composition of their boards matters to them Unlike the gender of investors, the gender composition of the board matters to female founders in Europe. In an overwhelming majority, 82%, female founders who participated in our survey stated that the gender composition of their boards is important to them. Does gender composition of your board matter to you? Female founders only of female founders say that gender composition of their board matter to them. 82% Notes: All female founders. Source: LinkedIn Copy link Like Download the Report VC investor, Molten Ventures Paul-Louis Lepine United Kingdom "The distinctive value added by women in board positions goes beyond diversity or the fostering of an inclusive company culture. Companies catering predominantly to female demographics, such as femtech, fashion, home & design, health & wellness, or groceries, should and are actively seeking female board members to leverage their insights and deeper understanding of the customer base." France has the highest number of new funds with at least one female general partner in 2023 Our analysis of funds with at least one female general partner reveals that France, the United Kingdom, and Germany have the highest number of funds with female General Partners. Geographical location of new funds with at least one female general partner, 2023 Tap on a bar to reveal the exact number Notes: Source: Dealroom LinkedIn Copy link Like Download the Report Geographical location of new funds with a female general partner over the years See how the number of new venture capital funds with at least one female general partner has been evolving over the past five years in the countries within our scope in Europe. New funds with a female general partner per country, 2019 to 2023 Tap on a bar to reveal the exact number Notes: Source: Dealroom LinkedIn Copy link Like Download the Report Associate, Eurazeo Carole du Fretay France "The diversity of individuals you engage with and the intellectual stimulation you experience daily make a VC role ideal for someone who is hyper-curious. For me, venture capital is synonymous with my passion. I enjoy talking with people who are driven by making changes in the world. In this role, it's of course essential to assess risks, yet equally important to dream and believe in opportunities, focusing on the upside rather than the downside! The human aspect and the necessity to trust your instincts add an extremely exciting dimension to the job, which I can genuinely enjoy." Over a third of principals and mid-level investors at European VC firms are women We wanted to find out how many female principals and mid-level investment positions there are in European VC firms to better understand what the gender representation looks like for positions just below the Partner level. We found that over a third of those positions are currently filled by women. Proportion of female principals and mid-level investors at European venture capital firms of principals in European venture capital firms are women. 34% Notes: Positions classified as 'principal' encompass vice-president and director levels. Funds with over $25m AUM, everywhere in Europe. Source: Female Foundry LinkedIn Copy link Like Download the Report 15 women were promoted to partner level in 2023 We have been monitoring the promotions of female venture capital investors in 2023. A total of fifteen female investors were promoted to partner level. female investors in the European VC firms were promoted to partner level in 2023. 15 Notes: Source: Female Foundry, Pitchbook, Dealroom LinkedIn Copy link Like Download the Report Up next 3 Environment Macroeconomic forces play a crucial role in shaping the venture capital landscape, influencing investment strategies and startup valuations. Factors such as inflation rates, interest rates, and economic growth patterns can significantly impact investor sentiment and the availability of capital. Learn how the macroeconomic forces have been shaping the venture capital ecosystem of today. Explore the chapter

By sector Funding levels vary significantly by sector. Investors tend to prioritise sectors with faster scalability and clear market demand, leading to disparities in how innovation is financed across different industres. 71% B2B 21% B2C B2B female-founded companies secure the majority of venture capital investment venture capital raised by B2B female-founded companies 71% venture capital raised by B2B2C female-founded companies 21% venture capital raised by B2C female-founded companies 8% 8% B2B2C Europe 2024 View detailed breakdown Data source: Dealroom Access to funding is believed to be the key inhibitor of innovation for female founders across all sectors What do you believe are the greatest inhibitors of innovation in your sector? 51% 3% of female founders across all sectors believe that access to funding is key for driving innovation within their sectors of female founders across all sectors believe that access to funding is not important for driving innovation within their sectors View responses in detail Source: Female Innovation Index Survey 2025 'The future of the space sector over the next 10 years is both uncertain and full of potential. I compare it to the early days of computing when few could have imagined a world where everyone owned a personal computer. We are at a similar turning point in space innovation. Our technology is modular and scalable. and our mission is to push boundaries and redefine what’s possible in the space industry.' Sara Correyero Plaza Ienai Space, Spain Raised a €3.9m Seed round in June Health, cybersecurity, and deep tech are the key sectors ripe for AI adoption, according to investors What sectors pose the highest opportunity to benefit from emerging technologies over the next 12 months? Add a Title 69% Add a Title 45% Add a Title 40% Add a Title 34% Add a Title 20% Add a Title 19% Add a Title 19 % Add a Title 1 2% Add a Title 5% angel investors VC investors Health Deeptech Data & analytics Cybersecurity Robotics Fintech Sustainability Education Food Add a Title 56% Add a Title 86% Add a Title 22% Add a Title 69% Add a Title 6% Add a Title 23% Add a Title 22% Add a Title 3% Add a Title 7% Source: Female Innovation Index Survey 2025 'I believe manufacturing, logistics and procurement will benefit the most from AI in the next 12 months. Currently, these sectors are ripe for innovation as we are seeing a huge shortage of labour, increasing geopolitical tension leading to chaotic supply chains and increasing cost for consumers.' Sri Ayangar Investor Lakestar Health is both the most popular and the most funded sector for female entrepreneurs Total venture capital invested (€M) in female-founded companies by sector vs. the number of female-founded companies in a given sector Europe, 2024 Capital invested (€M) Number of companies Health Fintech Enterprise Software Food Energy Wellness & Beauty Transportation Robotics Chemicals Add a Title 2059 Add a Title 1013 Add a Title 959 Add a Title 591 Add a Title 573 Add a Title 372 Add a Title 271 Add a Title 227 Add a Title 211 View all sectors here Health Enterprise Software Marketing Education Recruitment Fintech Wellness & Beauty Food Fashion Add a Title 61 Add a Title 55 Add a Title 46 Add a Title 34 Add a Title 32 Add a Title 29 Add a Title 29 Add a Title 25 Add a Title 24 Data source: Dealroom 'In the LegalTech space, we’re tackling outdated processes for certifying and notarising documents. The future of this field will likely see further advancements in third-party verification and document content validation. AI and emerging technologies like blockchain will enhance these processes, but human involvement will remain necessary for the foreseeable future.' Aida Lutaj Legitify, Ireland Raised a €1.5m Seed round in March 27% Heath 13% Fintech Health, fintech, food and enterprise software are the most funded sectors of female-founded companies venture capital raised by female-founded companies in the health sector 27% venture capital raised by female-founded companies in the fintech sector 13% venture capital raised by enterprise softwarefemale-founded companies 12% 12% Enterprise software Europe 2024 venture capital raised by female-founded companies in the food sector 8% 8% Food View other sectors in detail Data source: Dealroom Coming up By location What does the funding landscape for female entrepreneurs look like across different countries in Europe? How do funding opportunities for female innovators vary from country to country? Go to By location Music, wellness and beauty, and robotics experience the highest growth in funding Change in total venture capital into female-founded companies invested (%) per sector, 2023 vs 2024 Europe, 2023 vs 2024 Music Wellness & Beauty Robotics Food Manufacturing equipment Transport Legal Dating Gaming Media Event tech Semicond. View all sectors here Data source: Dealroom Add a Title -67 % Add a Title -76 % Add a Title 8 3% Add a Title -8 4% Add a Title -8 5% Add a Title -8 7% Add a Title +1337% Add a Title +414% Add a Title +212% Add a Title +212% Add a Title +80% Add a Title +63%

Our report is not just about statistics and figures, it is a community. Connect with other founders, investors and the ecosystem players that are part of the community. Not just another report but a community This report is not just about data and statistics, it is about real people, their aspirations and ambitions. Join our community to continue the conversation. The Community 4 The future of venture is here. THE COMMUNITY Join the Community Chiara Macarti Speranza • Peter Walker • Anna-Marie Slot • Isolina Lopez Rivarola • Kimberley Abbott • Alex Hazell • Kyle Gregorowski • Sonya Iovieno • Joe Schorge • Devon Potter • Chris Smith • Lauren Daly • Mat Gazeley • Glen Waters • Rob Moffat • Sacha Brereton • Sareena Bains • Graham Cressey • Gabriel Shin • Tara Waters • Georgia Lawrence • Taz Marsden • Ryan Carlin • Robin Romei • Nina Mohanty • Lisa Gradow • Malene Madsen • Oana Jinga • Karen K Burns • Marieke van Iperen • Jim Burke • Dr. Sonja Stuchtey • Katya Ivanova • Sandra Nolasco • Marion Verles • Lina Graf • Lena Thiede • Francois Paulus • Marta Palmeiro • Apostolos Apostolakis • Fabio Mondini de Focatiis • Clare Murray • Claude Ritter • Bao-Y Van Cong • Sonia Piorek • Sarah Wernér • Nzube Ufodike • Jerome Wittamer • Laura Costa • Alice Tyler • Vera Baker • Susanne Fromm • Hélène Huby • Felicia Mundhenke • Monica Aznar • Marla Shapiro • Chenelle Ansah • Anke Huiskes • Louise Brandt • Daniela Sjunnesson • Yvonne Nagawa • Yonca Braeckman • Alina Klarner • Mark-Gibbard-Jones • Orla Shields • Simon Chen • Nick Lyth • Rachel Boswell • Amelia Martinez • Regula Bleuler • Linda Klinga • Sokhiba Mukhitdinova • Emily Siebrecht • Monika Wyszynska • Meeri Haataja • Meryem Arik • Carole du Fretay • Neha Madhotra • Tania Hoeding • Paul-Louis Lépine • Ayuna Nacheva • Lucy Lyons • Sam Marchant • Gregor von dem Knesebeck • Joanna Koczuk • Chloe Dagnell • Videesha Boeckle • Helene Huby • Natalia Ahmadian • Juliet Rogan • Blanche Ajarrista • Alistair Owen • Marco Hacon • Ash Arora • Monik Pham • Dama Sathianathan • Oliver Hammond • Sandra Steving Villegas • Meryem Arik The Contributors Special Thanks. Lisa Gradow Claire Murray Bao-Y Van Cong Sarah Werner Mirjam Staub-Bisang Rob Moffat Jérôme Wittamer Daniela Sjunnesson Marion Verles Felicia Mundhenke Apostolos Apostolakis Judith Data Oana Jinga Marta Palmeiro Dr Elena Gross Hear more from our contributors We have gathered over 150 quotes on the European venture ecosystem today. Hear more from our contributors report: VC, LP and angel investors, along with female founders and emerging female fund managers who are currently building funds and businesses in Europe. 2024 AI Company Building Europe Exits Fundraising Future Macro VC Landscape Heading 2 Dr Elena Gross KetoSwiss AG $4.8m Pre-Series A in August The development of AI has been driving many investors, even those operating in the health and medical sectors, towards tech-related solutions in the healthcare space in 2023. However, I firmly believe that physical diseases cannot be completely cured or effectively treated solely with an app or AI technology. AI and technology can be excellent tools in medicine, particularly in areas like behavioural science and psychology. They are useful for prevention and support, but when it comes to physical health issues at the molecular or cellular level, technology has its limitations. I believe that AI and technological advancements can only be valuable alongside tangible, physical treatments. Switzerland Founder Heading 2 Dr Elena Gross KetoSwiss AG $4.8m Pre-Series A in August Our production costs rely heavily on the prices of raw materials. The high inflation across global markets in 2023 has substantially increased the costs of our ingredients, which led to an unavoidable increase in our product prices. This price hike has been a widespread challenge, affecting not just us but the entire supplement industry and any business relying on co-manufacturing. Nowadays, few companies have their own manufacturing plants, so the reliance on co-manufacturers is high. As a result, there's a notable delay in securing production slots. The wait is particularly challenging for smaller companies, for whom the increased costs of production add another layer of difficulty, impacting pricing and overall business strategy. Switzerland Founder Heading 2 Nick Lyth Green Angel Syndicate - Early-stage investment is an excellent barometer for the future. The choices early-stage investors make reflect the world they want to see in the decades to come. United Kingdom President Heading 2 Daniela Sjunnesson node.vc SEK 533m First close in March Having been involved in building and scaling companies, I recognise the immense value of having investors who can empathise with the challenges and rollercoaster journey of building a company. In the US, there are plenty of operator or founder-led venture capital firms, some of the most successful US VC firms were founded by previous founders and operators, but in Europe, especially in the Nordic region, where I'm based, there are few. I see this gap as a great opportunity. Our goal is to create a venture capital firm that can not only genuinely connect with early-stage founders, drawing from our extensive founding and operating experience, but I think we have a higher chance of success looking at the statistics from those highly successful US-based funds. Sweden Founding Partner Heading 2 Anke Huiskes NP-Hard Ventures €12m fund in November Before deciding on launching a VC fund, I was an angel investor. Raising a fund will now enable me to write larger checks and make a more significant impact on the startup ecosystem. Becoming a GP has also allowed me to pursue my investment passion full-time, and consequently to secure better deals. It's not just about me anymore; it's about our collective efforts. I believe I've transitioned from a hobby to a career, although my work still feels like a hobby, but now it has a greater impact. Netherlands Founding Partner Heading 2 Francois Paulus Breega -- My advice to founders planning to fundraise for a Series A in 2024, is to take the new market reality seriously. As Series A typically occurs when the company has found product-market fit and is looking to scale, founders operating at this stage now need to meet all the necessary criteria, which wasn't as strictly required before. What used to be the 'rule of 40' is now referred to as the 'rule of 60'. The environment where audacious goals were readily accepted even with poor cash flow projections, is over. While it's still good to be ambitious, the current market is about being realistic. If the ideal metrics aren't there, it might be smarter to aim for a smaller Series A round, say €3 to €5 million, where investors are more forgiving of imperfect metrics. France Founding Partner Heading 2 Lena Thiede Planet A Ventures €160m in February I have noticed that there has been a growing number of founder teams with a truly explosive combination of a strong scientific background and a strong business acumen innovating in the climate (hardware) space. Germany Founding Partner Heading 2 Oana Jinga Dexory $19m Series A round in July When we were raising our Seed round in the summer of 2022, investors were very enthusiastic about the long-term potential of our technology. This year’s round was very different. Investors were far more cautious, asking more thorough questions about how we would use their funds and wanting to see more traction. We noticed the biggest difference when speaking with the US investors at the beginning of 2023. When we started fundraising in March, surprisingly, it was US investors, especially those investing outside of the US, who were far more cautious compared to European investors; they took significantly longer to make decisions, a stark contrast to their quick responses in the spring of 2022. United Kingdom Founder Heading 2 Judith Dada La Famiglia - Over the past 12 months, startups have faced challenges such as budget freezes or deals that are delayed because of shifting priorities of their own clients. Our role as investors has been to offer as much support as possible on the commercial front. This has involved not just identifying areas to cut costs but, more importantly, determining where investments in growth are truly worthwhile. Germany General Partner Heading 2 Judith Dada La Famiglia - Your core strategy should always be to build a good business. Good businesses get funded in all market conditions. Today, the bar for getting funding is high, and so it is crucial for you to be brutally honest with yourself about what aspects of your business are working and what aren't. As a founder, both your runway and the time you invest in your business are precious, so dare to make bold decisions, as too many small changes here and there may not yield the outcome you want. Germany General Partner Heading 2 Dama Sathianathan Bethnal Green Ventures £33m First close in November Our investment thesis is very much focused on the outcomes we’d like to see in the world, which includes backing founders contributing to a sustainable planet, an inclusive society and healthy lives. We think solving some of the biggest social and environmental challenges will require even bigger energy and dedication to see how these areas might intersect. Climate tech, for example, has seen and will see rapid growth over the next few years, but we also need to address the consequences of the climate emergency on our health and the very fabric of our lives in society to mitigate future harm. United Kingdom Founding Partner Heading 2 Miriam Santer The Blood €1m Pre-Seed round in March In 2022, we scaled quite quickly - a big part of the fundraising round we closed in 2022 we invested into research and development. As a consequence, this year, we have put a lot of focus on bringing our burn rate down and extending our runway. We decided to downsize our team from eight people to four, effectively cutting our team size in half. We also cut down on expenses that were not crucial to our business such as office space, subscriptions and hardware. Today, I think we are in a good space when it comes to our burn rate and we are fundraising! Germany Founder Heading 2 Miriam Santer The Blood €1m Pre-Seed round in March During our first round, we made an extra effort to bring female business angels on board, for our last financing round, we were also actively seeking investment from VCs with female partners. Gender diversity is something we place a lot of importance on. We're proud that our investor base today is about 50% female, and we aim to maintain that level of diversity in our upcoming round of funding. Germany Founder Heading 2 Natalia Ahmadian Earlybird - I was always very curious to be at the forefront of tech innovation and work with ambitious founders who want to change the status quo and tackle the challenges of the coming decades and working as a VC investor has allowed me to fullfill that. In 2023, I was excited by the opportunity to take on more responsibility, especially in challenging times, and to help founders secure their funding rounds. I have also been fortunate to expand my network within the VC community. I find it very fascinating to dive into different technologies and industries and engage with experts on various topics. These learning opportunities and insights are super motivating to me. Germany Associate Heading 2 Natalia Ahmadian Earlybird - I have definitely seen a positive impact of being part of a diverse investment team. This year, we seen a growing number of female founders proactively approaching us. Participating in events (both as an attendee and organizer) dedicated to female founders has been incredibly rewarding and led to very strong connections between founders and VCs. This also gave me the chance to leverage my network to encourage more female entrepreneurs to step forward, start their ventures, and connect with relevant stakeholders such as VCs and angels. Germany Associate Heading 2 Chris Smith Playfair Capital - Founders who come across initially with energy and clarity of thought and then back it up with data and details to demonstrate they have a clear understanding of the opportunity and how to execute on it raise capital in all market conditions. Stamina and persistence are also key as rounds are taking longer to get done and founders need to remain confident and upbeat throughout all their interactions. United Kingdom General Partner Heading 2 Monika Wyszynska SmartlyMeet €210k Pre-Seed round in January 2023 was a challenging fundraising year for everybody and therefore the practical fundraising support I received from my Investors was incredibly valuable. As an early-stage founder, I greatly appreciate the clarity and guidance my existing investors have offered. I believe that learning about how the venture capital ecosystem works and how potential investors might evaluate our startup will contribute to our fundraising success. We definitely feel better prepared starting our next fundraising round. I also believe that the direct introductions to VCs from our existing business angel investors have been making a material difference to our future fundraising outcome. Poland Founder Heading 2 Carole du Fretay Eurazeo - The biggest challenge for our portfolio companies in 2023 has been hiring. It has involved first finding individuals with the right skills but also those who would align with the company culture and the scrappiness of early-stage startups. It has not been an easy job, but I cannot emphasise enough the importance of dedicating time to recruiting and getting help with that. Leveraging your network: your team members, VCs, angels etc to also get their views, and conducting reference checks, can significantly help in making the right hiring decisions. France Analyst Heading 2 Meryem Arik TitanML $2.8m Pre-Seed round in October I think the most important difference that I see between the US and Europe is in the way we think about how market dynamics work. In Europe, there's a tendency to view the market as a zero-sum game, where the market size is fixed, and the goal of every company is to beat the competition to take a larger slice of the pie. This means that competitors are viewed as a threat. By contrast, the US market is much more collaborative - American investors expect markets to grow exponentially, especially the AI market, and all companies play a role in making the market larger. United Kingdom Founder Heading 2 Meryem Arik TitanML $2.8m Pre-Seed round in October There are several reasons behind our decision to first enter the US market. Firstly, the US is a leader in AI adoption and culturally, it is a market that is more willing to embrace really new technologies, which is highly advantageous for us. However, our expansion into the US market is about broadening our reach rather than shifting our focus. We're really looking forward to expanding our operations into Europe as it seems like Europe has recently really stepped up as an AI hub, especially when we look at ecosystems such as Paris and the French ecosystem. Europe has an abundance of incredible talent. United Kingdom Founder

We have mapped out the data across the entire funnel of female-founded businesses in Europe, as they navigate through various development stages, from an idea to an exit, provides invaluable insights into the innovation ecosystem and highlights opportunities for investment and support. Catalysts of growth Startup founders play a pivotal role in driving innovation and economic growth in Europe, serving as catalysts for new technologies, services, and business models. They help to address unmet market needs, which leads to increased competition, productivity, and technological advancements. Economically, startups contribute significantly to job creation, with many of Europe's new employment opportunities arising from young, fast-growing companies. By fostering a dynamic and competitive business environment, startup founders encourage a culture of innovation that is essential for Europe's ability to maintain its economic vitality in the global market, adapt to technological changes, and sustain long-term economic prosperity. The Builders 1 1.1 The Funnel Capturing potential Mapping the data across the entire funnel of female-founded businesses in Europe, as they navigate through various development stages, from an idea to an exit, provides invaluable insights into the innovation ecosystem and highlights opportunities for investment and support. By understanding patterns, challenges, and milestones, investors and policymakers can adapt their strategies and resources to better meet the needs of European female-founded companies at each stage of their development. Understanding the funnel better also helps to identify high-potential ventures and sectors ripe for innovation, enabling more targeted backing of the female-founders likely to drive significant economic and technological growth. See below a bird's eye view of the number of female-founded companies that are at the top of the investment funnel in Europe. Notes: Key insights. The total amount of funding raised by European female entrepreneurs in 2023. 1,007 European female-founded companies received €5.9B investment in 2023. Send 40% of venture capital funds in Europe spent more time seeking investment opportunities into female-founded companies UK-based companies raised 49% of all capital invested into female-founded companies in Europe in 2023. Send 70% of VC investors consider network as their prime source of finding female-founded startups. Send 'In the past, securing a lead investor accelerated the fundraising process, but this year, the pace of getting funded has been slow, even with a lead investor on board Investors asked for more substantial proof of the value of our solution, so prioritising customer engagement proved to be a successful strategy for us. By pre-selling our product based on our early MVP, which wasn't perfect but functional, I managed to generate solid traction for my business. Securing customers first was an effective way to build trust and create fundraising momentum." Female entrepreneurs in Europe raised €5.9B The total amount of funding raised by European female entrepreneurs in 2023. Female founders that raised capital believe it is harder to raise capital today than it was twelve months ago Female founders that raised capital believe it is harder to raise capital today than it was twelve months ago Like LinkedIn Copy link Download the Report 'In the past, securing a lead investor accelerated the fundraising process, but this year, the pace of getting funded has been slow, even with a lead investor on board Investors asked for more substantial proof of the value of our solution, so prioritising customer engagement proved to be a successful strategy for us. By pre-selling our product based on our early MVP, which wasn't perfect but functional, I managed to generate solid traction for my business. Securing customers first was an effective way to build trust and create fundraising momentum." Female founders that raised capital believe it is harder to raise capital today than it was twelve months ago Female founders that raised capital believe it is harder to raise capital today than it was twelve months ago Like LinkedIn Copy link Download the Report Sarah Wernér £119k grant in September United Kingdom Female founders that raised capital believe it is harder to raise capital today than it was twelve months ago To gain a better understanding of how female founders feel about the current fundraising conditions, we asked them in our survey whether it is easier or harder than it was 12 months ago for them to raise capital in Europe. Overwhelmingly, those founders who raised capital in 2023 reported that it is much tougher for startups to secure funding today compared to twelve months ago, with 76% stating this. Interestingly, only 52% of the female founders who did not raise any funding in 2023 said it was harder. Female founders that raised capital believe it is harder to raise capital today than it was twelve months ago 2023 is the third largest year for investment in European female-funded companies in the last five years Despite the challenging fundraising environment, female founders have shown resilience. In 2023, European female-founded startups raised €5.9 billion in funding. Even though the total amount of funding dropped in 2023 to €5.9 billion from €8.9 billion in 2022 and €9.5 billion in 2021, the drop is consistent with the overall venture capital slowdown we have seen across the capital markets in 2023. Capital invested (€B) into female-founded companies, 2019 to 2023 Tap on the bar to reveal the number Notes: Source: Dealroom LinkedIn Copy link Like Download the Report Husmus Sarah Wernér £119k grant in September United Kingdom "In the past, securing a lead investor accelerated the fundraising process, but this year, the pace of getting funded has been slow, even with a lead investor on board. Investors asked for more substantial proof of the value of our solution, so prioritising customer engagement proved to be a successful strategy for us. By pre-selling our product based on our early MVP, which wasn't perfect but functional, I managed to generate solid traction for my business. Securing customers first was an effective way to build trust and create fundraising momentum." UK-based companies raised 49% of all capital invested into female-founded companies in Europe in 2023 The UK-based female-founded companies in Europe, raised €2.9 billion, 49% of all capital invested in female-founded companies in 2023. While the United Kingdom has consistently taken the top spot over the past five years, France, Germany, and Finland have been taking second and third places. Capital invested (€M) by country into female-founded companies, 2019 to 2023 Tap on a year or a bar to reveal the number Notes: Source: Dealroom LinkedIn Copy link Like Download the Report 40% of all venture capital funds in Europe spent more time seeking investment opportunities into female-founded companies In general, European venture capital funds are more proactively looking for more investment deals in female-founded companies. In our survey, 40% of venture capital investors across all stages said that their funds are spending more time today than it was 12 months ago to find more investment opportunities in female-founded companies. However, 70% of those venture capital investors that are proactive in increasing their female-founder deal flow prioritise their network outreach as oppose to self-organised events, 33%, conferences, 30%, and mentorship programs, 30%, to discover new investment opportunities. In the past 12 months, has your fund spent more/less time looking for investment opportunities into female (co)founded companies? VC investors only What have been the key strategies used by your fund to find more companies (co)founded by women? VC investors only Notes: All VC investors surveyed that answered that spend more and significantly more time looking for investment opportunities into female (co)founded companies. Source: LinkedIn Copy link Like Download the Report Founder, The Blood Miriam Santer €1m Pre-Seed round in March Germany "In 2022, we scaled quite quickly - a big part of the fundraising round we closed in 2022 we invested into research and development. As a consequence, this year, we have put a lot of focus on bringing our burn rate down and extending our runway. We decided to downsize our team from eight people to four, effectively cutting our team size in half. We also cut down on expenses that were not crucial to our business such as office space, subscriptions and hardware. Today, I think we are in a good space when it comes to our burn rate and we are fundraising!" Number of European female-founded companies that have received investment drops 1,007 female-founded companies in Europe received investment in 2023, representing a 35% drop in the number of companies backed compared to 2022. Even when considering historical data from 2019, the number of transactions still reflects a 30% decrease. Number of female-founded companies that received funding, 2019 to 2023 Tap on a bar to reveal the number Notes: Source: Dealroom LinkedIn Copy link Like Download the Report The United Kingdom, Germany, France and Spain made the highest number of investments into female-founded companies in 2023 As part of our study, we analysed the number of deal transactions into female-founded companies in Europe over the past five years. The United Kingdom, France, Germany, and Spain are clear leaders when it comes to the number of transactions, with each of these countries consistently making at least 80 transactions each year. Number of female-founded companies that received funding per country, 2019 to 2023 Tap on a year or a bar to reveal the exact number Notes: Source: Dealroom LinkedIn Copy link Like Download the Report General Partner, Playfair Capital Chris Smith United Kingdom "Over the past twelve months, portfolio companies have been requiring most help in two key areas. First, transitioning from a Pre-seed/Seed stage company to a Series A one – this is a giant leap in terms of team structure, reporting and board dynamics – our job is to help smooth this during the first 6-12 months post Series A. Second, active fundraising support which means helping create the narrative for the round and then helping with the raise itself. We are also finding ourselves spending more time with founders to help react to market conditions – growth at all cost wasn’t nuanced; today you have to plan and more actively manage growth and runway." March and September saw the biggest number of funding rounds raised by female founders in Europe When looking at the distribution of all transactions, March, September, and November saw the largest amount of funding announced for European female-founded companies. Each of these months saw at least €600 million in transaction value reported. Total capital invested (€M) into female-founded companies per month, 2023 Tap on the bar to reveal the number Notes: Source: Dealroom LinkedIn Copy link Like Download the Report The month-on-month distribution of capital invested into female-founded companies in 2023 varies We have examined the deal distribution of female-founded companies in Europe on a month-to-month basis. Please select a month to delve deeper into the funding dynamics across 18 countries for a more detailed analysis. Total capital invested (€M) into female-founded companies per month, per country, 2023 Tap on a bar to reveal the exact amount Notes: Source: Dealroom LinkedIn Copy link Like Download the Report Founder, Woba Malene Madsen €2.95m Seed round in September Denmark "In 2023, getting funding for Woba was tough. To attract investors, we had to show that our business was doing really well especially with the low prices, scale-up companies were being valued at. Adapting our vision to match the changing market and proving we could grow and be efficient in a competitive field was tricky. To overcome these challenges, Woba focused on growing sustainably and using resources wisely for long-term success." Number of unique investors that have backed female founders in Europe remains unchanged, even though the geographical distribution varies 1,144 unique European investors participated in at least one investment round of a female-founded company in 2023, while in 2022, there were a total of 1,126 investors that participated. So, even though the overall distribution of the rounds varies across Europe, the total number of investors backing female founders has remained constant over the past two years despite more challenging fundraising conditions. Number of unique investors that have participated in at least one investment round of a female-founded company in Europe, 2019 to 2023 Tap on a bar to reveal the exact number Notes: Source: Dealroom LinkedIn Copy link Like Download the Report The majority of European venture capital investors say that gender does not play a role in their investment decisions In our survey, we asked venture capital investors whether the gender composition of companies they evaluate plays any role in their investment decisions. The difference in responses is not significant, with 56% of European venture capital investors stating that gender does not play a role, while just over 43% say that it does. Does gender composition of a company’s founding team play a role in your investment decisions? VC investors only Notes: Source: LinkedIn Copy link Like Download the Report Partner, EQT Ventures Rania Belkahia France "In today's market, investors prioritise internal efficiency over growth. If you're considering fundraising in 2024, your financial metrics, burn rate, and team culture will be the key aspects investors will look at. Today, success in fundraising, particularly post-Series A, requires even more preparation. More data will bring your story into a tangible reality, so don't underestimate the time needed to develop your materials; a compelling story backed by solid metrics is crucial in today's market. Identify what opportunity your business provides and anchor your fundraise on that. Focus on solving real problems, not just nice-to-haves. Addressing the "why now" amidst market changes is more important than ever. Stay focused and find alternative routes if doors close." 47% decline of €90M+ rounds accounts for 63% of the total €2.9B decline in total funding for female founders in Europe in 2023 The size breakdown of 2023 investment rounds for female founders in Europe clearly indicates that it was the slowdown in investments for rounds of €90M+ that was the primary reason behind the decline in total funding between 2022 and 2023. Total capital (€B) invested into female-founded companies per stage, 2019 to 2023 Tap on a bar to reveal the exact amount Notes: Pre-Seed round: < €0.9M, Seed round: €0.9M to < €3.6M, Series A €3.6M to <€13.5M, Series B round: €13.5M to <€36M, Series C round: €36M to <€90M, Mega round €90M to <€225M, Mega Plus round: €225M+. Source: Dealroom LinkedIn Copy link Like Download the Report The number of Pre-Seed deals the most impacted by the investment slowdown 2023 Analysing deal numbers across stages reveals that Pre-Seed stage companies were the hardest hit by the economic downturn, experiencing a 36% reduction in deals. Meanwhile, the Seed stage remained the most active, showing only a 15% reduction in deal-making. Total number of investments into female-founded companies per stage, 2019 to 2023 Tap on the bar to reveal the exact number Notes: Pre-Seed round: < €0.9M, Seed round: €0.9M to < €3.6M, Series A €3.6M to <€13.5M, Series B round: €13.5M to <€36M, Series C round: €36M to <€90M, Mega round €90M to <€225M, Mega Plus round: €225M+. Source: Dealroom LinkedIn Copy link Like Download the Report General Partner, Planet A Ventures Lena Thiede Germany "I see funds paying closer attention to the composition of founding teams these days. Today, a very homogeneous team, where everybody looks the same, has the same expertise or comes from the same background, raises question marks. With the enormous challenges we face and the current market volatility, more than ever, we need people around the table who can see things differently, who have complementary mindsets." 70% of venture capital investors say they track the number of female-founded companies going through their investment pipelines In our survey, we asked venture capital investors whether they track the number of female-founded companies going through their investment pipelines. Surprisingly, 70% of investors claimed that they do track these companies, reflecting an overall positive sentiment towards monitoring gender diversity across their portfolios. Does your fund track a number of female-founded companies in its deal flow? of venture capital investors in Europe say they track the number of female-founded companies going through their investment pipelines. 70% Notes: Source: LinkedIn Copy link Like Download the Report Average size of rounds into female-founded companies in Europe is on the rise The average size of rounds invested in European female-founded companies is on the rise, with Series C+ rounds experiencing the most significant growth. Hover over each round to discover the current average round size for female entrepreneurs in Europe. Average size (€M) of deals into female-founded companies per stage, 2019 to 2023 Tap on a bar to reveal the exact amount Notes: Pre-Seed round: < €0.9M, Seed round: €0.9M to < €3.6M, Series A €3.6M to <€13.5M, Series B round: €13.5M to <€36M, Series C round: €36M to <€90M, Mega round €90M to <€225M, Mega Plus round: €225M+. Source: Dealroom LinkedIn Copy link Like Download the Report Founder, Tilebox Laura Costa $1.7m Pre-Seed round in August Austria "For 2024, our strategy is to leverage the momentum we've built using the resources we now have. Our company happens to be anti-cyclical – pre-seed and seed rounds do not require large amounts of capital, so the macroeconomic climate does not impact us much at this point." The average round size significantly differs across Europe. Average deal sizes for female-founded startups can vary significantly by country. It should be noted that on an annual basis, many ecosystems have only a small number of funding rounds at a given stage for women-founded startups. Average size of investment into companies (co)founded by women per stage, 2019 to 2023 Tap on the bar to reveal the amount Notes: 18 countries in scope. Source: Dealroom LinkedIn Copy link Like Download the Report Up next 1.3 From Inception Dive deeper into the state of funding for early-stage founders, learn about their challenges and aspirations and understand better the early-stage investors' mindset. Explore the chapter

Explore the current landscape of investment in female-led funds across Europe, delving into the latest statistics on backing female emerging fund managers. This chapter sheds light on their professional backgrounds, aspirations, and the unique challenges they face in today's market. Venture Capital Fundraising Slowdown Fundraising for female emerging fund managers has become increasingly challenging in a high-interest-rate environment, as limited partners have more options to deploy their capital into less risky assets. The rise in interest rates has made fixed-income instruments and other traditional investment vehicles more attractive, offering competitive returns with lower risk compared to the speculative nature of venture investments. This shift in investment preference has led to a tighter capital pool for venture capital firms and especially for emerging fund managers, as LPs reassess their asset allocation strategies in favour of stability and predictable returns. As a result, female emerging fund managers in Europe are facing higher LP expectations in relation to their track record, thesis, and the uniqueness of their deal flow. Key insights 86% of female emerging fund managers focus on early, Pre-Seed or Seed stage investments. The vast majority of female emerging fund managers choose the Pre-Seed and Seed investment stages as their investment focus. 66% of female emerging fund managers' funds have specilist focus. From our analysis, two-thirds of female emerging fund managers are looking to raise a specialist fund (66%), with sustainability (19%), deeptech (13%), data and AI (12%), and health (8%) being the top focus areas for their investment thesis. Investors 2 2.1 The Funnel Female emerging fund managers adapt to the current market We have analysed survey responses from female emerging fund managers in Europe to gain a better understanding of the funnel of female emerging fund managers who are either currently fundraising or looking to fundraise for their fund in the next 12 months. From our analysis, two-thirds of female emerging fund managers are looking to raise a specialist fund (66%), with sustainability (19%), deeptech (13%), data and AI (12%), and health (8%) being the top focus areas for their investment thesis. The vast majority of female emerging fund managers choose the Pre-Seed and Seed investment stages as their investment focus. The most frequent thesis 34% Generalist Specialist 66% Sustainability 19% Deeptech 13% Data & AI 12% Health 8% Growth: Series A - Series C 14% Early: Pre-Seed - Seed 86% Late: Series C+ 0% General Partner, altitude Videesha Boeckle Fundraising United Kingdom "I'm holding a very optimistic view on 2024. In 2023, when the fundraising market dramatically slowed down, many emerging fund managers came together and started helping each other. I believe we are going to see that sentiment continue into 2024." VC and angel investment backgrounds are the most common for European female emerging fund managers We have also analysed the backgrounds of female emerging fund managers who responded to our survey to gain a better understanding of their profiles and ambitions. Over two-thirds of our respondents are first-time fund managers, and the vast majority of them have investment backgrounds, with 58% as angel investors, 42% as VC investors or both. Emerging fund manager profile analysis 26% Not-first time First-time 74% Emerging fund manager background I have been an angel investor 58% 42% I have been a VC investor I have worked in a startup / scaleup 25% 17% I have been a startup founder I have tech / engineering background 17% Notes: Emerging fund managers defined as those who are within their first three to four funds. All emerging fund managers, regardless of their fundraising stage. Source: LinkedIn Copy link Like Download the Report Founding Partner, MBA Ventures Monica Aznar Fundraising United Kingdom "We delayed our fundraising until we had a substantial number of portfolio companies – more than ten – to demonstrate our strong deal flow. This is crucial, especially in the current market where there is a lot of scepticism towards venture capital, and even more so towards first-time managers. We wanted to prove that we have a unique niche and access to exceptional founders before we began external fundraising." Female emerging fund managers in Europe aim to raise subsequent funds with a five-year AUM target of over €70m In our survey, we also aimed to gain insight into the ambitions of female emerging fund managers today. Despite the macro fundraising conditions, female emerging fund managers aspire to manage over €70 million in assets in the next five years on average. What is your 5 year target AUM? (€) Female emerging fund managers Notes: Emerging fund managers defined as those who are within their first three to four funds. All emerging fund managers, regardless of their fundraising stage. Source: LinkedIn Copy link Like Download the Report 2.2 The LP Mindset Limited partners reassess their venture capital strategies In a high-interest rate environment, Limited Partners are reassessing their capital allocation and rethinking their portfolio strategies. Looking for the same level of returns, venture capital class is no longer one of the most attractive targets for investors looking for higher returns. Key insights LP investors see more female-led fund investment opportunities. 55% of limited partners that completed our survey have seen a much larger number of female-led funds approaching them for investment. Managing Partner, Isomer Capital Joe Schorge United Kingdom "The macro and geo shifts of the past year have not greatly impacted our strategy or evaluation criteria. Before the market correction, we already had various absolute guidelines on valuations/pricing, investment sizing, geo, etc., and therefore have not needed to change much. Like many investors, we do tend to focus more on liquidity and exit scenarios lately, since exit markets are generally less buoyant. We perhaps also put a bit more emphasis on investing with people who have experienced multiple business cycles and therefore may be better equipped to manage through the current market turbulence." Over a third of European venture capital limited partners track the number of female emerging fund managers going through their deal flow In our survey, we asked European limited partners, who invest in venture capital, whether they track the number of female-led funds in their deal flow to gauge whether gender has any significance to them. Interestingly, 34% of the Limited Partners who answered our survey claimed that their funds track the number of female-led funds in their deal flow. Does your fund track a number of funds (co)led by women in its deal flow? LP investors say that their fund tracks a number of funds (co)led by women in its deal flow 34% Notes: Source: LinkedIn Copy link Like Download the Report LP investors see more female-led fund investment opportunities We asked European LP investors about their observations regarding the number of female-led funds going through their investment pipelines. Interestingly, a significant majority, 55%, of LPs have seen a much larger number of female-led funds approaching them for investment. Thinking about your pipeline, what change in the deal flow of fund (co)led by women have you observed in the past 12 months? LP investors only Notes: Source: LinkedIn Copy link Like Download the Report Managing Partner Blue Future Partners Gregor von dem Knesebeck Germany "When it comes to 2023, for us, there has not really been a change with regards to the investment criteria: we focus heavily on the quality, complementarity and diversity of the teams we back. Also the investment hypothesis, track record and differentiation in access are important. But given the tough fundraising environments, we have been focussing more on assessing the capabilities of the managers we engage with and try to support on the fundraises to add as much value as possible to all our managers." LP investors are increasingly interested in backing more female-led GPs In our survey, we also aimed to gauge the appetite of LPs when it comes to backing more female-led funds in Europe. Interestingly, 39% answered that their fund has an increased interest in increasing their investment in female-led funds. In the past 12 months, what change, if any, have you seen in your fund’s appetite to invest in VC funds co-led by women GPs? LP investors only Notes: Source: LinkedIn Copy link Like Download the Report 21% of Limited Partners have a policy in place to increase the number of female-led funds in their portfolio When it comes to specific policies aimed at increasing the number of female-led funds in their portfolio, 21% of the surveyed LPs have implemented policies targeting improvements in gender-diversity. Does your fund have a policy in place to improve diversity in its portfolio? of LP investors say that their fund has a policy in place to improve diversity in its portfolio. 21% Notes: Source: LinkedIn Copy link Like Download the Report Chief Executive Officer, Tesi Pia Santavirta Finland "In 2023, what we have experienced as a fund investor, is that both in PE and VC the pace of capital deployment in funds has been dynamic and subject to various economic and market influences. There has been a slight slowdown in capital deployment as investors have become more cautious. This comes directly from the current economic factors such as economic growth and interest rates. Nevertheless, this has not affected our process of making new investment decisions. We have noticed, though, that the average fundraising period for funds has lengthened." Gender composition of a Venture Capital team plays a role in LP investment decisions In our survey, we aimed to better understand whether gender plays any role in LP investment decisions today. We asked them to reflect on three areas: Venture Capital partnership, Venture Capital team, and the gender composition of portfolio companies of funds that LPs invest in. Understandably, there are limitations for our conclusions given our sample size and potential confirmation bias. Subject to this, gender composition of a VC partnership plays the most significant role out of the three, with 58% of limited partners surveyed indicating that gender composition plays some role in their investment decisions. Just over half of the respondents saw the gender composition of investment teams having any significance and a meaningful 40% of respondents said that gender balance across investments made by funds in their portfolio is important for them. of LP investors say that gender composition of a Venture Capital Partnership team is part of their firm’s investment evaluation criteria 58% of LP investors say that gender balance across an investment team in a VC fund important for you 48% of LP investors say that gender balance across investments made by funds in their portfolio is important for them 40% Notes: Source: LinkedIn Copy link Like Download the Report 2.3 Funding Overview Up next Explore the current landscape of investment in female-led funds across Europe, delving into the latest statistics on backing female emerging fund managers. This chapter sheds light on their professional backgrounds, aspirations, and the unique challenges they face in today's market. Explore the chapter

Meet the team behind the Female Foundry State of Gender Diversity in European Venture 2024 report. 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 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 Visit Female Foundry Sign up to the Newsletter 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 Visit Ashurst "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 Visit Google "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 Visit London Stock Exchange "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 Visit HSBC Innovation Banking "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 Visit 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 From Carta Visit Carta "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. Visit Dealroom 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 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 Visit 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 Visit 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 Visit 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 Visit 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 Visit The Swiss Private Equity & Corporate Finance Association (SECA) is the representative body for Switzerland‘s private equity, venture capital and corporate finance industries. SECA has the objective to promote private equity and corporate finance activities in Switzerland. The Swedish Venture Capital Association Visit 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 Visit 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. SLUSH Visit Slush is a student-led non-profit aimed at creating the next generation of world-changing founders. Slush organises the world’s largest gathering of VC – delivering actionable company-building advice and bringing together the who’s who in startups at a live event in Helsinki. SPAINCAP Visit 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. Invest.austria Visit invest.austria is Austria's leading network for investors in the pre-market capital market. The non-profit association aims to support innovations nationwide by fostering and professionalizing business angels, as well as venture capital and private equity firms. Active Owners Denmark Visit 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 Visit 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 Visit 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 Visit SuperReturn is a premier investment conference fostering collaboration among the world's leading private equity and venture capital professionals. Organised by industry experts, it provides unparalleled networking opportunities, actionable insights, and strategic discussions. Portuguese Association of Risk Capital Visit 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 Visit 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 Visit 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 Visit 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 Visit Startup Portugal is a non-profit organisation, holding the Statute of Public Utility, with the mission to develop activities of public interest for the promotion of entrepreneurship, in close connection with public and private entities operating in the national entrepreneurship ecosystem. InnovUp Visit 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 Visit 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 Visit 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 Visit 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 Visit 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. Innovate Finance Visit Innovate Finance is the independent industry body that represents and advances the global FinTech community in the UK. Our mission is to accelerate the UK’s leading role in the financial services sector by directly supporting the next generation of technology-led innovators. Tech Italian Alliance Visit Italian Tech Alliance is the association uniting investors, innovators, and technology enthusiasts dedicated to fostering Italy's growth through investment, innovation, and the exploration of new technologies. VC Lab Visit 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 Visit 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 Visit The Belgian Venture Capital & Private Equity Association was founded in 1986 as a professional association representing the venture capital and private equity community in Belgium. BVA members are investment fund managers and professionals who deliver services to the community. Impact Shakers Visit Impact Shakers is a global impact ecosystem tackling societal and environmental challenges through inclusive entrepreneurship. Our mission is to create impact at scale by evolving how we build businesses, for what purpose and who gets to build them. EQL:HER Visit 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. Oslo Business Region Visit Oslo Business Region is the official business development agency of Oslo municipality (Oslo kommune). The organisation supports and builds the startup and innovation ecosystem through city marketing, investment and talent attraction. Angels For Women Visit Angels For Women is an Association, promoted by Impact Hub SB and AXA Italy, made up of mostly women Business Angels who want to invest in female-led startups with high growth potential. Founded in late 2018, today it counts more than 80 business angels and 11 investments. Builders Up next Dive into the funding analysis for female entrepreneurs in Europe. Explore the chapter 1

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Methodology Companies in the report Dealroom and Female Foundry analysed 145,038 companies in Europe in the Dealroom database and worked together to identify over 21,000 female-founded startups, which forms the basis of insights related to female-founded companies in Europe provided in this report. To be considered in the scope of this report, all companies must meet a number of criteria, including: Being a startup, according to the Dealroom definition (see below), and practical implications and limitations therein. Having at least one (co-)founder identified as a woman (see below); Being based in Europe, with specific insight on the following countries: United Kingdom, Germany, France, Spain, Portugal, Denmark, Luxembourg, Poland, Switzerland, Norway, Austria, Sweden, Norway, Finland, Estonia, Ireland, Belgium, Netherlands, Czechia, Lithuania Notes: The company’s primary location, or main center of business, is determined by a number of factors including: (1) the existence of a legal entity in the country (2) the location of the majority of its headcount and/or (3) the location of the majority of its management team, starting with its (co-)founders and/or CEO and c-level executives. Startups which were founded in one of the scope countries, which later relocated their main address (legal or executive, often to the United States) to another country, regardless of the purpose of relocation, are included in this report. What is a startup? Dealroom’s definition of a startup All companies in this report are startups. A startup is defined by Dealroom.co as a company designed to grow fast (either developing tech or using tech to operate its business). In practice, a startup is a company which: Was founded in or after 1990 (i.e. it was founded in the information age); Is currently active, i.e. the company’s website is active, and its online presence exhibits signs of activity, including recent headcount growth and/or recent (professional) social media activity , and/or significant traffic on its website. Exited, acquired or public startups are included in this report, so long as they maintain a distinct legal and/or effective existence from the holding company; Has been identified by Dealroom.co as a company with a VC-backable business model, leveraging Dealroom’s industry taxonomy. More on Dealroom’s startup definition HERE . Categorisation, Industries and Taxonomy This report uses the standardised categorisation and proprietary tech taxonomy developed by Dealroom. Industries: startups, as well as capital invested in them, are categorised under minimum one, and up to two industries as defined in Dealroom’s industry taxonomy . Therefore the sum of investments made by industries (or verticals) should not be aggregated as double counting may occur. Business focus: startups may be categorised according to one of two business focuses: B2B or B2C. Some startups may offer products qualifying them as both B2B and B2C. Business Model eCommerce & Marketplace: A place connecting a buyer(s) and seller(s) where goods or services are bought, sold or exchanged. Manufacturing: The making of goods by hand or by machine that upon completion the business sells to a customer. SaaS: Software-as-a-Service, a method of software delivery and licensing in which software is accessed online via a subscription, rather than bought and installed on individual computers. More on Dealroom’s proprietary tech taxonomy HERE . Deep Tech Deep tech includes any technology that is based on tangible engineering innovation or scientific advances and discoveries applied for the first time as a product, often aiming to solve society’s biggest issues. Deep Tech includes companies in several areas such as future of computing (e.g. quantum computing, photonics tech, ai chips), novel energy (e.g. nuclear fusion, hydrogen, solid-state batteries, carbon removal), novel ai (e.g. generative AI, explainable and responsible AI, autonomous systems), space tech, synthetic biology and much more. Here too the sum of investments made by deep tech subsector (or verticals) should not be aggregated as double counting may occur. More on how Dealroom defines Deep tech HERE . AI or ‘AI-first’ companies We define a company as “AI-first” if it: 1) develops computing infrastructure focused on AI, such as AI chips and processors or specialized cloud providers for AI 2) develops AI models for other companies, such as generative AI foundational models 3) develops machine learning operations tools to: prepare, annotate or generate data for AI; to train and optimize/fine-tune AI models; to deploy and monitor AI performances. 4) offer products and services which have artificial intelligence as their core feature. Here too the sum of investments made by AI subindustry(or verticals) should not be aggregated as double counting may occur. Cohorts Startups may also be categorised according to their founding year. All startups were founded in or after 1990 (information age). The founding year of a startup is determined by the startup themselves (self-reporting) on Dealroom.co directly, in publicly available content (news article, interviews), or as reported by the companies’ (co-)founder(s), investor(s) or backer(s). Unicorns At Dealroom, we define unicorns as technology companies founded since 1990 that currently hold a valuation exceeding $1 billion. We exclude companies that reached the $1 billion threshold as a subsidiary. However, we do include companies that may now be valued below $1 billion but previously exited at or above this level. For the purpose of this study, unicorns that exited through an IPO are excluded. Near Unicorns Near unicorns for the purpose of this study are defined as companies that have achieved a valuation of $700M+ and hold a high Dealroom signal (60+). The Dealroom Signal identifies promising upcoming funding opportunities by analyzing companies with strong traction and a high likelihood of raising capital. The algorithm evaluates four key factors: growth rate, considering employee and product expansion; completeness and context, assessing fit within key industry segments; founding team strength, factoring in experience, past ventures, and education; and timing, estimating the probability of a new funding round based on proprietary benchmarks. The final Dealroom Signal score is an average of these inputs, with timing dynamically adjusting after a funding event. On growth stages, funding and VC backing Stages, rounds and maturity In this report, startups are categorised in two main ways: Early-Stage - companies that have raised less than €5m in total funding. Growth-Stage - companies that have raised €5m or more in total funding. Out of those which are VC-backed, startups are categorised according to the latest funding round disclosed. Categorisation is not based on the startups’ (self-)reported round label. Instead, this report uses the disclosed amount as leading factor, following Dealroom’s standardised approach: Pre-Seed: all startups with a disclosed VC-type funding round of <1M US$ Seed: all startups with a disclosed VC-type funding round of min. 1M and up to 4M US$ Series A: all startups with a disclosed VC-type funding round of min. 4M and up to 15M US$ Series B: all startups with a disclosed VC-type funding round of min. 15M and up to 40M US$ Series C: all startups with a disclosed VC-type funding round of min. 40M and up to 100M US$ Mega(round): all startups with a disclosed VC-type funding round of min. 100M and up to 250M US$ Mega(round) plus: all startups with a disclosed VC-type funding round of over 250M US$ Funding rounds which are not classified as VC-type, including grants, debt, and other forms of funding, are excluded from reported VC investment figures, unless otherwise specified. However these may be used to qualify a startup’s most adequate stage when no other form of funding has been disclosed. Round stages and cutoffs are based on US Dollars. This report uses the Euro (EUR) as standard reporting currency. For those transactions in US$ or any other currency in circulation in scope countries, Dealroom.co applies a fixed conversion rate as follows: 1 EUR = 1.1 USD Funding v. VC-backing In order to grow fast and amplify their impact, many startups receive third-party support. This support may come in various shapes and forms. VC-backed The main route is to be VC-backed, i.e., to receive growth capital in return for a share of the company’s equity. Growth equity provided to startups by Venture Capital funds, as well as other types of investors, so long as the (stated) goal is to accelerate growth or finance business expansion, is considered VC. However, not all startups are VC-backed: in fact, only about 50% of startups in this report are. Funded startups All VC-backed startups are funded by definition. Additionally, some startups are classified as funded only, meaning that they have received a form of third-party support, often in the form of funding, but are not (yet) VC-backed. Funding in this context includes equity-dilutive as well as non-equity dilutive financial support, the most common such types being loans/debt and grants. Funding may also include in-kind support, or a mix of financial and in-kind support, including being part of an acceleration or incubation programme, being a corporate or academic spinout (or spinoff), or receiving other forms of backing, including media for equity, or other undisclosed forms of support (support program). In this report, half (10.6K) of startups are funded according to this Dealroom definition. However, around 1K startups are funded but not VC-backed. Bootstrapped and undisclosed funding All other startups, or about 5K (~40% of the total) are either Bootstrapped or have received third-party funding without disclosing it. These startups are overwhelmingly early-stage companies: 40% were founded in the last 5 years, 80% in the past 10 years. The vast majority of these startups are believed to be bootstrapped, i.e. to self-fund their growth with generated revenue, without third-party funding or support. The startup graduation rate Startup graduation rates are calculated by identifying all startups that secured their seed funding within a specific year. It then tracks these startups over time to determine whether they successfully raised subsequent funding rounds (series A, B, C+). The analysis focuses on the timeframe of 3 to 36 months after the initial seed round to assess when these follow-up rounds occur. Finally, the percentage of startups that advance to these next funding stages is calculated, representing the "graduation rate" through the funding pipeline. This means that the methodology excludes any company that ‘skips’ funding stages from the calculation. The reporting lag Seed investment data is systematically understated due to reporting lag, as figures are continually revised upward over time. This happens because venture funding data is self-reported, with no standardized deadlines. Companies often disclose seed rounds only after key milestones, making recent data appear lower than it actually is. This is why some data (for example total VC raised 2023) may look slightly higher in the 2025 report than in the 2024 report. Unique companies For this study a unique company in the context of rounds raised means the amount of companies that received funding. Particularly when looking at annual data, some companies may raise multiple rounds - in the context of the amount of companies fundies, each company will only be counted once. On identifying founders, co-founders, and their gender identities Startups are founded by individuals who embark on the entrepreneurial journey in various ways. In the context of this report, a founder or co-founder, as there is no hierarchy between the two, is defined as an individual who self-identifies as such. Identification is primarily sourced from a company's legal filings, its website or the website of its (VC) investors or backers. It may also be retrieved from (professional) social media, media or blog articles published, edited or featured by the startup or the founder(s) themselves. Other forms of official communication issued by the startup , its investor(s) or backer(s), or reported in media articles may also be used. Generally, a founder may be defined as an individual who started the company. However (co-)founders may join a company at a later date: there are cases where an individual’s impact on a startup, usually at a very early stage, has been pivotal in a way that allows them to describe themselves as (co-)founder. Thus, there may be cases where not all (co-)founders were involved in the company’s operations from the start, but the vast majority of founders have played a foundational role in setting up the company. Conversely, (co-)founders may leave the company but will remain (co-)founders even if they are no longer part of the management team of said company. Therefore, while not all (co-)founders hold a position of significant influence at present in the startup which they founded, the majority of them do. Startup (co-)founders usually hold a “c-level” position in their respective startups, usually in their capacity as CEO (Chief Executive Officer) or CTO/CSO (Chief Technology Officer / Chief Scientific Officer). Other active (co-)founders may exert influence in their capacity as strategist, or in honorary functions or non-executive functions, in particular for those startups which have been acquired, have excited, or have gone through extensive restructuring. In this regard, while founders usually retain a significant (or majority) equity stake in the company which they have founded, there is no minimum ownership or equity-holding percentage applicable in the context of the identification of a (co-)founder in this report. Not all startups disclose the identity of their founders. Not all startup founders, whether current or past, wish or decide to (self-)identify as such. In spite of our best efforts, not all disclosed identities may be captured, and therefore associated with active startups. When founding teams are identified, they are assumed to be complete. However it cannot be excluded that (former) (co-)founders, or (co-)founders with a more limited online presence or level of involvement in the startup, may have been omitted. Founder gender is retrieved in two main ways: In the case where an identified (co-)founder has self-identified on the gender spectrum publicly and explicitly, either directly, on the Dealroom platform, or one of its partner ecosystem platforms , or indirectly, by submitting gender (self-)identification data to one of Dealroom’s data partners, then the gender of the individual who is identified as a (co-)founder will serve as a base to identify the startup as (co-)founded by a woman. In the case where none of the identified (co-)founders has self-identified on the gender spectrum, then Dealroom may have identified the founding team as (1) gender-diverse, or as (2) an all-women founding team which is constitutive of Dealroom’s Woman Founder categorisation. Identification of founding teams is based on a variety of factors including news coverage of a startup and its founding team, the participation of individual (co-)founders or of the startup itself in women-entrepreneurship (support) programs, or the backing that the startup may have received from investors and support programs tailored for women entrepreneurs. On the Female Innovation Index Survey Respondent Categories In the context of our study, Female Foundry conducted an online survey targeting five key demographic segments: Female Founders - Restricted to female entrepreneurs operating in Europe. Venture Capital investors - Open globally to VC investors of all levels of seniority who have made at least one investment into European companies. Limited Partners - Open globally to Limited Partner investors of all levels of seniority who have made at least one investment into a European fund. Angel Investors - Restricted to angel investors based in Europe. Startup Employees – Open to employees of startups in Europe, of any gender, across various roles and seniority levels. The Survey Period The survey was conducted over a ten-week period, beginning on October 13, 2024, and concluding on December 22, 2024. Validation of Responses To ensure data integrity, we conducted a thorough vetting process for each survey response. This included the exclusion of responses that failed to meet specific criteria, such as appropriate geographic location (Europe for female founders, angel investors and emerging fund managers), and the necessity for a valid, disclosed email address, alongside other identification methods, using Linkedin and other platforms, such as Crunchbase and Dealroom. The verification process was manual, with a strong emphasis on maintaining data confidentiality. Responses that were dubious in terms of their authenticity were excluded from the analysis. Survey Outcome Overall, the survey received 1,215 responses. After the meticulous validation process, 1,203 of these responses were confirmed as valid and reliable. These responses were then included in our final analysis and the insights drawn from the survey. On investors, funds and their managers Data pertaining to individuals who are angel, VC investors or fund managers in their capacity as partner or general partner are included in the scope of this report. The gender of individuals, whether in their capacity as founders or investors, follows the same rationale (see “On identifying founders, co-founders, and their gender identities.”). On the 50 Innovators List Demographic Data When compiling the 50 Innovators List, we used publicly available data to confirm the identities of founders involved in the biggest European startup funding rounds of 2024. Where there were uncertainties regarding an individual’s identity, education, or demographic profile, we excluded that person from our analysis. Company and Funding Data To ensure accuracy in ranking, we consolidated all funding rounds raised by a single company throughout 2024 into a single entry. Each company was assigned one key sector - we acknowledge that many businesses operate across multiple industries. All funding amounts were converted into euros (€) using the average currency exchange rate of 2024.

Get a better understanding of the methodology behind the numbers we have captured. Methodology Companies in the report Dealroom and Female Foundry worked together to identify over 12,000 startups, which forms the basis of insights provided in this report. To be considered in the scope of this report, all companies must meet a number of criteria, including: Being a startup, according to the Dealroom definition (see below), and practical implications and limitations therein. Having at least one (co-)founder identified as a woman (see below); Being based in one of the 18 countries which fall within the scope of this report: United Kingdom Germany France Spain Portugal Denmark Luxembourg Poland Switzerland Norway Austria Sweden Norway Finland Estonia Ireland Berlgium Netherlands Notes: The company’s primary location, or main center of business, is determined by a number of factors including: (1) the existence of a legal entity in the country (2) the location of the majority of its headcount and/or (3) the location of the majority of its management team, starting with its (co-)founders and/or CEO and c-level executives. Startups which were founded in one of the scope countries, which later relocated their main address (legal or executive, often to the United States) to another country, regardless of the purpose of relocation, are included in this report. What is a startup? Dealroom’s definition of a startup. All companies in this report are startups. A startup is defined by Dealroom.co as a company designed to grow fast (either developing tech or using tech to operate its business). In practice, a startup is a company which: Was founded in or after 1990 (i.e. it was founded in the information age); Is currently active, i.e. the company’s website is active, and its online presence exhibits signs of activity, including recent headcount growth and/or recent (professional) social media activity , and/or significant traffic on its website. Exited, acquired or public startups are included in this report, so long as they maintain a distinct legal and/or effective existence from the holding company; Has been identified by Dealroom.co as a company with a VC-backable business model, leveraging Dealroom’s industry taxonomy. More on Dealroom’s startup definition HERE . Categorisation, Industries and Taxonomy This report uses the standardised categorisation and proprietary tech taxonomy developed by Dealroom. Industries: startups, as well as capital invested in them, are categorised under minimum one, and up to two industries as defined in Dealroom’s industry taxonomy . Therefore the sum of investments made by industries (or verticals) should not be aggregated as double counting may occur. Business focus: startups may be categorised according to one of two business focuses: B2B or B2C. Some startups may offer products qualifying them as both B2B and B2C. Business Model: eCommerce & Marketplace: A place connecting a buyer(s) and seller(s) where goods or services are bought, sold or exchanged. Manufacturing: The making of goods by hand or by machine that upon completion the business sells to a customer. SaaS: Software-as-a-Service, a method of software delivery and licensing in which software is accessed online via a subscription, rather than bought and installed on individual computers. More on Dealroom’s proprietary tech taxonomy HERE . Cohorts Startups may also be categorised according to their founding year. All startups were founded in or after 1990 (information age). The founding year of a startup is determined by the startup themselves (self-reporting) on Dealroom.co directly, in publicly available content (news article, interviews), or as reported by the companies’ (co-)founder(s), investor(s) or backer(s). On growth stages, funding and VC backing Stages, rounds and maturity. In this report, startups are categorised in two main ways: Early-Stage - companies that have raised less than €5m in total funding. Growth-Stage - companies that have raised €5m or more in total funding. Out of those which are VC-backed, startups are categorised according to the latest funding round disclosed. Categorisation is not based on the startups’ (self-)reported round label. Instead, this report uses the disclosed amount as leading factor, following Dealroom’s standardised approach: Pre-Seed: all startups with a disclosed VC-type funding round of <1M US$ Seed: all startups with a disclosed VC-type funding round of min. 1M and up to 4M US$ Series A: all startups with a disclosed VC-type funding round of min. 4M and up to 15M US$ Series B: all startups with a disclosed VC-type funding round of min. 15M and up to 40M US$ Series C: all startups with a disclosed VC-type funding round of min. 40M and up to 100M US$ Mega(round): all startups with a disclosed VC-type funding round of min. 100M and up to 250M US$ Mega(round) plus: all startups with a disclosed VC-type funding round of over 250M US$ Funding rounds which are not classified as VC-type, including grants, debt, and other forms of funding, are excluded from reported VC investment figures. However these may be used to qualify a startup’s most adequate stage when no other form of funding has been disclosed. Round stages and cutoffs are based on US Dollars. This report uses the Euro (EUR) as standard reporting currency. For those transactions in US$ or any other currency in circulation in scope countries, Dealroom.co applies a fixed conversion rate as follows: Funding v. VC-backing In order to grow fast and amplify their impact, many startups receive third-party support. This support may come in various shapes and forms. VC-backed The main route is to be VC-backed, i.e. to receive growth capital in return for a share of the company’s equity. Growth equity provided to startups by Venture Capital funds, as well as other types of investors, so long as the (stated) goal is to accelerate growth or finance business expansion, is considered VC. However not all startups are VC-backed: in fact only about 50% of startups in this report are. Funded startups All VC-backed startups are funded by definition. Additionally, some startups are classified as funded only, meaning that they have received a form of third-party support, often in the form of funding, but are not (yet) VC-backed. Funding in this context includes equity-dilutive as well as non-equity dilutive financial support, the most common such types being loans/debt and grants. Funding may also include in-kind support, or a mix of financial and in-kind support, including being part of an acceleration or incubation programme, being a corporate or academic spinout (or spinoff), or receiving other forms of backing, including media for equity, or other undisclosed forms of support (support program). In this report, the majority (7.3K) of startups are funded according to this Dealroom definition. However fewer than 1K startups are funded but not VC-backed. Bootstrapped and undisclosed funding All other startups, or about 5K (~40% of the total) are either Bootstrapped or have received third party funding without disclosing it. These startups are overwhelmingly early-stage companies: 40% were founded in the last 5 years, 80% in the past 10 years. The vast majority of these startups are believed to be bootstrapped, i.e. to self-fund their growth with generated revenue, without third-party funding or support. On identifying founders, co-founders, and their gender identities Startups are founded by individuals who embark on the entrepreneurial journey in various ways. In the context of this report, a founder or co-founder, as there is no hierarchy between the two, is defined as an individual who self-identifies as such. Identification is primarily sourced from a company's legal filings, its website or the website of its (VC) investors or backers. It may also be retrieved from (professional) social media, media or blog articles published, edited or featured by the startup or the founder(s) themselves. Other forms of official communication issued by the startup , its investor(s) or backer(s), or reported in media articles may also be used. Generally, a founder may be defined as an individual who started the company. However (co-)founders may join a company at a later date: there are cases where an individual’s impact on a startup, usually at a very early stage, has been pivotal in a way that allows them to describe themselves as (co-)founder. Thus, there may be cases where not all (co-)founders were involved in the company’s operations from the start, but the vast majority of founders have played a foundational role in setting up the company. Conversely, (co-)founders may leave the company but will remain (co-)founders even if they are no longer part of the management team of said company. Therefore, while not all (co-)founders hold a position of significant influence at present in the startup which they founded, the majority of them do. Startup (co-)founders usually hold a “c-level” position in their respective startups, usually in their capacity as CEO (Chief Executive Officer) or CTO/CSO (Chief Technology Officer / Chief Scientific Officer). Other active (co-)founders may exert influence in their capacity as strategist, or in honorary functions or non-executive functions, in particular for those startups which have been acquired, have excited, or have gone through extensive restructuring. In this regard, while founders usually retain a significant (or majority) equity stake in the company which they have founded, there is no minimum ownership or equity-holding percentage applicable in the context of the identification of a (co-)founder in this report. Not all startups disclose the identity of their founders. Not all startup founders, whether current or past, wish or decide to (self-)identify as such. In spite of our best efforts, not all disclosed identities may be captured, and therefore associated with active startups. When founding teams are identified, they are assumed to be complete. However it cannot be excluded that (former) (co-)founders, or (co-)founders with a more limited online presence or level of involvement in the startup, may have been omitted. Founder gender is retrieved in two main ways. In the case where an identified (co-)founder has self-identified on the gender spectrum publicly and explicitly, either directly, on the Dealroom platform, or one of its partner ecosystem platforms , or indirectly, by submitting gender (self-)identification data to one of Dealroom’s data partners, then the gender of the individual who is identified as a (co-)founder will serve as a base to identify the startup as (co-)founded by a woman. In the case where none of the identified (co-)founders has self-identified on the gender spectrum, then Dealroom may have identified the founding team as (1) gender-diverse, or as (2) an all-women founding team which is constitutive of Dealroom’s Woman Founder categorisation. Identification of founding teams is based on a variety of factors including news coverage of a startup and its founding team, the participation of individual (co-)founders or of the startup itself in women-entrepreneurship (support) programs, or the backing that the startup may have received from investors and support programs tailored for women entrepreneurs. On the State of gender diversity in European venture survey Respondent Categories In the context of our study, Female Foundry conducted an online survey targeting five key demographic segments: Female Founders - Restricted to female entrepreneurs operating in Europe. Female Emerging Fund Managers - Also gender-restricted, operating. This category includes fund managers who have not yet raised a fund but are in the process of doing so, extending up to those who have successfully closed their third fund. Venture Capital investors - Open globally to VC investors of all levels of seniority who have made at least one investment into European companies. Limited Partners - Open globally to Limited Partner investors of all levels of seniority who have made at least one investment into a European fund. Angel Investors - Restricted to angel investors based in Europe. The Survey Period The survey was conducted over an eight-week period, beginning on October 11, 2023, and concluding on December 6, 2023. Validation of Responses To ensure data integrity, we conducted a thorough vetting process for each survey response. This included the exclusion of responses that failed to meet specific criteria, such as appropriate geographic location (Europe for female founders, angel investors and emerging fund managers), and the necessity for a valid, disclosed email address, alongside other identification methods, using Linkedin and other platforms, such as Crunchbase and Dealroom. The verification process was manual, with a strong emphasis on maintaining data confidentiality. Responses that were dubious in terms of their authenticity were excluded from the analysis. Survey Outcome Overall, the survey received 1,202 responses. After the meticulous validation process, 1,168 of these responses were confirmed as valid and reliable. These responses were then included in our final analysis and the insights drawn from the survey. On investors, funds and their managers Data pertaining to individuals who are (angel) investors or fund managers in their capacity as partner or general partner are included in the scope of this report. The gender of individuals, whether in their capacity as founders or investors, follows the same rationale (see “On identifying founders, co-founders, and their gender identities.”). In the context of this report, “Funds” refer to disclosed (investment) vehicles. The Fund is dated to the first public disclosure of the vehicle. The amount associated with the Fund corresponds to the highest amount which has been publicly disclosed, regardless of date of final close. Funds are managed by investors (i.e. investment firms). Analysis on people data focuses on individuals who are part of the (management) team of investment firms (self-)described or categorised as (i) Venture Capital (ii) Corporate Venture Capital (CVC) (iii) Private Equity, insofar as at least one fund under management is classified as VC, and (iv) Family Offices. On 50 Top Rounds List Demographic data When compiling the list of the Top 50 Rounds in 2023, we used publicly available data to confirm the identities of founders involved in the biggest European rounds. Where we had doubts about the identity, education, or demographic profile of an individual, we excluded that person from our analysis. Company and round data We tried to allocate just one sector per company, which we understand has its limitations. All the rounds were converted into € using average currency exchange rate of 2023. Up next 5 The Community This report is not really about the statistics. It is about real people. Connect with the vibrant community of European innovators, trailblazers and thinkers and continue the conversation. Explore the chapter

Thank you for joining the Female Innovation Index Survey. Your contribution allows us to paint an accurate and vivid picture of the European venture ecosystem with data and to discover opportunities and challenges for the investment and startup community. Your perspective is important. What's next? Please share the link to the Survey with a founder, VC or angel investor or a person from your team to increase your chances for winning the rewards and drive more impact! In February next year, you will receive an invitation to the official launch event of the 2026 Edition of the Index, which will include insights from this survey. Stay tuned! Share on Linkedin We appreciate your response Thank you! All answers are confidential, anonymous and will be aggregated. Please check Privacy Policy for more details. Share on Whatsapp Supported by

Thank you for joining the Female Innovation Index Survey. Your contribution allows us to paint an accurate and vivid picture of the European venture ecosystem with data and to discover opportunities and challenges for the investment and startup community. Your perspective is important. Welcome 2026 Edition Female Innovation Index Survey Europe's biggest analysis of innovation and funding driven by female entrepreneurs. Are you a startup founder, a startup investor or a startup employee operating in Europe? We want to hear from you! *duration 3mins max. Get started All answers are confidential, anonymous and will be aggregated. Please check Privacy Policy for more details.

Welcome to the Female Foundry State of Gender Diversity in European Venture report - The most comprehensive analysis of the funnel of female innovation in Europe. We believe that data is a powerful catalyst for innovation. We have analysed the funnel of female entrepreneurship and the investment landscape in the European ecosystem to provide the most accurate and vivid picture of the investment opportunities to back female entrepreneurs and investors in Europe. Welcome to the Female Foundry State of Gender Diversity in European Venture report The most comprehensive analysis of the funnel of female innovation in Europe 645,375 European companies analysed 1,168 Founders and investors answered our survey Start the journey AS COVERED IN 70 Founders, investors and ecosystem players interviewed The Community By founders and investors for the entire venture ecosystem The essence of our report extends far beyond the realm of data and statistics.The report is a reflection of personal stories, achievements and a celebration of the vibrant community of European innovators, trailblazers and thinkers. Meet the Launch Event Speakers Watch the Launch Replay The Report Despite the challenging times, female founders and investors in Europe continue to innovate The essence of our report extends far beyond the realm of data and statistics.The report is a reflection of personal stories, achievements and a celebration of the vibrant community of European innovators, trailblazers and thinkers. Our Sponsors Get to know our Sponsors & Partners The State of Gender Diversity in European Venture report would have not been possible without the great support from all our sponsors and partners. The Community Supported by industry leaders Our Partners of all venture activity in Europe 96% 18 countries representing approx. The Reach Detailed analysis of major European venture hubs It has taken significant effort to depict the European venture ecosystem, not only at the Pan-European level but also on a country-by-country basis. Throughout the report, you will find country-focused data and country-specific statistics in the 'Location in Focus' chapter. Lisa Gradow Claire Murray Bao-Y Van Cong Sarah Werner Mirjam Staub-Bisang Rob Moffat Jérôme Wittamer Daniela Sjunnesson Marion Verles Felicia Mundhenke Apostolos Apostolakis Judith Data Oana Jinga Marta Palmeiro Dr Elena Gross Start the journey 0 From Female Foundry Learn about the people and the mission behind the report, its sponsors and partners before diving into the numbers. Explore the chapter