Who are the visionary founders shaping Europe's innovation landscape? What does it take to reach the peak of the innovation funnel? Impact idea + capital + scale Funding at scale is what transforms promising ideas into global game-changers. When investment reaches a critical mass, it drives widespread adoption, fuels rapid expansion, and enables startups to create lasting economic and social impact. Scaled funding empowers companies to hire and develop top talent, enter new markets, and build infrastructure that sustains long-term growth. This ripple effect doesn’t just benefit individual businesses—it accelerates technological progress, ultimately shaping the future at a much larger scale. The Fifty Innovators List 2025 Median size of the funding rounds of the female-founded companies in the Fifty Innovators List €52M Virginia Morello Antag Therapeutics Marta Sjogran Paebbl Elise de Reus Cradle Susanna Campbell Syre Celia Belline Cilcare Oana Jinga Dexory Shrestha Chowdury Razor Brune de Linares Akur8 Lilian Schwich Cylib Helene Huby The Exploration Company Lisa Smith Prewave Anna Westling Sana Labs Catherine Wines WorldRemit Somayeh Taheri UrbanChain Shelley Copsey FYLD Kate Hofman GrowUp Farms Nora Khaldi Nuritas Dr Elina Burglund Scherwitzl Natural Cycles Diliara Lupenko Impress Daniela Marino Cutiss Catherine Pickering IOnctura Go to the analysis *In memory of Catherine Wines 50 female-founded companies in Europe that raised the biggest funding rounds in 2024 Company Round size (€M) Round Sector Country WorldRemit 243 GROWTH VC fintech United Kingdom The Exploration Company 150 SERIES B space Germany Newcleo 135 SERIES A energy France Pigment 132 SERIES D fintech, enterprise software France ŌURA 114, 68 SERIES D health, wellness beauty Finland Oda 110 LATE VC food Norway Akur8 109 SERIES C fintech, enterprise software France Medical Microinstruments 100 SERIES C health, robotics Italy Abound 96 SERIES B fintech United Kingdom Razor 91 GROWTH VC marketing Germany Syre 91 SERIES A fashion Sweden Agomab Therapeutics 81 SERIES D health Belgium iOnctura 80 SERIES B health Switzerland Antag Therapeutics 80 SERIES A health Denmark Resolution Therapeutics 76 SERIES B health, music United Kingdom Nouscom 76 SERIES C health Switzerland Impress 70 LATE VC health, wellness beauty Spain Cradle 66 SERIES B health, chemicals Netherlands Prewave 63 SERIES B transportation, enterprise software Austria UrbanChain 60 SERIES B energy United Kingdom Colendi 59 SERIES B fintech United Kingdom cylib 55 SERIES A energy Germany Vico Therapeutics 54 SERIES B health Netherlands Infinite Roots 53 SERIES B food Germany Dexory 51 SERIES B robotics, enterprise software United Kingdom Sana Labs 50 SERIES B education, enterprise software Sweden Natural Cycles 50 SERIES C health, wellness beauty Sweden Carwow 47 LATE VC transportation United Kingdom Inbrain Neuroelectronics 46 SERIES B health Spain GrowUP Farms 46 LATE VC food United Kingdom Zelt 45 SERIES A jobs recruitment, enterprise software United Kingdom LoQus23 Therapeutics 42 SERIES A health United Kingdom Cilcare 40 SERIES A health France Again 39 SERIES A chemicals Denmark ENYO Pharma 39 SERIES C health France Nuritas 38 SERIES C health, food Ireland Aqemia 30, 36 EARLY VC health France Abolis Biotechnologies 35 LATE VC chemicals France Doconomy 33 EARLY VC fintech, enterprise software Sweden Bioptimus 32 SEED health France Asgard Therapeutics 30 SERIES A health Sweden Onera 30 SERIES C health Netherlands Tebrio 30 EARLY VC food Spain Datamaran 30 SERIES C enterprise software United Kingdom Easol 27 SERIES A travel, marketing United Kingdom Planet A Foods 27 SERIES B food Germany Onego Bio 27 SERIES A health, food Finland FYLD 26 LATE VC security, enterprise software United Kingdom Cutiss 25 SERIES C health Switzerland Agrilife Studio 25 EARLY VC food, jobs recruitment France Data source: Dealroom Company profiles 145M 7.62Y The biggest round (€) raised Average company age Top sectors 8% Energy 40% Health 12% Food 4% Transport 14% Fintech Top HQ locations 26% United Kingdom 16% France 10% Sweden 10% Germany 8% Spain Founder profiles 81% founders on the Fifty Innovators List have a scientific background Female-only vs gender-mixed teams female-only Add a Title 9% gender-mixed Add a Title 91% Solo founder vs founding team solo Add a Title 2% team Add a Title 98% Founder age group Founder education 20-30 years old 30-40 years old 40-50 years old 50-60 years old 60-70 years old Add a Title 0% Add a Title 31% Add a Title 41% Add a Title 22% Add a Title 2% Masters degree PhD Bachelors degree MBA Lower than Bachelors Add a Title 38% Add a Title 32% Add a Title 22% Add a Title 5% Add a Title 0% Data source: Dealroom 40% increase in the number of European female-founded companies nearing unicorn status Female-founded companies in Europe nearing a $1B valuation female-founded near-unicorns in 2023 10 female-founded near-unicorns in 2024 14 View the near-unicorns list Data source: Dealroom Three new female-founded companies achieve unicorn status, a 200% increase from last year Female-founded companies with unicorn status, €1B+ valuation Europe 7 14 20 21 24 2020 2021 2022 2023 2024 View the unicorns list Data source: Dealroom Coming up Deeptech & AI Deep dive Who are the founders solving some of the hardest problems with tech? What are the key areas of innovation with AI? Go to Deeptech & AI M&A exits are on the rise, with an 11% increase in exits for female-founded companies Number of M&A transactions involving female-founded companies Europe 38 72 102 100 111 2020 2021 2022 2023 2024 View the M&A list Data source: Dealroom Female-led IPOs are picking up pace, with three IPOs added this year Number of female-founded companies that exited through an IPO Europe 7 16 6 3 4 2020 2021 2022 2023 2024 View the IPOs list Data source: Dealroom

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What does the funding landscape look like across different sectors of innovation for female entrepreneurs in Europe? 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

Who are the founders solving some of the hardest problems with tech? Deeptech & AI Backing founders who tackle the world’s biggest challenges is not just an opportunity—it’s a necessity. From climate change to healthcare and financial inclusion, entrepreneurs are developing groundbreaking solutions that drive meaningful change. Investors who support these visionaries early on not only fuel innovation but also position themselves at the forefront of industries poised for massive impact and returns. Deeptech funding The portion of all venture capital that went to female-founded deeptech startups in 2024 33% Albane Dersy Inbolt Ariane Cruz Gomes baseimmune Francesca Cordeiro NOVAI Arelys Sosa DREV Bianca Forte SugarOx Deimena Drąsutytė HERlab Jessica Corry Xterna The proportion of founders with a scientific background who raised the fifty biggest venture capital rounds in 2024 81% Deeptech founders Synthetic biology and drug development are the most frequently funded deeptech areas in female-led companies Deeptech technologies with the highest number of investment rounds Europe, 2024 Auto. Mobility gender-agnostic Drug Development Gen AI Photonics tech Drug Dev. Synthetic Biology Carbon Capture Generative AI Carbon Capture Auto. Mobility Fermentation Hydrogen Quantum Synthetic Biology Data source: Dealroom female-founded Investors anticipate AI and quantum computing to get most venture capital this year What emerging technologies do you believe will attract the most venture capital investment over the next 12 months? VC and angel investors Artificial intelligence Quantum computing Advanced robotics Nanotechnology Internet of Things Blockchain Augmented Reality 3D printing Source: Female Innovation Index Survey 2025 Add a Title 100% Add a Title 34 % Add a Title 10 % Add a Title 2 1% Add a Title 19 % Add a Title 30 % Add a Title 18 % Add a Title 29 % angel investors VC investors Add a Title 71% Add a Title 68% Add a Title 44% Add a Title 40% Add a Title 39% Add a Title 13% Add a Title 1 3% Add a Title 10% Investment in health, energy, robotics and food is on the rise for female-founded deeptech startups Venture capital raised (€M) by female-founded companies across key deeptech sectors Europe health energy robotics food 1990 4320 2940 2270 2710 450 570 610 460 630 2020 2021 2022 2023 2024 1420 4410 5420 5990 3410 140 300 480 280 340 2020 2021 2022 2023 2024 560 1820 1750 1300 2100 40 60 330 170 230 2020 2021 2022 2023 2024 660 1070 820 890 240 770 290 350 360 250 2020 2021 2022 2023 2024 Data source: Dealroom 'Our innovations aim to solve previously unsolvable problems and enhance existing vaccines to make them more effective and easier to deploy—these two goals are central to our mission. We are proud to contribute to these advancements in public health.' Ariane Cruz Gomes Baseimmune, United Kingdom Raised £9m in February The vast majority of female-founded companies leverage AI in their business Do you currently leverage AI for your company? 79% of early-stage female-founded startups use AI in their business Source: Female Innovation Index Survey 2025 75% of growth-stage female-founded startups use AI in their business Female founders leverage AI primarily for product innovation and content creation How do you currently use AI? female founders Product innovation Content creation Marketing Market research Predictive analytics Customer support Sales generation Legal / Compliance Recruitment Add a Title 45% Add a Title 44% Add a Title 32% Add a Title 26% Add a Title 20% Add a Title 17% Add a Title 18% Add a Title 13 % Add a Title 10 % early growth Add a Title 42% Add a Title 41% Add a Title 36% Add a Title 23% Add a Title 19% Add a Title 18% Add a Title 20% Add a Title 8% Add a Title 8% Source: Female Innovation Index Survey 2025 'In the coming years, AI in healthcare, science, and biotech will revolutionise human well-being - curing diseases faster, personalising treatments, and unlocking scientific breakthroughs. It’s not just innovation; it’s a leap toward longer, healthier lives for millions worldwide.' Adrian Locher General Partner Meantrix AI and GenAI applications dominate areas of innovation within AI for female founders The areas of AI innovation by female-founded companies by the number of investment rounds Europe, 2024 Data source: Dealroom GenAI Applications Model Makers AI Applications Over the past five years the investment into female-founded companies building AI applications has trippled Venture capital raised (€M) by female-founded companies across key deeptech sectors Europe AI applications GenAI applications Model makers 290 590 1180 1640 3730 94 116 204 294 295 2020 2021 2022 2023 2024 120 320 680 12100 2780 36 58 75 138 110 2020 2021 2022 2023 2024 4300 9110 9720 5942 948 733 439 1061 1276 1143 2020 2021 2022 2023 2024 Data source: Dealroom Coming up By sector What does the funding landscape look like across different sectors of innovation for female entrepreneurs in Europe? Go to By sector Synthetic biology, generative AI, and drug development are the most funded deeptech areas in female-led companies Deeptech technologies with the most venture capital raised Europe, 2024 Data source: Dealroom gender-agnostic Launch Vehicles Drug Development Generative AI Synthetic Biology Carbon Capture Fermentation Carbon Capture Generative AI Autonomous Mobility Nuclear Fusion Quantum Computing Synthetic Biology Hydrogen Drug Dev. female-founded

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. Meet the Team From Female Foundry Building the ecosystem of innovation Visionaries AI Incubator Backing the most daring entrepreneurs Visit Visionaries Female Innovation Index Providing data for the European ecosystem More about Female Foundry Behind the data Building the Index Agata Nowicka the Author of the Female Innovation Index the Founder of Female Foundry From Female Foundry The team behind the Index Telling the story of female innovation in Europe with data Agata Nowicka Alberto Calvo Alice Zhelezko Luke Lantsoght-Bartoli Dealroom Emily Siebrecht Dealroom Anchor data partner By founders & investors Thank you to our contributors Alexandra Hammerberg · Charisma Mehta · Deimena Drasutyte · Yan Zhang · Elaf Deyab · Ariane Gomes · Danielle Walsh · Francesca Cordeiro · Manjari Chandran-Ramesh · Sri Ayangar · Daisy King · Marcus Stuttard · Fenella Boyle · Mimi Keshani · Liz Upton · Rita Sobral · Zina Sarif · Trine Young · Aurora Maggio · Sara Correyero Plaza · Arelys Sosa · Olga Chashchina · Ingrid Romijn · Aida Lutaj · Shelley Copsey · Avion Gray · Pauline Glikman · Elissa Brunato · Sonja Jost · Marina Guastavino · Bianca Forte · Dr Sioned Fôn Jones · Carla Glassl · Sakina Turabali · Iris Maréchal · Albane Dersy · Jana Buzkova · Nemailla Bonturi · Joanna Koczuk · Hailey Eustace · Jess Corry · Mariam Ahmed · Piotr Bukanski · Aaron Archer · Shamillah Bankiya · Apostolos Apostolakis · Neil Lock · Florence Keelson-Anfu · Adrian Locher · Marie-Helene Ametsreiter · Elsa Hyland · Emily Ford · Zoe Qin · Tom Simmonds · Ian Elis Backed by key ecosystem players Thank you to our sponsors Rita Sobral Cooley Neil Lock Google Cloud Florence Keelson-Anfu The London Stock Exchanage Anchor Sponsors Affiliate Sponsor Event Sponsors By founders & investors For the entire venture ecosystem Our partners

Dive deeper into the Methodology behind the Female Innovation Index 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.

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. Meet the Team From Female Foundry Building the ecosystem of innovation Visionaries AI Incubator Backing the most daring entrepreneurs Visit Visionaries Female Innovation Index Providing data for the European ecosystem More about Female Foundry Behind the data Building the Index Agata Nowicka the Author of the Female Innovation Index the Founder of Female Foundry From Female Foundry The team behind the Index Telling the story of female innovation in Europe with data Agata Nowicka Alberto Calvo Alice Zhelezko Luke Lantsoght-Bartoli Dealroom Emily Siebrecht Dealroom Anchor data partner By founders & investors For the entire venture ecosystem Our partners By founders & investors Thank you to our contributors Alexandra Hammerberg · Charisma Mehta · Deimena Drasutyte · Yan Zhang · Elaf Deyab · Ariane Gomes · Danielle Walsh · Francesca Cordeiro · Manjari Chandran-Ramesh · Sri Ayangar · Daisy King · Marcus Stuttard · Fenella Boyle · Mimi Keshani · Liz Upton · Rita Sobral · Zina Sarif · Trine Young · Aurora Maggio · Sara Correyero Plaza · Arelys Sosa · Olga Chashchina · Ingrid Romijn · Aida Lutaj · Shelley Copsey · Avion Gray · Pauline Glikman · Elissa Brunato · Sonja Jost · Marina Guastavino · Bianca Forte · Dr Sioned Fôn Jones · Carla Glassl · Sakina Turabali · Iris Maréchal · Albane Dersy · Jana Buzkova · Nemailla Bonturi · Joanna Koczuk · Hailey Eustace · Jess Corry · Mariam Ahmed · Piotr Bukanski · Aaron Archer · Shamillah Bankiya · Apostolos Apostolakis · Neil Lock · Florence Keelson-Anfu · Adrian Locher · Marie-Helene Ametsreiter · Elsa Hyland · Emily Ford · Zoe Qin · Tom Simmonds · Ian Elis Backed by key ecosystem players Thank you to our sponsors Rita Sobral Cooley Neil Lock Google Cloud Florence Keelson-Anfu The London Stock Exchanage Anchor Sponsors Affiliate Sponsor Event Sponsors

Shaping the Future of European Venture 6 mins From the Creators

01. Enter The market reset European economies are gradually recovering from the Covid-19 pandemic and the heightened cost of living resulting from Russia’s invasion of Ukraine. The pace of economic recovery varies between countries, with service-oriented economies recovering faster and manufacturing-oriented economies experiencing a slower recovery. Despite a gradual decline in inflation, most countries are yet to meet their inflation targets.

01. Enter The market reset European economies are gradually recovering from the Covid-19 pandemic and the heightened cost of living resulting from Russia’s invasion of Ukraine. The pace of economic recovery varies between countries, with service-oriented economies recovering faster and manufacturing-oriented economies experiencing a slower recovery. Despite a gradual decline in inflation, most countries are yet to meet their inflation targets.

Shaping the Future of European Venture 6 mins From the Creators