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. Add a Title Add a Title Add a Title Add a Title Add a Title Welcome to the 2026 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. Download the Index Watch 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 2026 Edition of the Female Innovation Index London | March 2nd 2026 Female Innovation Index The biggest analysis of the funnel of innovation driven by female entrepreneurs in Europe 145,036 European companies analysed Emile Radyte Klaudia Szklarczyk-Smolana Miriam Wohlfarth Simi Launay Oline Stærke Ariane Scheer-Danielsson Amira Nakouri Maia Lidbeck Oana Jinga Mona Feder Gordana Djordjevic Rhona Togher Noora Hujala Rhona Togher Delphine Emile Radyte Klaudia Szklarczyk-Smolana Miriam Wohlfarth Simi Launay Oline Stærke Ariane Scheer-Danielsson Amira Nakouri Maia Lidbeck Oana Jinga Mona Feder Gordana Djordjevic Rhona Togher Noora Hujala Rhona Togher Delphine As covered in The Funnel of Innovation Innovation = Idea + Capital View Methodology Download Press Release Idea Innovation Impact idea + capital + scale idea + capital By founders & investors For the entire venture ecosystem Our partners Meet our Partners Driving Innovation Watch the Stories The AI Era | Female Foundry Backed by key venture ecosystem players Meet our sponsors Anchor Sponsors Lead Sponsors Prize Sponsor Affiliate Sponsors

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. What's next? Please share the link to the Survey with a founder, VC or angel investor or a person from your team to increase your chances for winning the rewards and drive more impact! In February next year, you will receive an invitation to the official launch event of the 2026 Edition of the Index, which will include insights from this survey. Stay tuned! Share on Linkedin We appreciate your response Thank you! All answers are confidential, anonymous and will be aggregated. Please check Privacy Policy for more details. Share on Whatsapp Supported by

Every successful company first started as an idea. Without ideas, there is no investment. Without investment, there is no innovation. Idea Every successful company first started as an idea. Without ideas, there is no investment. Without investment, there is no innovation. Explore which sectors attract the most female founders and what motivates them to pursue entrepreneurship. Enterprise software, marketing, and education are the most popular sectors for new female-founded companies Key sectors of companies created in 2024 Europe gender-agnostic Data source: Dealroom 12% Enterprise Software 13% Enterprise Software 5% Recruitment 6% Energy 6% Beauty 11% Marketing 8% Marketing 9% Health 8% Fintech 6% Education 7% Recruitment 9% Education 6% Food 6% Fintech female-founded 'My journey began in public health, AI, and mathematics. In Washington, DC, I studied addiction patterns in African American communities. I met my co-founder through an entrepreneur. With her expertise in pharmacy, chemical engineering, and AI pharmacology, we saw an opportunity to better visualise how drugs affect the brain—setting us on a path to disrupt the traditional pharmaceutical model.' Iris Maréchal Theremia, France Raised a €3m Seed round in November A problem to solve and a drive to innovate are the biggest motivators for female founders to start their companies What motivated you to start your company? female founders A problem to solve Drive to innovate Passion for industry Societal impact Personal growth Desire for independence Financial goals Frustration with my job Fulfilling legacy Add a Title 80% Add a Title 50% Add a Title 42% Add a Title 41% Add a Title 34% Add a Title 2 7% Add a Title 18 % Add a Title 11 % Add a Title 10 % Source: Female Innovation Index Survey 2025 early growth Add a Title 69% Add a Title 43% Add a Title 24% Add a Title 42% Add a Title 35% Add a Title 22% Add a Title 5% Add a Title 20% Add a Title 13% Investor appetite for emerging tech is growing among both VC and angel investors Compared to 12 months ago, has there been any change in your appetite to invest in companies leveraging emerging technologies? Significantly higher Higher No change Less Significantly less Source: Female Innovation Index Survey 2025 angel investors Add a Title 10 % Add a Title 34% Add a Title 36% Add a Title 1 8% Add a Title 3% VC investors Add a Title 21% Add a Title 35% Add a Title 44% Add a Title 0% Add a Title 0% 'I never aimed at becoming a founder. My work has spanned various aspects of building quantum tech, including writing the national agenda for quantum technology in the Netherlands. Transitioning from technology development at universities to the startup space felt like a natural progression, and I fully embraced it!' Ingrid Romijn Q*BIRD, Netherlands Raised €2.5m in May Unfunded Funded (Non-VC) 8% Enterprise Software 7% Food 9% Health 9% Fashion 8% Marketing 7% Education 7% Beauty 11% Enterprise software 4% Beauty 20% Health 8% Energy 8% Education 6% Marketing 5% Transportation Health and enterprise software leading sectors for unfunded and non-VC backed female-founded companies Key sectors of unfunded or funded but non-VC backed female-founded companies Europe Data source: Dealroom Coming up Innovation idea + capital What does the funding landscape for female entrepreneurs in Europe look like, and how is it evolving? Go to Innovation

What does the funding landscape for female entrepreneurs buildinh in Europe currently 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. Female-founded companies in Europe raised of venture capital funding in 2025 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 48.8 48.8 88.4 54.5 43.1 104.7 4.52 11.04 9.08 6.56 5.76 Data source: Dealroom 5.76 2020 2021 2022 2023 2024 2025 12% €48.8B Capital raised by female-founded companies in 2025 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 2025 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 2025 10% 10% 10% 12% Data source: Dealroom 2020 2021 2022 2023 2024 2025 €48.8B 12% More Seed stage female-founded companies reach Series A than the broader startup population Cumulative share of companies that raised capital at subsequent funding stages Europe female-founded European average 100% 18 % 7% 3% 2% Seed Series A Series B Series C Series D 100% 20 % 7% 3% 2% Data source: Dealroom 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 female-founded European average 5.9% 5.9% 7.9% 9.2% 11.1% 2025 2024 2023 2022 2021 5.6% 5.6% 7.5% 9.9% 11.3% Data source: Dealroom 'We bootstrapped for two years. It was a painful process, but selling to international enterprises from day one showed our investors not only that our AI was best-in-class, but also that it was already validated by early customers.' Sara Jourdan, Genow.AI Germany Raised €1.65M in August 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 employees 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 93% Add a Title 0% Add a Title 7% Yes I don't know No Add a Title 81% Add a Title 6% Add a Title 13 % Source: Female Innovation Index Survey 2026 Add later What key characteristics do you believe define successful founders right now? Learning agility Speed of execution & adaptability Ability to recruit & retain top talent Deep domain expertise Focus on defensibility Creative problem-solving Resilience under uncertainty Strong product mindset Technical expertise Clarity of vision Source: Female Innovation Index Survey 2026 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% angel investors VC investors 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% Add a Title 4% Add a Title 0% '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 2025 1196 by female-founded companies in Europe in 2025 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 2021 2022 2023 2024 2025 rounds companies Data source: Dealroom 1305 1196 2020 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 Data source: Dealroom 1299 2020 2255 2021 2022 2023 2024 2025 2369 2177 1884 1884 'The speed of our execution is our advantage. We’re a lean, capital-efficient team, able to iterate far faster than larger players. We test rapidly, keep what works, and immediately drop what doesn’t. That discipline lets us build a business that’s not only capital efficient, but also competitive.' Simi Launay, Litehaus Portugal €1.46M in April 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 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 2026 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 2026 40% of venture capital investors are spending more or significantly more time seeking female-founded dealflow 'Alignment on vision with VCs is essential, especially at an early stage. If investors don’t buy your vision, they won’t invest. We’re happy we found full alignment.' Ariane Scheer-Danielsson, TrustNXT Germany Raised €1.6M in September 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 2026 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 2026 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% 'We were fortunate to find true-believer investors. We had only a proof of concept, not a fully functioning product. They backed us because they believed in our strategy and our conviction in solving a major market gap.' Katya Kinane, Nettle United Kingdom Raised €1.7M in April 89% 11% Early-stage female founders raised in venture capital in 2025 0.66B in venture capital in 2025 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 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 Seed/Pre-Seed Series A+ 391 2038 369 1834 307 1419 251 1054 2021 2022 2023 2024 2025 Data source: Dealroom 251 1054 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+) 244 187 135 95 95 2021 2022 2023 2024 2025 816 920 713 506 506 2021 2022 2023 2024 2025 1683 1639 1394 1131 1131 2021 2022 2023 2024 2025 1475 2449 1759 1497 1475 2021 2022 2023 2024 2025 1182 1671 1959 1425 1182 2021 2022 2023 2024 2025 1293 2021 2022 2023 2024 2025 1127 795 1127 1881 2243 1288 595 243 243 2021 2022 2023 2024 2025 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+) 1598 1359 1027 784 784 2021 2022 2023 2024 2025 440 476 392 270 270 2021 2022 2023 2024 2025 241 235 203 158 158 2021 2022 2023 2024 2025 56 82 89 67 56 2021 2022 2023 2024 2025 26 45 32 28 26 2021 2022 2023 2024 2025 15 9 10 10 7 2021 2022 2023 2024 2025 8 4 2 1 1 2021 2022 2023 2024 2025 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+ 2 2 2 2 2 1.9 2 1.8 2 2 2021 2022 2023 2024 2025 9.6 10 10 9.8 9.8 9.1 9.6 10 9.4 9.4 2021 2022 2023 2024 2025 26 18 22 22 21 24.9 17.8 19.1 16.9 19.1 2021 2022 2023 2024 2025 68.2 50 36 48 27.3 54 26 27.3 30 30 2021 2022 2023 2024 2025 female-founded European average Data source: Dealroom 'Deep tech requires funding, regulatory clarity, networks, mentoring, training, shared facilities, and an ecosystem that understands results take time. Innovation can only scale when all these elements align and support the long path from research to real-world impact.' Gordana Djordjevic, Arsenale Bioyards Italy Raised €8.6M in February 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 2025 4.6 months the time it took early-stage female founders to close their latest financing round in 2024 Source: Female Innovation Index Survey 2026 5.8 months the time it took growth-stage female founders to close their latest financing round in 2025 5.8 months the time it took growth-stage female founders to close their latest financing round in 2024 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 2026 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% 'We’re an interdisciplinary company — not only bioinformaticians who code, but also physicians, geneticists, and molecular biologists. We stay very close to the everyday struggles of people working in the lab to keep everything practical and applicable.' Klaudia Szklarczyk-Smolana, Intelliseq Poland Raised €4.5M in January 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

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. The Survey is now closed 2026 Edition Female Innovation Index Survey Europe's biggest analysis of innovation and funding driven by female entrepreneurs. Make sure to register to the live-stream of the Official Launch Event when we will unveil the data Watch the Launch Event All answers are confidential, anonymous and will be aggregated. Please check Privacy Policy for more details.

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? By location Funding availability varies widely depending on location. Local regulatory environments, market maturity, and investor networks play a key role in shaping how and where funding is distributed, creating disparities in access to capital across regions and therefore slower or faster innovation. The proportion of all venture capital deployed into female-founded companies by top five countries in Europe in 2024 71% United Kingdom, France, and Germany lead the countries with the highest venture capital investment into female-founded companies Total venture capital (€M) invested by venture capital firms per country Europe, 2024 UK France Germany Switzerland Netherlands Denmark Spain Italy Belgium Sweden Luxembourg Finland Austria Ireland Norway Portugal Estonia Poland Czechia Lithuania 1541 1072 708 331 296 220 231 121 147 342 Go to country specific analysis Data source: Dealroom female-founded 3 257 85 104 160 35 37 4 9 7 agnostic 14765 7121 7493 2800 2410 1084 1850 1032 1115 2460 143 857 491 985 931 402 257 145 247 86 12% €5.75B Finland leads the way, with a third of total venture capital invested in the country going to female-founded companies The average proportion of venture capital invested in female-founded companies across Europe Europe 2024 Data source: Dealroom Countries with above European average portion of venture capital invested in female-founded companies Europe, 2024 Finland Denmark Norway Austria France Estonia Sweden Belgium 30% 20% 17% 17% 15% 14% 14% 13% Data source: Dealroom 'Reflecting on our fundraising journey, we’ve noticed a clear difference: US investors are bullish, seeking massive potential, while European investors tend to be more conservative and risk-averse. However, even generalist funds are now integrating sustainability strategies. As a SaaS business, we aren’t limited to climate tech funds—our investors value capital efficiency across various sectors.' Helen Tacke Cozero, Germany Raised a €6.5m Series A round in April The majority of ecosystem players are less optimistic about the future of European innovation Compared to 12 months ago, are you more or less optimistic about the future of European innovation? Source: Female Innovation Index Survey 2025 female founders startup employee angel investors VC investors LP investors Add a Title 4% Add a Title 27% Add a Title 32% Add a Title 45% Add a Title 5% Significantly more More No change Less Significantly less Add a Title 5% Add a Title 30% Add a Title 14% Add a Title 49% Add a Title 2% Significantly more More No change Less Significantly less Add a Title 6% Add a Title 35% Add a Title 20% Add a Title 38% Add a Title 0% Significantly more More No change Less Significantly less Add a Title 6% Add a Title 35% Add a Title 20% Add a Title 38% Add a Title 0% Significantly more More No change Less Significantly less Add a Title 0% Add a Title 44% Add a Title 25% Add a Title 31% Add a Title 0% Significantly more More No change Less Significantly less Female founders believe it is harder to attract technical talent in Europe than it was twelve months ago Compared to 12 months ago, do you believe is it easier or harder to attract technical talent for European founders? 63% Source: Female Innovation Index Survey 2025 of female founders believe it is harder to attract technical talent 52% of angel and venture capital investors believe it is harder to attract technical talent The majority of female founders prioritise alignment of vision when choosing investors, while early-stage founders value existing relationships What do you believe are the key characteristics of an innovation friendly venture ecosystem? Access to funding Access to global markets Access to top talent Government support Access to mentorship Adaptive regulatory environment Access to research institutions High competition Source: Female Innovation Index Survey 2025 Add a Title 82% Add a Title 43% Add a Title 34% Add a Title 32% Add a Title 2 2% Add a Title 19 % Add a Title 5% female founders investors Add a Title 21% Add a Title 46% Add a Title 65% Add a Title 31% Add a Title 28% Add a Title 21% Add a Title 4% 'At Metyos, we seek technical skills from diverse disciplines, ranging from chemistry to AI. With few people possessing both technical expertise and an innovative mindset, hiring has been—and will likely remain—our biggest challenge, regardless of the funding environment.' Olga Chashchina Metyos, France Raised a €2.3m Pre-Seed round in March Download detailed country-specific sheets with more granular data on investment in female-founded companies By location What's included Total size of fresh capital (€B) raised by venture capital % of female-founded companies with first time venture capital investment % of venture capital raised by female-founded companies out of the total deployed in 2024 Number of companies that raised venture capital Capital invested (€M) into female-founded companies Total capital (€M) invested by venture capital firms Number of female-founded companies that raised venture capital Top sectors of unfunded, not venture capital backed female-founded companies Top sectors of funded, venture capital backed female-founded companies Female-founded companies that raised 10 biggest venture capital rounds Spotlight Select a country Austria Denmark Estonia France Ireland Belgium Czechia Finland Germany Italy Lithuania Netherlands Poland Spain Switzerland Luxembourg Norway Portugal Sweden United Kingdom Data source: Dealroom Coming up Meet the team Meet the team behind the Index, who have brought to you the insights about the shaping the innovation landscape for female entrepreneurs across Europe Go to Meet the team

Who are the founders solving some of the hardest problems with tech? What are the key areas of innovation with AI? Deeptech 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. Deep dive 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 'There is currently a lot of interest in quantum, and I hope it continues. Some applications already exist, like quantum key distribution, but real quantum computers and a quantum internet are a marathon, not a sprint.' Anne-Marije Zwerver, Groove Quantum Netherlands Raised €10M in June 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% In capex-intensive industries, the right investors matter as much as the capital. You need VCs who understand your sector’s technical and operational realities and recognize its real constraints. When investors grasp your industry’s dynamics, their support becomes truly catalytic. Juliana Romero, Cano-ela Netherlands Raised €1.6M in February Coming up By sector Deep dive What does the funding landscape look like across different sectors of innovation for female entrepreneurs in Europe? Go to By sector

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

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

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. Add a Title Add a Title Add a Title Add a Title Add a Title Welcome to the 2026 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. Explore Key Insights Watch 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 Emile Radyte Klaudia Szklarczyk-Smolana Miriam Wohlfarth Simi Launay Oline Stærke Ariane Scheer-Danielsson Amira Nakouri Maia Lidbeck Oana Jinga Mona Feder Gordana Djordjevic Rhona Togher Noora Hujala Rhona Togher Delphine Emile Radyte Klaudia Szklarczyk-Smolana Miriam Wohlfarth Simi Launay Oline Stærke Ariane Scheer-Danielsson Amira Nakouri Maia Lidbeck Oana Jinga Mona Feder Gordana Djordjevic Rhona Togher Noora Hujala Rhona Togher Delphine Meet our Contributors The Funnel of Innovation Innovation = Idea + Capital View Methodology The AI Era Idea Innovation Impact idea + capital idea + capital + scale Female founders in Europe raised €5.9M Female founders in Europe raised €5.9M Female founders in Europe raised €5.9M Female founders in Europe raised €5.9M Get More Insights Female Innovation Index 2026 In under a minute By founders & investors For the entire venture ecosystem Our partners Meet our Partners Driving Innovation Watch the Stories what makes us human | Female Foundry Rita Sobral Cooley Neil Lock Google Cloud Florence Keelson-Anfu The London Stock Exchanage Anchor Sponsors Affiliate Sponsor Event Sponsors Watch more Stories Backed by key ecosystem players Meet our sponsors

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