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 2026 Median size of the funding rounds of the female-founded companies in the Fifty Innovators List €52M Adriana Restrepo Oana Jinga Veronica Gambillara Laura Rahikka Carmen Palacios-Berraquero Michelle Neal Leila Jaafar Laura Hutton Ioana Hreninciuc Theodora Harold Chloe Merro Sylvie Menzo Olga Megorskaya Michelle He Linnéa Kornehed Falck Delphine Groll Cristina Aleixendri Muñoz Anna Montanes Anna Schuster Laura Hutton Go to the analysis 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 2024 14 female-founded near-unicorns in 2025 21 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 14 20 21 24 27 2021 2022 2023 2024 2025 View the unicorns list Data source: Dealroom 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 72 102 100 111 111 2021 2022 2023 2024 2025 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 12 2 1 3 2 2021 2022 2023 2024 2025 View the IPO list Data source: Dealroom 'Our belief system is rooted in ecosystem thinking. Those who will thrive in the next decade are the ones who embrace their role in the ecosystem and actively collaborate to advance it.' Ariane Cruz Gomes Baseimmune, United Kingdom £9M in February The vast majority of ecosystem players believe that access to funding is essential for driving innovation Compared to 12 months ago, is it easier or harder to raise external capital in Europe? female founders startup employees investors Significantly easier Easier No change Harder Significantly harder Add a Title 91% Add a Title 3% Add a Title 6% Add a Title 6% Add a Title 6% Significantly easier Easier No change Harder Significantly harder Add a Title 91% Add a Title 3% Add a Title 6% Add a Title 6% Add a Title 6% Significantly easier Easier No change Harder Significantly harder Add a Title 91% Add a Title 3% Add a Title 6% Add a Title 6% Add a Title 6% Source: Female Innovation Index Survey 2026 'We are no longer only a robotics company. We’re now measured against leading AI and full-stack companies that are worth billions—like SpaceX or Apple—which mean an even higher level of expectation and ambition.' Oana Jinga, DEXORY United Kingdom €143M in October The Fifty Innovators List 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. 50 female-founded companies in Europe that raised the biggest funding rounds in 2025 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 The biggest round (€) raised in 2025 Top sectors 8% Energy 40% Health 12% Food 4% Transport 14% Fintech 7.62Y Average company age 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 'Our belief system is rooted in ecosystem thinking. Those who will thrive in the next decade are the ones who embrace their role in the ecosystem and actively collaborate to advance it.' Laura Hutton, Quantexa United Kingdom €159M in March The vast majority of ecosystem players believe that access to funding is essential for driving innovation Compared to 12 months ago, is it easier or harder to attract technical talent in Europe? female founders startup employees investors Significantly easier Easier No change Harder Significantly harder Add a Title 91% Add a Title 3% Add a Title 6% Add a Title 6% Add a Title 6% Significantly easier Easier No change Harder Significantly harder Add a Title 91% Add a Title 3% Add a Title 6% Add a Title 6% Add a Title 6% Significantly easier Easier No change Harder Significantly harder Add a Title 91% Add a Title 3% Add a Title 6% Add a Title 6% Add a Title 6% Source: Female Innovation Index Survey 2026 '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 Coming up Deeptech Deep dive Who are the founders solving some of the hardest problems with tech? What are the key areas of innovation in deeptech? Go to Deeptech

Who are the founders innovating with AI? How is AI shaping the funding and startup building opportunities for female founders? The AI Era 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 2025 33% Emile Radyte Carmen Palacios-Berraquero Rhona Togher Nikolina Lauc Sylvie Menezo Leila Jaafar Gordana Djordjevic The proportion of founders with a scientific background who raised the fifty biggest venture capital rounds in 2025 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, 2025 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 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, 2025 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 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 4320 2940 2270 2710 2710 570 610 460 630 630 2021 2022 2023 2024 2025 5420 5990 3410 3410 480 280 340 4410 340 300 2021 2022 2023 2024 2025 1750 1300 2100 2100 330 170 230 230 1820 60 2021 2022 2023 2024 2025 1070 820 890 770 250 770 350 360 240 250 2021 2022 2023 2024 2025 Data source: Dealroom Investors anticipate AI and quantum computing to get most venture capital this year What emerging technologies, apart from AI, do you believe will attract the most venture capital investment over the next 12 months? VC and angel investors Advanced robotics Quantum computing Advanced materials Advanced biotechnology Nanotechnology Blockchain Edge computing & IoT Nextgen energy generation Source: Female Innovation Index Survey 2026 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% '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 Idea What does the funding landscape look like across different sectors of innovation for female entrepreneurs in Europe? Go to Idea

Welcome to the Female Innovation Index - Europe's biggest analysis of the funnel of innovation and funding driven by female entrepreneurs. Add a Title Add a Title Add a Title Add a Title Add a Title Welcome to the 2025 Edition of the Female Innovation Index Europe's biggest analysis of the funnel of funding and innovation driven by female entrepreneurs Add paragraph text. Click “Edit Text” to update the font, size and more. To change and reuse text themes, go to Site Styles. Start the journey Join Launch Event Add paragraph text. Click “Edit Text” to update the font, size and more. To change and reuse text themes, go to Site Styles. Official Launch Event of the 2025 Edition of the Female Innovation Index London | March 3rd 2025 Female Innovation Index The biggest analysis of the funnel of innovation driven by female entrepreneurs in Europe 145,038 European companies analysed Aurora Maggio zefi.ai Sri Ayangar Lakestar Ariane Cruz Gomes baseimmune Murvah Iqbal HIVED Adrian Locher Meantrix Elaf Deyab Caspa AI Piotr Bukanski Beringea Jessica Corry Xterna Bianca Forte SugarOx Tom Simmonds LSEG Albane Dersy Inbolt Aurora Maggio zefi.ai Sri Ayangar Lakestar Ariane Cruz Gomes baseimmune Murvah Iqbal HIVED Adrian Locher Meantrix Elaf Deyab Caspa AI Piotr Bukanski Beringea Jessica Corry Xterna Bianca Forte SugarOx Tom Simmonds LSEG Albane Dersy Inbolt Aurora Maggio zefi.ai Sri Ayangar Lakestar Ariane Cruz Gomes baseimmune Murvah Iqbal HIVED Adrian Locher Meantrix Elaf Deyab Caspa AI Piotr Bukanski Beringea Jessica Corry Xterna Bianca Forte SugarOx Tom Simmonds LSEG Albane Dersy Inbolt Meet the Contributors As covered in The Funnel of Innovation Innovation = Idea + Capital Idea Innovation Impact capital capital + scale View Methodology Female Innovation Index 2025 In under 3 minutes Choose your journey Select the track Meet the team By founders & investors For the entire venture ecosystem Meet our Partners Our partners Backed by key ecosystem players Hear from our sponsors Rita Sobral Cooley Neil Lock Google Cloud Florence Keelson-Anfu The London Stock Exchanage Anchor Sponsors Affiliate Sponsor Event Sponsors Anchor Data Partner

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

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%

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

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

What does the funding landscape for female entrepreneurs in Europe look like, and how is it evolving? Innovation idea + capital Funding is the lifeblood of innovation, turning bold ideas into reality. Without capital, groundbreaking technologies, transformative business models, and industry disruptors struggle to take off. Investment fuels research, accelerates product development, and enables startups to scale, bringing new solutions to market. In a fast-moving world, sustained funding ensures continuous progress, keeping innovation alive. More Seed stage female-founded companies reach Series A than the broader startup population Cumulative share of female-founded companies that raised capital at subsequent funding stages European female-founded Seed Series A Series B Series C Series D 100% 20 % 6.5% 2.5% 1.3% European average Seed Series A Series B Series C Series D 100% 18 .9% 6.8% 2.9% 1.4% Data source: Dealroom Female-founded companies in Europe raised of venture capital funding in 2024 5.76B Total venture capital investment into female-founded companies has fallen but the decline is consistent with the overall market trend Total venture capital invested (€B) into female-founded companies Europe 4.52 11.04 9.08 6.56 5.76 2020 2021 2022 2023 2024 Data source: Dealroom 12% €48.8B Capital raised by female-founded companies in 2024 represents 12% of €48.8B venture capital raised by all European companies % of venture capital raised by female-founded companies to the total venture capital raised by European companies Europe 2024 Data source: Dealroom €48.8B 12% €54.5B €88.4B €104.7B €43.1B Proportion of venture capital raised by female-founded companies is on the rise % of venture capital raised by female-founded companies compared to the total venture capital raised Europe 2020 to 2024 10% 10% 10% 12% 2020 2021 2022 2023 2024 Data source: Dealroom The vast majority of ecosystem players believe that access to funding is essential for driving innovation Do you believe that access to funding impacts a company's ability to innovate? female founders startup employee angel investors VC investors LP investors Yes I don't know No Add a Title 91% Add a Title 3% Add a Title 6% Yes I don't know No Add a Title 79% Add a Title 2% Add a Title 18% Yes I don't know No Add a Title 93% Add a Title 0% Add a Title 7% Yes I don't know No Add a Title 88% Add a Title 0% Add a Title 13 % Yes I don't know No Add a Title 81% Add a Title 6% Add a Title 13 % Source: Female Innovation Index Survey 2025 Both venture capital and angel investors see more female-founded companies leveraging emerging technologies in their dealflow Thinking about your dealflow, what change in the number of female-founded companies that leverage emerging technologies have you seen in the past 12 months? Add a Title 10 % Add a Title 40% Add a Title 42% Add a Title 9 % Add a Title 0% Add a Title 6% Add a Title 47% Add a Title 36% Add a Title 11% Add a Title 0% angel investors VC investors Significantly more More No change Fewer Significantly fewer Source: Female Innovation Index Survey 2025 'Over the past year, I’ve come across significantly more female founders leveraging emerging technologies to build their companies than in previous years. I’ve also seen many integrating AI into their existing businesses, enhancing everything from decision-making to product development. ' Elsa Hyland angel investor Angel investors spend more time seeking investment opportunities in female-founded companies Compared to 12 months ago, have you been allocating more or less time to actively seek investment opportunities in female-founded companies? 51% of angel investors are spending more or significantly more time seeking female-founded dealflow Source: Female Innovation Index Survey 2025 40% of venture capital investors are spending more or significantly more time seeking female-founded dealflow Proportionally female-founded companies are equally successful in raising VC funding as the overall company population % of companies in a specific category that raised venture capital relative to the total number of companies in that category Europe 2020 2021 2022 2023 2024 female-founded 9.7% 11.3% 9.9% 7.5% 5.6% 2020 2021 2022 2023 2024 gender-agnostic 9.7% 11.1% 9.2% 7.9% 5.9% Data source: Dealroom 'We remain committed to investing in female founders and over 30% of our new investments had a female founder in 2024. To support our efforts and dealflow, we have fund of fund investments in diverse Micro-GP funds alongside running our own female-founder retreats while engaging in many female-founder events.' Marie-Helene Ametsreiter General Partner Speedinvest The number of female-founded companies in Europe that raised venture capital funding in 2024 1196 by female-founded companies in Europe in 2024 1305 The number of financing rounds raised Data source: Dealroom Fewer female-founded companies received funding and raised fewer rounds than last year, reflecting broader market trends Number of female-founded companies that received funding, number of rounds raised Europe 1878 2428 2200 1726 1305 1656 2125 1959 1589 1196 2020 2021 2022 2023 2024 rounds companies Data source: Dealroom The number of unique investors backing female-founded startups remains strong Number of unique investors that have participated in at least one investment round of a female-founded company Europe 2255 2369 2177 1884 1299 2020 2021 2022 2023 2024 Data source: Dealroom Both VC and angel investors see more female-founded companies in their dealflow Thinking about your dealflow, what change in the number of companies co-founded by women have you seen in the past 12 months? Significantly more More No change Fewer Significantly fewer Source: Female Innovation Index Survey 2025 angel investors Add a Title 6% Add a Title 50% Add a Title 39% Add a Title 3 % Add a Title 1% VC investors Add a Title 15% Add a Title 31% Add a Title 37% Add a Title 15 % Add a Title 2% VC and angel investors see higher-quality female-founded companies in their dealflow How does the average quality of deal flow of female-founded companies compare with that of last year? angel investors Add a Title 6% Add a Title 47% Add a Title 38% Add a Title 9% Add a Title 0% VC investors Add a Title 6% Add a Title 40% Add a Title 51% Add a Title 3% Add a Title 0% Significantly higher Higher No change Lower Significantly lower Source: Female Innovation Index Survey 2025 'In the last 12 months, we haven't seen a worth mentioning change in the proportion of female led companies we interacted with, however we are excited to note that we are close to 2 companies that we could back in the next 2-3 months! We have already backed strong performing female led startups like Simpler.so and I am pretty sure in 2025 we'll back more.' Apostolos Apostolakis General Partner VentureFriends 89% 11% Early-stage female founders raised in venture capital in 2024 0.66B in venture capital in 2024 5.1B Growth-stage female founders raised Note: Early-stage defined as up to €5M in total funding, growth-stage as €5M+ in total funding. Data source: Dealroom The majority of female founders prioritise alignment of vision when choosing investors, while early-stage founders value existing relationships Why did you choose your latest investor(s)? female founders Existing relationship Alignment of vision Industry expertise Investor reputation Size of investment Deal terms Follow-on capability Operational support Diverse team Add a Title 31% Add a Title 27% Add a Title 24% Add a Title 15% Add a Title 13% Add a Title 11% Add a Title 11% Add a Title 11% Add a Title 2% Source: Female Innovation Index Survey 2025 early growth Add a Title 10% Add a Title 46% Add a Title 20% Add a Title 30% Add a Title 13% Add a Title 12% Add a Title 24% Add a Title 10 % Add a Title 2% Female founders at both early and growth stages find investor referrals the most valuable form investor support What investor support would you find most valuable? female founders Referrals to investors Business advice Operational support Exit planning Marketing & PR Legal & compliance Technical support Recruitment Premises Add a Title 72% Add a Title 51% Add a Title 29% Add a Title 23% Add a Title 21% Add a Title 1 4% Add a Title 1 3 % Add a Title 10 % Add a Title 4% early growth Add a Title 60% Add a Title 34% Add a Title 33% Add a Title 19% Add a Title 20% Add a Title 22% Add a Title 12% Add a Title 13% Add a Title 0% Source: Female Innovation Index Survey 2025 'Our investors have been invaluable in refining our growth strategy. We wanted investors who would provide not just capital but also help us navigate long-term decisions and align deeply with our mission. Rodinia is not just about producing clothing—it’s about tackling industry challenges like overproduction and pollution, and our investor's commitment to sustainability has been key in driving us forward.' Trine Young Rodinia Generation, Denmark Raised a €3m Seed round in April The number of female-founded Seed/Pre-Seed companies receiving funding significantly declines Number of European female-founded companies backed at early and growth stages Europe 205 1676 Seed/Pre-Seed Series A+ 391 2038 369 1834 307 1419 251 1054 2020 2021 2022 2023 2024 Data source: Dealroom The number of funding rounds for female-founded companies declines at most stages, bigger rounds remain resilient, with mega-rounds growing Total number of investments into female-founded companies by stage Europe $0 - $1M (Pre-Seed) $1M - $4M (Seed) $4M - $15M (Series A) $15M - $40M (Series B) $40M - $100M (Series C) $100M - $250M (Mega) $250M+ (Mega+) 1366 1598 1359 1027 784 2020 2021 2022 2023 2024 317 440 476 392 270 2020 2021 2022 2023 2024 138 241 235 203 158 2020 2021 2022 2023 2024 67 42 82 89 56 2020 2021 2022 2023 2024 28 21 45 32 26 2020 2021 2022 2023 2024 2 15 9 7 10 2020 2021 2022 2023 2024 2 8 4 2 1 2020 2021 2022 2023 2024 Data source: Dealroom Early-stage venture capital investment in female-founded companies is down, Series C holds steady, mega rounds see an increase in capital invested Total venture capital invested (€B) into female-founded companies by stage Europe $0 - $1M (Pre-Seed) $1M - $4M (Seed) $4M - $15M (Series A) $15M - $40M (Series B) $40M - $100M (Series C) $100M - $250M (Mega) $250M+ (Mega+) 183 244 187 135 95 2020 2021 2022 2023 2024 581 816 920 713 506 2020 2021 2022 2023 2024 917 1683 1639 1394 1131 2020 2021 2022 2023 2024 1497 1108 2449 1759 1475 2020 2021 2022 2023 2024 1425 922 1671 1959 1182 2020 2021 2022 2023 2024 1881 1293 795 1127 2020 2021 2022 2023 2024 280 529 2243 1288 595 243 2020 2021 2022 2023 2024 Data source: Dealroom Investment deal size for female-founded companies is growing, with an average increase of 7% across all stages from last year Median size (€M) of venture capital deals into female-founded companies by stage Europe Seed Series A Series B Series C+ 1.8 2.0 2.0 2.0 2.0 1.8 1.9 2 1.8 2 2020 2021 2022 2023 2024 8.2 9.6 10 10 9.8 7.8 9.1 9.6 10 9.4 2020 2021 2022 2023 2024 15.8 24.9 26.0 17.8 22.0 17.7 16.9 21 17.8 19.1 2020 2021 2022 2023 2024 34 68.2 50.0 27.3 26 36.0 24 48 54 30 2020 2021 2022 2023 2024 2023 2024 Data source: Dealroom The time to close a funding round shortens for both early- and growth-stage female founders How long did it take you to close your latest financing round? 4.6 months the time it took early-stage female founders to close their latest financing round in 2024 5.2 months the time it took early-stage female founders to close their latest financing round in 2023 Source: Female Innovation Index Survey 2025 5.8 months the time it took growth-stage female founders to close their latest financing round in 2024 6.3 months the time it took growth-stage female founders to close their latest financing round in 2023 'There was a huge change when we started our round. In our initial discussions, there was skepticism: Is this a niche market? Can you really measure certain diseases? Could this team build a global company? But once we secured our first interested investor, everything started to move.' Jana Buzkova Nadmed, Finland Raised a €3.5m Series A round in August Slow fundraising pace is the top challenge for early and growth-stage founders What investor support would you find most valuable? female founders Slow fundraising pace Gaining investor traction Managing workload Meeting investor expectations Dealing with rejections Managing cashflow Lack of investor feedback Complexity of due diligence Managing team dynamics Source: Female Innovation Index Survey 2025 Add a Title 51% Add a Title 35% Add a Title 32% Add a Title 28% Add a Title 20% Add a Title 17% Add a Title 1 6% Add a Title 10 % Add a Title 4% early growth Add a Title 39% Add a Title 23% Add a Title 41% Add a Title 20% Add a Title 5% Add a Title 22% Add a Title 12% Add a Title 17% Add a Title 7% 'Being an AI-centric company has led to a mixed experience with fundraising. On one hand, many VC investors wanted to speak with us during the process. However, there seemed to also be a lot of scepticism, with investors pressing us more to validate the defensibility of our solution.' Aurora Maggio Zefi.AI, Italy Raised a €1.6m Seed round in May Coming up Impact idea + capital + scale Who are the visionary founders shaping Europe's innovation landscape? What does it take to reach the peak of the innovation funnel? Go to Impact Network outreach is the top strategy for VCs and angel investors to attract female-founded dealflow What are your key strategies to attract female-founded dealflow? Add a Title 75% Add a Title 71% Add a Title 70% Add a Title 29% Add a Title 14 % Add a Title 0% Source: Female Innovation Index Survey 2025 Network outreach Demo days Networking events Direct outreach Social media outreach Intelligence software angel investors VC investors Add a Title 66% Add a Title 31% Add a Title 36% Add a Title 25% Add a Title 36% Add a Title 11%

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