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

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.

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

The Positive Horizon 2023 has been a turbulent year for both startup founders and investors in Europe. Amid rising interest rates and high inflation, the sentiment among Limited Partners leaned towards making measured bets, with a preference for lower-risk options like bonds. This, combined with a slow exit market, significantly reduced liquidity across venture capital. ​ Operating in a high-interest rate environment also meant increased capital costs for many growth-stage companies ripe for an exit. As a result of reduced valuations, many growth-stage companies decided to hold off on their IPO plans, which is reflected in the low number of IPOs in 2023, down by 35% from 2020. However, despite the challenging conditions, many investors and founders remain optimistic. ​ Challenging times often make great vintage years, bringing more resilient founders and innovative ideas to the fore. ​ ​ ​ Key insights High interest rates provide Limited Partners with more options High interest rates have been making other asset classes carrying much lower risk, such as bonds, an attractive investment option for Limited Partners, making big players like pension funds move away from venture capital. ​ Slow exit market drives down liquidity The traditional investment exit routes—mergers and acquisitions, buyouts, and Initial Public Offerings—have all become more challenging over the past year. This is due to the intertwined issues of rising debt costs for acquiring companies and the difficulty in calculating valuations in a volatile public market, compounded by fewer private transactions. ​ Big tech layoffs With higher interest rates and a greater emphasis on profit rather than revenue growth, dozens of big tech companies have announced layoffs since the beginning of 2023. ​ The Environment 3 3.1 Macro foces European economy is now growing but slowly After several years of economic downturn, Europe is finally experiencing more economic growth. In 2022, Europe saw modest growth, with real GDP per capita increasing by 2.7%. During the same period, countries with a strong manufacturing base, like Germany, saw slower growth, at just 1.8%. On the other hand, emerging economies, such as Poland, surged ahead with a 5.3% growth rate. ​ The expected overall reported growth for 2023 is around 1.3%. GDP per capita growth rate adjusted by PP Notes: Accessed on 22 January 2024, Analysed by Insead. Source: World Bank ​ ​ LinkedIn Copy link Like Download the Report Inflation is coming down The rising costs of imported energy, an increase in company profits, and more recently, growing wages, have been driving inflation up, especially in the first two quarters of 2023. ​ As of 2024, however, inflation rates are expected to come down considerably. For example, the United Kingdom reported headline inflation of 4.7% at the end of the third quarter of 2023, a notable drop from the 9.6% seen in the same period in 2022. However, core inflation, which strips out volatile food and energy prices, remains stubbornly high and is only expected to ease down gradually. The International Monetary Fund predicts that most European countries are unlikely to hit their inflation targets before 2025, indicating that the path to economic stability might be longer than initially expected. Year-on-year inflation in Europe Notes: Accessed on 22 January 2024, Analysed by Insead. Source: OECD 2024, Inflation (CPI) indicator ​ LinkedIn Copy link Like Download the Report Founder, Twinco Capital Sandra Nolasco €50m debt facility and €11m Series A round in January Spain "Twinco is a lending business. When you operate in a high interest rate environment, your business model is put to the test. Can we manage our liquidity? Can we predict our portfolio performance? I think the mindset of the investors this year has also been about understanding whether the management teams have the ability to predict future cash flows and liquidity events. If you can manage your cash flow efficiently, you can be extremely successful. It also has a significant impact on your profitability." High interest rates provide Limited Partners with more options The impact of high interest rates over the past twelve months has made a major impact on the venture capital industry. With high interest rates, other asset classes carrying much lower risk, such as bonds, have been an attractive investment option to Limited Partners, making big players like pension funds move away from venture capital. Euro Area saw a jump from a mere 0.25% in interest rates in the third quarter of 2022 to 4.25% in the same period of 2023. While impact of high interest rates on venture capital funds seems to be now stabilising, we are yet to see any evidence of the return of Limited Partners' appetite for venture investments. Policy relevant central bank interest rates Notes: Analysed by Insead Source: Central Banks' websites ​ ​ LinkedIn Copy link Like Download the Report Generl Partner, LightPace VC Chenelle Ansah Fundraising United Kingdom "It's clear that the macroeconomic situation in 2023 has influenced my fundraising efforts. Even though most of my conversations with LP investors have been positive, what I have found frustrating has been the absence of clear rejections. I believe I have only received three rejections, despite engaging with LP investors for almost a year now. When you hear a clear "no," it provides clarity, allowing you to recalibrate your strategy. Determining whether it's a market-related issue or if it's linked to my track record or thesis is a puzzle because I hardly ever receive a direct response. I believe that investors have been very apprehensive this year, due to the uncertainty in the financial ecosystem." Dormant IPO market means less liquidity While macroeconomic headwinds may be subsiding, they are still stifling the ability of Private Equity and Venture Capital funds to exit their investments. The traditional exit routes—mergers and acquisitions, buyouts, and Initial Public Offerings (IPOs)—have all become more challenging over the past year. This is due to the intertwined issues of rising debt costs for acquiring companies and the difficulty in calculating valuations in a volatile public market, compounded by fewer private transactions. ​ There were 107 IPOs across Europe raising €10.2bn in 2023, a fall of €5.4bn on the previous year which saw €15.6bn raised from 102 IPOs. ​ Fewer IPOs, mean less capital flowing back to LPs. This is having two key knock-on effects: less fundraising and less deal activity. Number of IPOs across Europe in 2023 107 Funding raised by European IPOs in 2023 €10.2B Reduction in capital raised compared with 2022 35% Source: PwC’s 2024 IPO Watch ​ ​ LinkedIn Copy link Like Download the Report Number of IPOs, by European exchange, per year, 2019 to 2023 Source: Bloomberg ​ ​ LinkedIn Copy link Like Download the Report M&A shows signs of rebound While 2023 saw a notable slowdown in mergers and acquisitions (M&A) across Europe, the S&P 500 ended the year near record highs, a peak last seen in January 2022, signalling a potential rebound. And so, while the strength and speed of this recovery remain uncertain due to ongoing macroeconomic and geopolitical challenges, market sentiment suggests that corporate acquisitions will increase in both value and number of transactions in 2024. Number of M&A deals in Europe, per quarter, 2019 to 2023 Notes: Data as of January 8th 2024. Includes announced or completed M&A deals. Source: S&P Global Market Intelligence ​ LinkedIn Copy link Like Download the Report Europe is searching for more talent Navigating the European labor market has become a complex puzzle for many companies. Advanced economies like Germany and the United Kingdom are experiencing an interesting phenomenon: there are more job vacancies than unemployed people. This scenario reflects the challenges companies face in finding new talent. Labour market demand: ratio of vacancies to unemployment Notes: Analysed by Insead Source: Eurostat, UK Office for National Statistics ​ LinkedIn Copy link Like Download the Report Founder, Fyma Karen K Burns €2m round in November UK / Estonia "Managing a company in the 2023 market conditions has been stressful. Making hiring plans has been particularly challenging, especially when we had to make decisions based on limited and evolving information about the tech ecosystem. With constant news about layoffs and other companies' successful fundraisings, it was essential for me to keep our team's morale high and maintain open communication." Big tech layoffs With higher interest rates and a greater emphasis on profit rather than revenue growth, dozens of big tech companies have announced layoffs since the beginning of 2023. It's estimated that over 250,000 people lost their tech jobs in 2023. This trend is likely to continue into 2024, potentially drawing more highly-skilled talent to technology startups and possibly leading to a new wave of ventures being created as a consequence . Number of lay-offs at big tech companies from April 2022 Source: Layoffs.fyi tracker ​ ​ LinkedIn Copy link Like Download the Report 3.1 Investment Levels Up next Gain a better understanding of the level of venture capital investment in European startups, regardless of founding team's gender. Explore the chapter

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

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

1.3 From Inception Building from the ground up Early-stage startups present a unique opportunity for investors to support innovative ideas at their inception, often years before seeing their tangible impact. This phase, where often groundbreaking concepts take shape, is pivotal to turn ideas into reality. ​ With fewer investment deals in 2023 and higher investor expectations, founders, especially those operating in sectors where proving customer traction is particularly hard, have been particularly impacted. In this chapter, we dive deeper into the ambitions of European early-stage female entrepreneurs and and the challenges they face, mapping out the investment totals and therefore the opportunities to back them in the later-stages of their development. Key insights Slow fundraising pace, workload and investor traction are top fundraising challenges for female founders in Europe. Slow fundraising pace has been the key fundraising challenge for 32% of the female founders that completed our survey. Managing the workload of the fundraising process is the second-most common challenge, with 29% of early-stage founders identifying it as a key obstacle. ​ Austria, Netherlands and Estonia see the biggest proportion of freshly-backed companies founded by women. As much as 40% of all startups in those countries are newly-backed companies. ​ 44% of angel investors see an improvement in deal flow quality of female-founded companies. Our survey reveals that 44% of angel investors see an improvement in deal flow quality of female-founded companies, with 4% noting a significant improvement. ​ 53% of early-stage female founders find the fundraising process longer than expected. Our survey reveals that it takes on average over five months for early-stage female founders to raise funding. with 53% of female founders finding the fundraising process longer than expected. ​ Early-stage VC investors see mild increase in the number of female-founded companies in their deal flow. while 13% of angel investors reported a significant surge in female-led startups, early-stage VC investors held a more modest view, with only 3% seeing a significant increase. This discrepancy suggests that there are more female founded deals at the the top of the funnel. ​ Misalignment with investment thesis the key reason for not backing female-founded startups by 58% of VC investors. Additionally, 42% of VCs believe that the low number of companies they see and the quality of business propositions that do not meet their expectations are the reasons behind the lack of investments into female-founded companies over the past 12 months. Network is key for both angel and VC investors looking for deals with female-founded startups. while 13% of angel investors reported a significant surge in female-led startups, early-stage VC investors held a more modest view, with only 3% seeing a significant increase. This discrepancy might suggest that there are more female founded deals at the earliest stages of business formation. ​ Total capital raised in 2023 by European early-stage female founders Total capital raised by European early-stage founders in 2023. €0.49B Notes: Early-stage founders' are defined as those who have raised total funding of €5 million or less to date. Source: Dealroom LinkedIn Copy link Like Download the Report Founder, The Landbanking Group Dr. Sonja Stuchtey $11m Seed round in October Germany "I'm not only passionate about sustainability, but I am also an experienced entrepreneur. I know why I'm doing what I am doing. Our angel investors have been great sparring partners throughout our journey. I appreciate having someone who questions and provides specific advice and suggestions. We are tackling a very difficult problem, and it will take time before we start seeing meaningful results. We have been incredibly fortunate to have investors on board who understand the immense potential of our solution and do not exert undue pressure for measurable results while we are laying the foundations of our business." Angel investor sentiment remains positive In our survey, we asked European angel investors, who are often the first backers of female entrepreneurs in Europe, about their views on the capital being deployed into these entrepreneurs. ​ The majority of respondents believe that the current climate for fundraising for female founders is more favourable than it was twelve months ago, with just under 20% being less optimistic. Compared to 12 months ago, are you more or less optimistic when it comes to the amount of funding going to female-founded companies in Europe? Angel investors only Notes: Source: ​ ​ LinkedIn Copy link Like Download the Report President, Green Angel Ventures Nick Lyth United Kingdom "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." Angel investors see more female-founded companies in their deal flow Our survey data finds that nearly half of angel investors that made at least one angel investment in the past year have seen an increase of female entrepreneurs in their deal flow over the past twelve months, with 9% of them seeing a significant uptick. 37% of angel investors report no change. Thinking about your pipeline, what change in the deal flow of companies (co)founded by women have you observed in the past 12 months? Angel investors only Notes: Source: ​ ​ LinkedIn Copy link Like Download the Report Angel Investor Nzube Ufodike United Kingdom "2023 began with cash flow and liquidity challenges for many companies. As a result, I decided to lean in a bit more to support my portfolio companies, particularly those that were in the middle of a fund raise. Buzzword du jour, "AI", also featured on our radar. Tough market conditions all round but fundraising with VCs remains a viable option for high quality companies." Angel investors see higher quality female-founded startups in their pipeline As much as the quantity of companies going through a deal pipeline might result in a higher number of companies being funded, it is really the quality of deal flow that is critical for actually making an investment. When asked about the quality of female founded companies they have seen over the past 12 months, angel investors report seeing a higher quality of deal flow. Our survey reveals that 44% of angel investors see an improvement in deal flow quality of female-founded companies, with 4% noting a significant improvement. 47% of angel investors see no change in deal flow quality and even though just under 10% angel investors say that the quality has actually worsened, our findings suggest a generally optimistic view of the quality of women-led startups in the angel investment pipeline. Thinking about your pipeline, what change in the quality of deal flow of companies (co)founded by women have you observed in the past 12 months? Angel investors only Notes: Source: ​ ​ LinkedIn Copy link Like Download the Report An increasing number of angel investors is keen on making more investments into female-founded companies Our overall positive findings regarding both the quality and quantity of deal flow of female-founded companies that angel investors see going through their pipeline might be attributed to another interesting trend. When asked about their proactivity in seeking investment opportunities in female-founded companies compared to last year, it is interesting to see that almost half of angel investors currently spend more time actively searching for investment opportunities into female-founded companies. Although 46% indicate no change in their level of proactivity, and just under 10% actually has been spending less time over the past year seeking deals with female founders, the overarching trend leans towards a moderately positive direction. This suggests that, despite a significant portion maintaining their existing investment efforts, there is a notable shift towards increased interest in female-founded companies among angel investors. In the past 12 months, have you spent more or less time proactively looking for investment opportunities into companies (co)founded by women compared to last year? Angel investors only Notes: Source: ​ ​ LinkedIn Copy link Like Download the Report Angel investor Sokhiba Mukhitdinova United Kingom "As a founder seeking angel investment in 2024, I would consider targeting those investors that can materially add value to your business. Those angels who have experience or are currently working in the industry related to your startup, can bring not only capital but also valuable industry knowledge, network of contacts and even help you with hiring. Getting smart capital for your startup has never been more important, when there is more emphasis put on sustainable growth." Network is key for angel investors looking for deals with female-founded startups For those angel investors who are proactively seeking more investment opportunities into female-founded startups, network seems to play the biggest role, with networking events and network outreach being preferred strategies for 57% of them. 33% of angel investors are also keen on seeing more startups at demo days, 29% of them prefer to leverage social media to increase their female-founder deal flow. Interestingly, more traditional methods like conferences and mentorship programs are not used by angel investors in their proactive outreach, with each scoring a bare 0%. Angel investors are also not keen on utilising intelligence software. What have been the key strategies used by you to find more companies (co)founded by women? Angel investors only Notes: Respondents had the option to select multiple answers. Source: ​ ​ LinkedIn Copy link Like Download the Report Austria, Netherlands and Estonia see the biggest proportion of freshly backed companies founded by women Despite the overarching trend of capital deployment slowdown, some countries were particularly active at the earliest stages of investment. ​ Austria, the Netherlands, and Estonia were the top countries on the list with the highest proportion of female-founded startups that secured their first investment check. Share of female-founded companies (%) with first time investment per country, 2023 and earlier Tap on a bar to reveal the exact percentage Notes: Source: Dealroom LinkedIn Copy link Like Download the Report Angel investor Vera Baker France "I am one of those investors who are committed to investing their time and energy into supporting founders who are dedicated to building and creating meaningful businesses. I often see that female investors approach investing with a different mindset. We do not chase hype or think about short-term gains where we could exit an investment tomorrow and make money quick. Instead, our focus is on investing into our future and committing our resources to more meaningful causes. We're seeking long-term returns, not instant gratification." Fundraising gets harder for early-stage female founders Overall, the vast majority of female founders have come to experience the new market reality. From our survey it is clear that fundraising has become a lot harder for female entrepreneurs than it was 12 months ago. Both early-stage and growth stage female founders have been experiencing fundraising challenges due to the shifting market environment. In your opinion, is it easier or harder for female (co)founded startups to raise external capital in Europe now than it was 12 months ago? Female founders only Notes: 'Early-stage founders' are defined as those who have raised total funding of €5 million or less to date. Source: ​ ​ LinkedIn Copy link Like Download the Report It takes over five months for early-stage female founders to raise funding We asked early-stage female founders who raised capital in 2023, how long it took them to obtain angel or venture capital funding, from the first conversation with potential investors to signing a term sheet. On average, it currently takes just over five months for European female founders at the earliest stages of company building to secure funding. On average, it took early-stage founders to close a funding round in 2023 5.2 months Note: The duration is counted from the first fundraising conversation with the first investor to the signing of a term sheet. Source: ​ ​ LinkedIn Copy link Like Download the Report Early-stage female founders say it takes much longer than expected to raise funding By combining the actual duration of the process with female founders' expectations, we get a clearer picture of the fundraising experiences of female founders. In general, female founders who successfully secured funding in 2023 found the process more time-consuming than expected. A significant 53% of early-stage female founders said that it took longer than anticipated to secure funding. In contrast, only 17% found the process to be shorter than expected. The findings are consistent across different stages of company growth. Despite the ongoing economic downturn for the last twelve months, early-stage female founders find the fundraising process unexpectedly longer. Was your fundraising process shorter or longer than expected in 2023? Female founders only Notes: 'Early-stage founders' are defined as those who have raised total funding of €5 million or less to date. This category only includes founders who successfully closed a financing round in 2023. Source: ​ ​ LinkedIn Copy link Like Download the Report Founder, Consalio Felicia Mundhenke €1.2m Seed round in July Germany "Many startups that began fundraising at the start of the year had to adjust their expectations in relation to their initial valuations. A key realisation for me was that a company's valuation isn't solely based on its performance; it's also reflective of market conditions. When everyone’s valuation is going down, it is hard to defend your company’s case to be any different. Accepting this reality, a harsh truth about the sentiment in the investment ecosystem, was difficult for me. Despite putting my heart and tears into achieving 5x growth this year, I had to accept that my valuation also needed to be adjusted." Investment slowdown is affecting female-founded companies across all stages As we gather more data on investment deals from 2023, it becomes evident that the investment slowdown has been impacting female-founded companies across all stages, with the number of Pre-Seed and Seed-stage deals down by over 30% While 2020 and 2021 were peak years for startup investments, the number of investments in female-founded companies in 2023 mirrors the broader market conditions. Number of European female-founded companies backed at Pre-Seed and Seed stages per year, 2019 to 2023 Tap on the bar to reveal the exact number Notes: Source: Dealroom LinkedIn Copy link Like Download the Report Early-stage VC investors see a moderate uptick in the number of female-founded companies in their deal flow We surveyed early-stage VC investors to understand their perception of female-founded companies in their investment pipeline. Interestingly, while 13% of angel investors reported a significant surge in female-led startups, early-stage VC investors held a more modest view, with only 3% seeing a significant increase. This discrepancy might suggest that female founders find an easier access to angel investors than VC firms. Thinking about your pipeline, what change in the deal flow of companies (co)founded by women have you observed in the past 12 months? VC investors only Notes: Early-stage VC investors self-identified themselves as 'early-stage' in the survey. Source: ​ ​ LinkedIn Copy link Like Download the Report Founding Partner, VentureFriends Apostolos Apostolakis United Kingdom "Even though we have definitely seen an investment slowdown in 2023, the reality is that capable, strong founders building startups with good unit economics and growing nicely, are getting funded. I'm excluding AI because due to the current hype you could raise in that field even in the absence of traction. But putting AI aside, all other startups that have a good story, with solid underlying economics, are able to raise funds. The key is clarity: the business story needs to be clear, the path to profitability should be evident, and of course, the burn rate should not be excessively high compared to revenue. The times when startups with high burn rates and low traction could get funding are over." Early-stage VC investors report a moderate increase in the quality of female-founded companies they see Quality, even though subjective, is a good indicator of the expected number of companies getting funding. After all, we want to believe that only high quality companies, those with great potential and clear value propositions, should receive funding. ​ When focusing on the quality of female-founded startups in their deal flow, 36% of VC investors surveyed say they see higher-quality companies in their deal flow. However, 57% of VC investors have not seen any significant quality improvement. How does the average quality go deal flow of companies (co)founded by women compare with that of last year? VC investors only Notes: Early-stage VC investors self-identified themselves as 'early-stage' in the survey. Source: ​ ​ LinkedIn Copy link Like Download the Report Limited deal flow, no fit with investment thesis, and low quality are key reasons for the lack of investments by early-stage VC investors We asked European early-stage investors who did not make any investments into female-founded companies in the past 12 months about the key reasons for not making deals with female-founded companies. Interestingly, a lack of alignment with their investment thesis scored 56% of all their responses which suggests missed opportunities on both sides of the equation. Additionally, 42% of VCs believe that the low number of companies they see and the quality of business propositions that do not meet their expectations are the reasons behind the lack of investments into female-founded companies over the past 12 months. Why do you believe your fund has not invested in any companies (co)founded by women in the past 12 months? VC investors only Notes: Respondents had the option to select multiple answers. Source: ​ ​ LinkedIn Copy link Like Download the Report General Partner, La Famiglia Judith Dada Germany "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." "Availability of funding and access to investors are top fundraising challenges for female founders" - say early-stage VC investors In our survey, we also asked early-stage investors to share their perspectives on the key challenges they believe European female founders face when seeking funding. ​ Access to investors and the availability of funding are the top challenges, said early-stage investors - each scoring over 60% of all responses. Interestingly, more transactional aspects of the fundraising process such as due diligence processes and deal terms negotiations received the lowest number of responses. In the past 12 months, which 3 aspects of the fundraising process do you believe female founders have found the most challenging? VC investors only Notes: Early-stage VC investors self-identified themselves as 'early-stage' in the survey. Source: ​ ​ LinkedIn Copy link Like Download the Report Founder, AssetFloow Katya Ivanova €1.5m Seed round in March Portugal "Over the past twelve months, building an AI software company brought unique challenges. Talent acquisition in the competitive AI market, especially in machine learning, data science, and software development, was our key focus and therefore in 2023 we spent significant time on creating a workplace culture that fosters creativity, diversity, and continuous learning. Staying at the forefront of AI innovation requires substantial research and development efforts." Early-stage founders point at slow fundraising pace, workload and investor traction as their key fundraising challenges We also asked early-stage female entrepreneurs who were looking for funding in 2023 about their fundraising challenges. Interestingly, a slow fundraising pace, consistent with our earlier findings about the duration of fundraising rounds, has been the primary concern for female entrepreneurs. Managing the workload of the fundraising process is the second-most common challenge, with 29% of early-stage founders identifying it as a key obstacle. Gaining investor traction makes the top-three list, and it's one of the aspects that clearly affect more early-stage founders, along with dealing with rejections, which also seems to primarily impact early-stage female founders. What were your top challenges as part of this fundraising round? Early-stage founders only Notes: Early-stage founders are defined as those who have raised a total of €5 million or less in funding to date. Only answered by founders who successfully closed a financing round or fundraised in 2023. Respondents had the option to select multiple answers. Source: ​ ​ LinkedIn Copy link Like Download the Report Founding Partner, Cavalry Ventures Claude Ritter German "I believe that nowadays more entrepreneurs are starting businesses for the right reasons. Back in 2020 and 2021, it was much easier to raise money, and entrepreneurs had the safety net of returning to their corporate jobs if their ventures didn't work out. Now the market is different. With corporate layoffs, leaving a stable job is a high risk. Those who are venturing into startups now must be the 'true believers’. For me, it's much more rewarding to work with people who are committed to their entrepreneurial journey despite the uncertainties." Early-stage female founders prioritise access to relevant networks and referrals to other investors from their existing backers As much as the fundraising process forms just a part of the company building journey, raising subsequent rounds might prove easier with the support of existing investors. Among female founders surveyed who had already been backed in the past, referrals to investors and access to a relevant network are the key areas female founders would like to receive extra support from their existing investors, with each scoring above 55%. Interestingly, more practical aspects of company building, such as legal and operational assistance, rank much lower on the list, with mental health support being one of the least prioritised by female entrepreneurs. What investor support would you like to receive for your company? Female founders only Notes: Early-stage founders are defined as those who have raised a total of €5 million or less in funding to date. Respondents had the option to select multiple answers. Source: ​ ​ LinkedIn Copy link Like Download the Report When looking for funding, early-stage female founders prioritise investors with shared vision and exiting relationship Fundraising, is a two-way relationship where investors and founders need to meet each other's expectations. We decided to delve into the perspectives of early-stage female founders who successfully raised funding in 2023 to understand why they chose their investors. ​ Despite the current slow fundraising environment and limited funding options available, the top priorities for female founders today are alignment of vision, 35%, and existing relationships, 31%. Investor reputation also matters, along with industry contacts. ​ What may surprise many is that gender composition and having women in the investor portfolio are not as important for female founders. Those landed on the bottom of the list. Also, only 15% of female founders who raised capital in the survey said that they had no other option when choosing investors as part of the round they raised in 2023. Why did you choose your latest investors? Female founders only Notes: Early-stage founders are defined as those who have raised a total of €5 million or less in funding to date. Respondents had the option to select multiple answers and the answers only include those founders that successfully raised funding in 2023. ​ Source: ​ ​ LinkedIn Copy link Like Download the Report Founder, TitanML Meryem Arik $2.8m Pre-Seed round in October United Kingdom "I am a founder of an AI infrastructure company and so, the most challenging aspect of building in 2023 has been keeping up with everything that's happening with AI and ensuring that we constantly anticipate the next stage of innovation and development in the AI space. In 2024, we want to expand the range of models we support to more multimodal models, vision models, audio models, video models, etc. It has been a quite hectic year for AI development, but it has also been a great year." Almost four in five European early-stage female founders received no competing funding offers in 2023 In 2023, only 22% of female founders that fundraised, had the option to choose between competing funding offers, reflecting current challenging fundraising conditions. of early-stage female founders did not receive competing funding offers in 2023. 78% Notes: Early-stage founders are defined as those who have raised a total of €5 million or less in funding to date. Source: ​ ​ LinkedIn Copy link Like Download the Report Deal terms overwhelmingly the key reason behind rejected term sheets by early-stage female founders When we zoom in on the reasons behind term sheet rejections, we find that overwhelmingly, deal terms stand out in stark contrast to other options in our survey. ​ It is by far the most cited reason behind the term sheet rejections for early-stage female founders who raised funding in 2023. Surprisingly, even though the market conditions for female founders at the growth stage were even more unfavourable, deal terms for them are not as striking. Only 35% of growth-stage founders who raised funding in 2023 pointed to deal terms as the reason behind their term sheet rejection. Why did you decline those investment offers? Female founders only Notes: Early-stage founders are defined as those who have raised a total of €5 million or less in funding to date. Only answered by founders who declined term sheets as part of their financing round in 2023. Source: ​ ​ LinkedIn Copy link Like Download the Report Founder, Kestrix Lucy Lyons £500k Pre-Seed round in September United Kingdom "As part of our fundraising round in 2023, we did not have the luxury to choose investors. Our cap table reflects this—currently, we have only two female investors on our cap table. The importance of investor gender representation is undeniable, but achieving a balanced investor mix can be challenging; As we approach our next fundraising round in early 2024, we are committed to be actively seeking out and encouraging the participation of female investors. Switzerland, Sweden and France see the highest percentage of Pre-Seed and Seed stage female-founded startups that never raised capital again For various reasons, even companies that secure Pre-Seed and Seed stage backing may never raise capital again. These companies might have either never sought additional funding or ceased operations altogether. We have analysed the countries within our scope to determine the proportions of early-stage female-founded companies that never received any other form of funding compared to the other female-founded startups that did raise funds. ​ Over 60% of female-founded startups in Switzerland, Sweden and France that raised Pre-Seed or Seed funding never raised capital again. Cumulative share of companies that never raised again after Pre-Seed and Seed rounds, as of 2023 Tap on a bar to reveal the exact percentage Notes: Source: Dealroom LinkedIn Copy link Like Download the Report Founder, Xihelm Maria Ghibu Was fundraising in March United Kingdom "We have decided to take a pause in building our company this year. When we started fundraising for our Pre-Seed round in March, we were pre-product and pre-revenue, and what we did not expect was the market being so adverse. We were a great team, with strong industry experience, a PHD in robotics and a top-school MBA, at one point this year, we were even recognised as one of the most promising European startups in robotics. However, in the current market this was not enough. Every investor we spoke to, including those specialising in deeptech, expected to see a finished MVP and meaningful customer traction. Demonstrating this, particularly in our field of robotics, proved to be extremely difficult." Up next 1.4 Through Growth to Exit Get a comprehensive overview of the funding landscape, aspirations, and challenges faced by European female founders at the growth stage. Explore the chapter

1.4 Through Growth to Exit New Norms: Building In The Stalled Exit Market As startups transition from early-stage ideation to growth, they require more investment to scale and drive impact. Supporting female entrepreneurs from the Series A stage onwards is pivotal for harnessing the full potential of the innovation they bring and maximising impact. Growth stage companies play a pivotal role in the wider European economy by driving innovation, creating jobs, and fostering competitive markets. ​ However, according to the analysis, growth-stage female entrepreneurs have been most impacted by the investment downturn. ​ Dive deeper to gain a better view of the aspirations, challenges, and goals of growth-stage female entrepreneurs, and to learn more about who are the founders making strides at the end of the funnel who have a significant impact across the European ecosystem and industries. Key insights Limited deal flow and no thesis fit quoted key reasons for no deals with growth-stage female-founded companies by VCs. Overwhelmingly, limited deal flow, 70%, and a lack of match with investment criteria, 65%, are the top reasons for no investments made in female-founded companies by those funds, according to growth-stage venture capital investors. ​ Fintech, health, climate tech and deeptech top the list of largest deals for Europan female-founded companies. Out of all deals on the Top Rounds in 2023 list, 28% were fintech, 18% health and 10% were deeptech and climate tech companies. ​ Network and referrals are key forms of support that existing investors can provide to growth-stage female founders. Consistent with early-stage founders, access to a relevant network is the key support that existing investors can provide to growth-stage founders. Referrals to investors can also play a significant role. ​ Six European companies are close to joining the existing 27 female-founded unicorns. Interestingly, half of them operate in the fintech space. Half of them are based in the United Kingdom. What is also interesting is the fact that those with the highest valuations on the list were only founded in the past four years. ​ Total capital raised in 2023 by European growth-stage female founders Total capital raised by European growth-stage founders in 2023. €5.45B Notes: Growth-stage founders are defined as those who have raised a total of more than €5 million in funding to date. Source: Dealroom LinkedIn Copy link Like Download the Report Founder, SustainCERT Marion Verles $37m Series B round in June Luxembourg "We saw the downturn coming, and so what we decided was to launch our Series B six months earlier than planned, because we still had runway left, and had already achieved the growth and developed the strategic plan that we felt was sufficient to initiate our Series B. The first thing we did was to be very targeted in our approach by focusing on impact-driven investors, we felt they would be, at least initially, less impacted by the downturn. The second was to focus our equity story on the credible role we play in the climate ecosystem and how we are different and complementary to carbon accounting platforms. By doing this, we aimed to hedge the risk from the current fundraising climate." Growth-stage entrepreneurs face more fundraising challenges than they did twelve months ago Consistent with the responses of early-stage founders, the overall sentiment of growth-stage female entrepreneurs in Europe has been impacted by the global reduction of capital flowing through the investment system. Fundraising is much harder for growth-stage female entrepreneurs than it was 12 months ago. In your opinion, is it easier or harder for female (co)founded startups to raise external capital in Europe now than it was 12 months ago? Female founders only Notes: Growth-stage founders are defined as those who have raised a total of more than €5 million in funding to date. Source: ​ ​ LinkedIn Copy link Like Download the Report Growth-stage VC investors see a minimal increase in the number of companies going through their pipeline We asked early-stage VC investors about their perception of the number of growth-stage female-founded companies going through their investment pipeline. ​ Growth-stage VC investors have seen a very small increase in female-founded companies reaching their stage, with the vast majority, 75%, saying that they have not observed any change whatsoever. Thinking about your pipeline, what change in the dealflow of companies (co)founded by women have you observed in the past 12 months? VC investors only Notes: Growth-stage VC investors self-identified themselves as 'growth-stage' in the survey. Source: ​ ​ LinkedIn Copy link Like Download the Report Growth Investor, Highland Europe Gajan Rajanathan United Kingdom "When it comes to investment evaluation criteria, we’ve been fairly consistent strategy wise, as we are focused on capital efficient and sustainable growth investing. However, there has been more scrutiny around capital efficiency and ability to be self-sustaining long term, vs investments that depend on capital cycles to ensure durability of their business models." "The quality of female-founded companies at the growth stage remains unchanged" - say growth-stage VC investors Only a small percentage, 17%, of growth-stage VC investors have seen an increase in the quality of female-founded businesses that go through their pipeline. ​ Overwhelmingly, 81% of VC investors who participated in our survey have not noticed any difference in the past 12 months. How does the average quality of deal flow of companies (co)founded by women compare with that of last year? VC investors only Notes: Growth-stage VC investors self-identified themselves as 'growth-stage' in the survey. Source: ​ ​ LinkedIn Copy link Like Download the Report Decline in growth-stage deals consistent with the fundraising slowdown Series A and subsequent rounds experienced a significant drop in the number of transactions in 2023. ​ This is consistent with the overall market dynamic of a market correction after the outlier fundraising years of 2020 and 2021. Number of European female-founded companies backed at Series A, Series B, Series C and Series D+ stages per year, 2019 to 2023 Tap on a bar to reveal the exact number Notes: Source: Dealroom LinkedIn Copy link Like Download the Report Founding Partner, Breega Francois Paulus France "My advice to founders planning to fundraise for a Series A in 2024, is to take the new market reality seriously. 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." It currently takes over six months for growth-stage female founders to raise funding We asked growth-stage female entrepreneurs who successfully raised capital in 2023 how long it took them to close their funding rounds, from the first conversation with potential investors to signing the term sheet. ​ On average, it currently takes just over six months for European growth-stage female founders to secure funding. Generally, and consistent with the experience of early-stage female entrepreneurs, those growth-stage founders who successfully secured funding in 2023 found the process more time-consuming than expected. On average, it took growth-stage female founders to close a funding round in 2023 6.3 months Note: The duration is counted from the first fundraising conversation with the first investor to the signing of a term sheet. Source: ​ ​ LinkedIn Copy link Like Download the Report Was the process shorter or longer than expected? Growth-stage founders only Notes: Growth-stage founders are defined as those who have raised a total of more than €5 million in funding to date. Source: ​ ​ LinkedIn Copy link Like Download the Report 50 Top Rounds List Europe As part of our analysis, we have compiled a list of the largest disclosed financing rounds for female-founded companies in 2023. We then delved deeper to gain better insights into the nature of these companies and the profiles of their founders. Median size of the biggest funding rounds into female-founded companies on the 50 Top Rounds List €37.5 million Company Country Amount Founded Sector Butternut Box United Kingdom €325m 2016 food Abound United Kingdom €290m 2021 fintech VectorY Therapeutics Netherlands €129m 2020 health Ledger France €100m 2014 fintech Insider Türkiye €96m 2012 marketing AgomAb Therapeutics Belgium €91m 2017 health Oxford Quantum Circuits United Kingdom €91m 2017 deeptech Braincube France €83m 2007 B2B SaaS Synthesia United Kingdom €82m 2017 AI Pigment France €73m 2019 B2B SaaS Aphea.Bio Belgium €70m 2017 food Nouscom Switzerland €68m 2015 health Brite Payments Sweden €55m 2019 fintech QUANDELA France €50m 2017 deeptech Get Harley United Kingdom €47m 2019 health Tissium France €46m 2013 health Agreena Denmark €46m 2018 climate tech Podimo Denmark €44m 2019 media Arthex Biotech Spain €42m 2019 health Peppy United Kingdom €41m 2018 health The Exploration Company Germany €40m 2021 space StudentFinance Spain €39m 2019 fintech Tolremo Switzerland €37m 2017 health Traceless materials Germany €37m 2020 climate tech SustainCERT Luxembourg €34m 2018 climate tech Esmaeilzadeh Holding Sweden €33m 2020 fintech Shorla Oncology Ireland €32m 2018 health eXmoor United Kingdom €32m 2004 health Lunaphore Technologies Switzerland €30m 2014 health Orbem Germany €30m 2019 AI Prolific United Kingdom €29m 2014 AI DRUID United Kingdom €27m 2018 deeptech Uncommon United Kingdom €27m 2017 food ClearSpace Switzerland €27m 2018 space Theolytics United Kingdom €26m 2017 health Sana Labs Sweden €26m 2016 AI Plan A Germany €25m 2017 climate tech Hycamite TCD Technologies Finland €23m 2020 energy Lassie Sweden €23m 2021 fintech Leaf Space Italy €20m 2014 space Kraftblock Germany €20m 2014 energy E-Flux Netherlands €20m 2017 fintech Bend Health United Kingdom €20m 2021 health Globacap United Kingdom €19m 2017 fintech Entia France €19m 2022 deeptech Quobly France €19m 2017 deeptech CHOOOSE Norway €18m 2017 climate tech 50 Top Rounds List: Company analysis On average, it took 7.1 years for the companies on the list to reach this stage. ​When it comes to sectors, female founders in fintech and health raised the most capital in 2023. The geographical distribution shows a concentration of these startups in the United Kingdom, France, and Germany. ​ Characteristics of companies on the 50 Top Rounds List The average company age the average age of the companies on the 50 Top Rounds List 7.1 years The most frequent sectors Fintech 18% Healthtech 28% Deeptech and Climate tech 10% The most frequent HQ locations United Kingdom 30% France 16% Germany 12% Switzerland 8% Notes: The data includes companies where the female founder may no longer be active; The rounds take into consideration both equity and debt. All rounds converted to € use the average conversion rate. Source: Female Foundry, Crunchbase, Dealroom, Pitchbook. ​ LinkedIn Copy link Like Download the Report 50 Top Rounds List: Women behind the numbers Who are the women behind the companies that raised the biggest funding rounds of 2023? ​ Even though, as expected, the vast majority, 88%, of companies on the list were founded by mixed-gender teams, roughly one in eight companies are led by female-only teams. ​ Remarkably, 8% of all companies on the list were founded by a solo female entrepreneur. ​ When it comes to ethnic background, in a similar proportion to the gender composition, 16% of the founders on the list are women of colour. ​ How about age? The overwhelming majority of female founders who raised the biggest rounds in 2023 are between 20-50 years old, with the 30-40 year age bracket being the most common. ​ All female founders on the list have higher education, with 32% holding PhD-level qualifications and an outstanding 90% of female founders on the list having some form of scientific education. Female only vs gender mixed teams 12% female only gender-mixed 88% Solo founder vs a founding team 8% solo founding team 92% Founder ethnicity 16% person of colour white 84% Founder age group 30-40 years old 51% 43% 40-50 years old 20-30 years old 2% 2% 50-60 years old 60-70 years old 2% Founder education level Masters degree 38% 32% PhD Bachelors degree 20% 10% MBA Lower than Bachelors 0% of female founders on the list have scientific education 90% of female founders on the list have a PhD 32% Notes: The data includes companies where the female founder may no longer be active; The rounds take into consideration both equity and debt. All rounds converted to € use the average conversion rate. If fewer than ten rounds listed, the only rounds available. Source: Female Foundry, Crunchbase, Dealroom, Pitchbook ​ LinkedIn Copy link Like Download the Report Growth Equity Investor, Generation Investment Management Neha Madhotra United Kingdom "This year, we did not make any investments in female-founded companies. In VC, especially at the growth stage, 2023 has been a year of significantly lower activity. The number of investments we made was probably half that of 2021. When you are only making 3 investments per year, there are significantly fewer opportunities to back female-founded companoes. Most deals we considered were pre-IPO, and while I believe we are making great strides at the early stage to back more female-founded businesses, this balance is less evident at later stages." Limited deal flow and no fit with investment thesis are key reasons for the lack of deals into growth-stage VC female-founded companies We asked European growth-stage VC investors who did not make any investments into female-founded companies in the past 12 months about the key reasons for not engaging in a single deal with female-founded companies. ​ Overwhelmingly, limited deal flow, 70%, and a lack of match with investment criteria, 65%, are the top reasons for no investments made in female-founded companies by those funds. ​ Unlike their early-stage counterparts, only a small percentage, 11%, of growth-stage investors consider the quality of deal flow to be a reason behind their lack of investments. Why do you believe your fund has not invested in any companies (co)founded by women in the past 12 months? VC investors only Notes: Growth-stage VC investors self-identified themselves as 'growth-stage' in the survey. Respondents had the option to select multiple answers. Source: ​ ​ LinkedIn Copy link Like Download the Report Growth-stage VC investors see the availability of funding and meeting investor expectations as key fundraising challenges for growth-stage founders Consistent with the overall macro dynamic, growth-stage VC investors cite the availability of funding as the top fundraising challenge they consider growth-stage founders to face. ​ While some growth-stage VC investors believe that deal terms, 27%, and the length of the process, 20%, are concerns, the vast majority of VCs see meeting investor expectations and gaining access to investors as their key challenges. In the past 12 months, which 3 aspects of the fundraising process do you believe female founders have found the most challenging? VC investors only Notes: Growth-stage VC investors self-identified themselves as 'growth-stage' in the survey. Respondents had the option to select multiple answers. Source: ​ ​ LinkedIn Copy link Like Download the Report Founder, StudentFinance Marta Palmeiro €39m Series A round in March Spain "We began conversations with investors in Q1 2022, at a time when we were still in a bull market. Our new funding round, based on our metrics, was supposed to be straightforward. Everyone was very excited. Then came April 2022, and the world completely turned. Investors shifted from a full-on investment mode to a cautious stance, with many saying they wouldn't engage in any new investments in the foreseeable future, especially in businesses like ours that are exposed to lending. All of a sudden, we found ourselves at the least favourable end of the investor interest spectrum." Growth-stage female founders quote slow fundraising pace and managing work load as their key fundraising challenges In our survey, we also asked growth-stage female entrereneurs to share their perspectives on the key challenges they faced when seeking funding in 2023. ​ Interestingly, a slow fundraising pace, consistent with the experiences of early-stage founders, together with managing workload, are the top fundraising challenges for female growth-stage founders today. ​ One in five growth-stage founders sees meeting investor expectations as their key concern. Unsurprisingly, at the bottom of the list, dealing with rejections is not a problem for seasoned growth-stage founders. In the past 12 months, which 3 aspects of the fundraising process have you found the most challenging? Female founders only Notes: Growth-stage founders are defined as those who have raised a total of more than €5 million in funding to date. The answers relate only to the founders that fundraised or raised funding in 2023. Respondents had the option to select multiple answers. Source: ​ ​ LinkedIn Copy link Like Download the Report Network and referrals are key forms of support that existing investors can provide to growth-stage female founders Consistent with early-stage founders, access to a relevant network is the key support that existing investors can provide to growth-stage founders. Referrals to investors can also play a significant role. ​ Unlike early-stage female entrepreneurs, growth-stage founders put more emphasis on specialist knowledge paired with help in recruitment and talent management as they scale their ventures. What investor support would you like to receive for your company? Female founders only Notes: Growth-stage founders are defined as those who have raised a total of more than €5 million in funding to date. Respondents had the option to select multiple answers. Source: ​ ​ LinkedIn Copy link Like Download the Report Founder, The Exploration Company Hélène Huby €40m Series A round in February France "In 2024, we look forward to our first launch, and to the first successful launch of Starship. Space tech is humanity's next frontier; it is critical to innovate in this area because we are building humanity's future. For me, it is essential to innovate in a sustainable and cooperative manner." 10 biggest rounds per country, 2023 We have analysed the 10 largest fundraising rounds of female-founded companies in each European country within the scope of the report. ​ Focusing on the sectors covered, median funding amounts, stages, and company maturity, the analysis provided us with a simple yet powerful understanding of the local European ecosystems for female founders today. See Location in Focus Sweden United Kingdom Germany Denmark France Spain Luxembourg Austria Netherlands Finland Norway Poland Ireland Estonia Portugal Switzerland Belgium Italy Company Amount Stage Founded Sector Mathem €88m Series D 2009 food Brite Payments €55m Series B 2019 fintech Esmaeilzadeh Holding €33m Series B 2020 fintech Mathem €30m Convertible 2009 food Sana Labs €25m Series B 2016 education Lassie €23m Series B 2020 fintech Mitigram €10m Series B+ 2014 fintech NA KD €10m Debt 2015 lifestyle Insurely €8m Series A+ 2018 fintech Akiram Therapeutics €6m Series A 2021 health average time to the 2023 round 4.5yr median amount €24m 40% Series B Fintech 50% Company Amount Stage Founded Sector Abound €583m Series B 2021 fintech Butternut Box €327m Series E 2016 food Oxford Quantum Circuits €92m Series B 2017 deep tech Synthesia €83m Series C 2017 media Curve €68m Series C 2015 fintech Get Harley €48m Series B 2019 health Peppy €41m Series B 2018 health eXmoor €32m Series A 2004 health Prolific €29m Series A 2014 education Uncommon €28m Series A 2017 food average time to the 2023 round 8.2yr median amount €58m 40% Series B health 30% Company Amount Stage Founded Sector The Exploration Company €40m Series A 2021 space Traceless Materials €37m Series A 2022 climate tech Orbem €30m Series A 2019 AI Plan A €25m Series B 2017 climate tech Kraftblock €20m Series B 2014 energy AILY LABS €19m Series A 2020 AI Clinomic €16m Series A 2019 health Banxware €15m Series A 2020 fintech Resourcify €14m Series A 2015 climate tech Razor €70m Series C 2020 marketing average time to the 2023 round 5.3yr median amount €23m 70% Series A climate tech 30% Company Amount Stage Founded Sector Agreena €46m Series B 2018 food Podimo €44m Series C+ 2019 media Bioomix €6m Series A 2021 climate tech Notify Therapeutics €5m Seed 2021 health Dynelectro €5m Seed 2018 energy Octarine Bio €4m Series A 2018 climate tech Landfolk €4m Seed 2020 lifestyle Klimate.co €4m Seed 2020 energy Coalescent Mobile Robotics €2m Seed 2018 hardware CAPSULE €0.6m Seed 2021 lifestyle average time to the 2023 round 4.6yr median amount €4.5m 60% Seed round climate tech 30% Country Amount Stage Founded Sector Ledger €100m Series C 2014 fintech Braincube €83m Series B 2007 B2B SaaS Pigment €74m Series C 2019 fintech QUANDELA €50m Series B 2017 deep tech Tissium €46m Series D 2013 health Carthera €38m Series B 2010 health ZEWAY €27m Series B 2019 mobility Quobly €19m Seed 2022 deep tech Inato €18m Series A 2016 health BeFC €16m Series A 2020 energy average time to the 2023 round 8.3yr median amount €42m 30% Series B health 30% Company Amount Stage Founded Sector REVEL €115m Seed 2020 mobility Twinco Capital €46m Debt 2016 fintech Arthex Biotech €42m Series B 2019 health StudentFinance €28m Series A 2019 education Qida €18m Convertible 2018 health bound4blue €16m Series A 2014 mobility Room007 Hostels & Hotels €13m Series A 2010 lifestyle Top Doctors €8m Debt 2013 health Incapto Coffee €6m Series B 2020 food Atani €6m Series B 2019 fintech average time to the 2023 round 7.1yr median amount €17m 30% Series A and B health 30% Company Amount Stage Founded Sector SustainCERT €34m Series B 2018 climate tech TaDaweb €15m Series A 2011 B2B SaaS Vestis Labs €0.05m Seed 2021 B2B SaaS average time to the 2023 round 7.3yr median amount €15m - Series A B2B SaaS 66% Company Amount Stage Founded Sector Prewave €18m Series A 2017 mobility Hydrogrid €8m Series A 2016 energy Fermify €4.5m Seed 2021 B2B SaaS Tilebox €1.5m Pre-Seed 2022 B2B SaaS Impact AI €1.5m Seed 2022 AI Schrankerl €1m Pre-Seed 2021 food Schrankerl €1m Seed 2021 food Ada Growth €0.7m Angel 2021 education Simplify.art €0.7m Seed 2018 media Symflower €0.7m Seed 2017 B2B SaaS average time to the 2023 round 4.5yr median amount €1.3m 50% Seed round B2B SaaS 30% Company Amount Stage Founded Sector VectorY Therapeutics €129m Series A 2020 health Tagworks Pharmaceuticals €60m Series A 2011 health Fairphone €49m Series B 2013 hardware E-Flux €20m Series B 2017 B2B SaaS Overstory €14m Seires A 2018 climate tech Levenue €8m Series A 2021 fintech Smiler €8m Seed 2020 media Delft Circuits €6m Series A 2016 deep tech Carbon Equity €6m Series A 2021 fintech Umob €6m Seed 2021 mobility average time to the 2023 round 6.2yr median amount €11m 60% Series A fintech and health 20% Company Amount Stage Founded Sector Hycamite TCD Technologies €23m Series A 2020 energy Carbo Culture €17m Series A 2017 energy Algorithmiq €14m Series A 2020 health Linio Biotech €4m Seed 2017 health QuantrolOx €4m Seed 2021 deep tech Origin by Ocean €3m Seed 2019 climate tech Resistomap €2m Seed 2018 health Saidot €2m Seed 2018 AI Equel Social €1m Seed 2021 marketing Woamy €1m Seed 2022 energy average time to the 2023 round 4.7yr median amount €3.5m 70% Seed round health 30% Company Amount Stage Founded Sector CHOOOSE €18m Series A 2017 lifestyle Strise €10m Series A 2016 B2B SaaS N2 Applied €9m Series B 2010 climate tech House of Math €4m Series A 2016 education Favrit €5m Series A+ 2019 B2B SaaS Lifeness €2.6m Seed 2018 health Farmforce €2.6m Series A 2012 climate tech Villoid €2m Series A 2015 lifestyle UNISOT™ €2m Series A 2017 B2B SaaS Equality Check €1.6m Seed 2018 HR average time to the 2023 round 8.2yr median amount €3.3m 70% Series A B2B SaaS 40% Company Amount Stage Founded Sector Saule Technologies €9m Series B 2014 energy TerGo €5m Series A 2020 food Napiferyn €2.5m Seed 2014 lifestyle Zortrax €1m Seed 2014 fintech Cryptiony €0.5m Pre-Seed 2021 HR Ostendi Global €0.45m Seed 2018 lifestyle Evidose €0.45m Seed 2023 energy average time to the 2023 round 6yr median amount €1m 40% Seed stage energy and lifestyle 20% Company Amount Stage Founded Sector Shorla Oncology €32m Series B 2018 health ProVerum Medical €15m Series B 2014 health Croivalve €30m Series A 2016 health CAPRI MEDICAL €3m Seed 2018 health Micron Agritech €3m Seed 2019 climate tech Biologit €2m Seed 2020 health Inclusio €2m Seed 2016 B2B SaaS GenoME Diagnostics €1.5m Seed 2021 health SymPhysis Medical €1.5m Seed+ 2019 health CergenX €1m Seed 2021 health average time to the 2023 round 5.5yr median amount €2.5m 70% Seed stage health 80% Company Amount Stage Founded Sector Arbonics €5.5m Seed 2022 climate tech UP Catalyst €4m Seed 2019 energy Yaga €2m Seed 2017 lifestyle Grünfin €2m Seed 2020 fintech Haut.ai €2m Seed 2018 lifestyle Paul-Tech €1m Seed 2019 climate tech Avokaado €1m Seed 2016 B2B SaaS Nanordica Medical €0.4m Seed 2019 health TranslateWise €0.3m Seed 2018 marketing Bob Makler €0.1m Seed 2023 real estate average time to the 2023 round 4.9yr median amount €1.5m 100% Seed stage climate tech 30% Company Amount Stage Founded Sector sheerME €2m Seed 2021 marketing Cargofive €2m Seed 2018 mobility AssetFloow €1.5m Seed 2021 AI Interface €1.4m Seed 2022 media VGANG €0.23m Seed 2020 AI Generosa €0.1m Seed 2018 lifestyle Twevo €0.1m Seed 2016 industrials Circular Ocean €0.05m Pre-Seed 2021 energy GeekPay €0.05m Seed 2022 fintech NU-RISE €3.3m Seed 2015 health average time to the 2023 round 4.6yr median amount €0.8m 80% Seed stage AI 20% Company Amount Stage Founded Sector Nouscom €68m Series C 2015 health Tolremo €34m Series A 2017 health Lunaphore Technologies €30m Series D 2014 health ClearSpace €27m Series A 2018 space DePoly €14m Pre-Seed 2020 industrials KetoSwiss €4m Seed 2017 health Aera Health €4m Pre-Seed 2022 health Onena Medicines €4m Series A 2019 health Avea Life €2.5m Seed 2021 lifestyle Pregnolia €2m Series A+ 2016 health average time to the 2023 round 6.1yr median amount €9m 40% Series A health 70% Company Amount Stage Founded Sector Aphea.Bio €70m Series C 2017 food OncoDNA €6.5m Series C 2012 health Aikido Security €5m Seed 2022 B2B SaaS Customs4Trade €4m Series C+ 2004 B2B SaaS IZIX €3m Series A 2021 B2B SaaS Resortecs €2m Seed 2017 industrials Guud €2m Seed 2020 lifestyle IONNYK €1.5m Series A+ 2020 lifestyle Stellar Labs €1.5m Seed 2019 AI AgomAb Therapeutics €92m Series C 2017 health average time to the 2023 round 7.1yr median amount €3.5m 40% Seed round and Series C B2B SaaS 30% Company Amount Stage Founded Sector Alps Blockchain €40m Series B 2018 energy Leaf Space €20m Series B 2014 space WeRoad €18m Series B 2017 lifestyle BeDimensional €10m Series B 2016 industrials Wsense €9m Series A 2017 hardware Codemotion €8m Series B 2013 education Dreamfarm €5m Seed 2021 food TMP Group €5m Series A 2012 media Nausdream €2.5m Series A 2016 lifestyle 181travel €3m Seed 2016 lifestyle average time to the 2023 round 8yr median amount €8.5m 50% Series B lifestyle 30% Notes: The data includes companies where the female founder may no longer be active; The rounds take into consideration both equity and debt. All rounds converted to € use the average conversion rate. Source: Female Foundry, Crunchbase, Dealroom, Pitchbook. ​ LinkedIn Copy link Like Download the Report A significant proportion of growth-stage female founders rejected at least one term sheet during their fundraising process in 2023 Over 40% of European female entrepreneurs at the growth-stage rejected at least one term sheet as part of their fundraising process in 2023. Interestingly, their decisions have been equally driven by unfavourable deal terms, 35%, lack of trust 29%, and not seeing value in investors they received the offer from, 29%. growth-stage founders that raised funding in 2023 declined at least one term sheet 42% Notes: Growth-stage founders are defined as those who have raised a total of more than €5 million in funding to date. The answers relate only to the founders that fundraised or raised funding in 2023. Source: ​ ​ LinkedIn Copy link Like Download the Report Why did you decline those investment offers? Female founder only Notes: Growth-stage founders are defined as those who have raised a total of more than €5 million in funding to date. The answers relate only to the founders that fundraised or raised funding and received term sheets as part of their fundraising process in 2023. Respondents had the option to select multiple answers. Source: ​ ​ LinkedIn Copy link Like Download the Report Dexory Oana Jinga $19m Series A round in July United Kingdom "Unlike human data analysis, which is limited by human knowledge, AI can rapidly reveal patterns and insights beyond our initial scope of understanding. At Dexory, we capture huge amounts of real-time data. By deploying Gen AI across our systems, we are able to manipulate the data we capture and derive insights from it almost instantly. First and foremost, AI makes our solutions more valuable to our clients - we're now able to provide real, actionable insights, which in turn allows us to charge more for our services and capture a larger share of the market more quickly. We're also developing AI tools to streamline our internal processes, making our communication faster and more efficient that enables us to grow at an accelerated pace." When looking for funding, growth-stage founders prioritise shared vision In our survey, we aimed to understand the priorities of growth-stage female founders across Europe when selecting an investor. Interestingly, a significant 45% of these founders consider having an investor who shares their vision and values as their top priority. ​ Existing relationships also play a role, with 33% of founders emphasising the importance of trust in their investor-founder relationships. ​ Investor reputation comes in as the third factor, playing a more significant role for growth-stage than for early-stage female founders. Why did you choose your latest investors? Female founders only Notes: Growth-stage founders are defined as those who have raised a total of more than €5 million in funding to date. The answers relate only to those founders that raised funding in 2023. Respondents had the option to select multiple answers. Source: ​ ​ LinkedIn Copy link Like Download the Report There were over 100 M&A transactions of European female-founded companies in 2023 Over a hundred European female-founded companies participated in M&A transactions in 2023. 19% of those transactions involved companies operating in the health sector, 12% in fintech, 15% in the food industry, and 12% were B2B SaaS companies. M&A transactions involving European female-founded companies in 2023. ​ 102 Notes: The total includes disclosed transactions, both aquisitions and buyouts. Source: Dealroom ​ LinkedIn Copy link Like Download the Report General Partner, Balderton Capital Rob Moffat United Kingdom "Exit conditions can only improve from 2023, but don't expect a rapid bounce-back. The few tech IPOs in 2023 such as Instacart and Klaviyo are down on their IPO price. So while I expect the IPO market to improve in 2024 this will be gradual. I do expect more M&A in 2024, hopefully not just software companies buying each other but also traditional companies investing in their future with strategic acquisitions of tech companies." Six female-founded companies in Europe are nearing unicorn status Looking at the very last stages of the female-founded company growth funnel, there are currently six female-founded companies in Europe that are nearing unicorn status. ​ Interestingly, half of them operate in the fintech space. Half of them are based in the United Kingdom. What is also interesting is the fact that those with the highest valuations on the list were only founded in the past four years. Female-founded companies in Europe nearing a €1B valuation Company Valuation Country Founded Sector Arvelle Therapeutics $960m 2019 Switzerland health Pigment $850m 2019 France SaaS Boohoo $810m 2006 United Kingdom fashion Curve $780m 2015 United Kingdom fintech RevolutionRace $750m 2013 Sweden fashion Butternut Box $660m 2016 United Kingdom food Notes: Based on valuation estimates only, December 2023. Source: Dealroom LinkedIn Copy link Like Download the Report There are twenty-seven female-founded unicorns in Europe We have analysed twenty-seven female-founded unicorns in Europe to better understand their profiles. Interestingly, 40% of them were founded in the past decade. Fintech, 25% and fashion, 21%, take a strong lead when it comes to the most popular sectors on the list. The top three countries on the list are the United Kingdom, 39% of deals, Germany, 14%, and Sweden, 10%. European female-founded companies with unicorn status, €1B+ valuation Company name Valuation Location Founded Sector FNZ $20B United Kingdom 2003 fintech BioNTech $7.6B Germany 2008 health RevolutionRace $6.2B Sweden 2013 fashion Yoox Net-a-Porter $5B Italy 2000 fashion WorldRemit $5B United Kingdom 2010 fintech Relex Solutions $5B Finland 2005 B2B SaaS Mambu $4.9B Netherlands 2011 fintech Reply $4.4B Italy 1996 B2B SaaS Vinted $3.8B Lithuania 2008 fashion Lendable $3.6B United Kingdom 2014 fintech ŌURA $2.5B Finland 2013 health Starling Bank $2.5B United Kingdom 2014 fintech Darktrace $2.2B United Kingdom 2013 security Kry $2B Sweden 2015 health Sono Motors $1.9B Germany 2016 energy Vestiaire Collective $1.7B France 2009 fashion Multiverse $1.7B United Kingdom 2016 education Ledger $1.4B France 2014 fintech Newcleo $1.4B United Kingdom 2021 energy Einride $1.2B Sweden 2016 robotics ASOS $1.1B United Kingdom 2000 fashion Razor $1.1B Germany 2020 marketing Synthesia $1B United Kingdom 2017 media Outfit7 $1B Cyprus 2009 gaming Matches fashion $1B United Kingdom 1987 fashion Interactive Investor $1B United Kingdom 1995 fintech Infarm $1B Germany 2013 food Dental Monitoring $1B France 2014 health Notes: Europe; based on valuation estimates only, December 2023. Source: Female Foundry, Crunchbase, Dealroom, Pitchbook ​ LinkedIn Copy link Like Download the Report Head of BlackRock Switzerland Mirjam Staub-Bisang Switzerland "In 2024, we anticipate a partial reopening of the IPO markets, which could significantly boost exit activities within the private equity sector. Investors in private markets are accustomed to pivoting. If IPO activity does not resume, investors have been proactive in exploring alternative exit options, such as secondaries. I believe that those prolonged periods of private ownership present an increased potential for strategic sales and market consolidation. Firms are poised to capitalize on these opportunities by selling portfolio companies to strategic buyers or merging them with other entities, thereby creating substantial value on the market. Sectors driven by technology and innovation remain hotspots for exits, with Private Equity firms keenly eyeing opportunities in areas marked by rapid advancements and growth." Sharp decline in female-founded company IPOs Consistent with the overall exit market conditions, there has been a sharp decline in female-founded company IPOs in the past two years. Following the absolute peak of 2021, 2023 saw no female-founded companies go public in Europe. Female-founded companies that exited through an IPO, 2019 to 2023 2023 2022 2021 2020 2019 0 2 15 9 4 Notes: There is one European female-founded company touted to IPO in 2024 UK-based female-founded company Starling is expected to go public in 2024. Headquartered in London, UK, Starling offers mobile commercial banking services, same-day payment services, and real-time spending intelligence. potential IPO by a female-founded company in 2024 1 Notes: Europe. Based on estimates only, December 2023. Source: Female Foundry, Crunchbase, Dealroom, Pitchbook ​ LinkedIn Copy link Like Download the Report Up next 1.5 Sector in focus Gain a deeper understanding of the levels of funding in female-founded companies across various sectors in Europe. Which sectors are most sought after by investors? In which sectors are female founders most prevalent? Explore the chapter

We believe that data is a powerful catalyst for innovation. We have analyzed the funnel of female entrepreneurship and the investment landscape in the European ecosystem to provide the most accurate and vivid picture of the investment opportunities to back female entrepreneurs and investors in Europe. The Reach The most comprehensive analysis of the funnel of female innovation in Europe Learn more about the mission 1,168 Founders and investors answered our survey European companies analysed 645,375 70 Founders, investors and ecosystem players interviewed The essence of our report extends far beyond the realm of data and statistics.The report is a reflection of personal stories, achievements and a celebration of the vibrant community of European innovators, trailblazers and thinkers. The Community By founders and investors for the entire venture ecosystem Learn more about the mission of all venture activity in Europe 93% The Focus countries representing approx. 18 The State of Gender Diversity in European Venture report would have not been possible without the great support from all our partners. It is thanks to their commitment and passion we are able to engage with innovators across Europe to deliver the most granular image of the investment opportunities into female founders and emerging fund managers. ​ Supported by industry leaders. The Community Learn more about our Partners "We have bootstrapped our company up to this point, and 2023 marks the year when we first sought external funding. Our company is based in Innsbruck, a beautiful small student town in Austria with many talents yet very few VCs. Thus, establishing our network from this small town, far from major cities, has been challenging. It's not easy to have casual coffees with VCs when you're in Innsbruck and they're in Berlin, London, or elsewhere. This geographical distance posed a significant challenge for us. However, relocating at this stage does not seem practical due to the associated costs either. Moving elsewhere would mean compromising the funds available for actual growth. Furthermore, the increasing costs in 2023 haven't made this any easier." Lina Graf Founder, Femble "In 2023, we pivoted away from investing in companies with B2C business models. While we have fantastic B2C investors in our community, the current market trend is not favorable for funding B2C deals. The only B2C investments we made this year were in those in companies with a high quality of revenue. Besides placing a greater emphasis on revenue quality, we also doubled down on companies with a unique route to the market." Marla Shapiro Angel investor, HERmesa "I believe that we have been seeing a huge paradigm shift in company profiles at their point of their exit in 2023. Two years ago even unprofitable companies were able to get acquired based on the sole promise of their future value. That has now changed and only businesses with solid unit economics and sustainable growth trajectory stand the chance to be acquired or become public. Reaching sustainable growth has become the key objective for founders today. I don't see 2024 to be any different. I believe in the coming months, we will see more profitable companies and resilient founders emerging." Bao-Y Van Cong Partner, Target Global "One of the key questions for this year has been how founders and startups are adapting to the changing landscape. There have been several factors at play. First, the competition has been fierce, and the bar has been raised. Startups now need to demonstrate a higher level of traction than before, along with stronger unit economics and a compelling equity story. It's worth saying that the founders who were setting fundraising records in the past may not necessarily be the stars of tomorrow." Jérôme Wittamer Managing Partner, Expon Capital "In the past, securing a lead investor accelerated the fundraising process, but this year, the pace of getting funded was slow, even with a lead investor on board. Investors asked for more substantial proof of the value of our solution, so prioritising customer engagement proved to be a successful strategy for us. By pre-selling our product based on our early MVP, which wasn't perfect but functional, I managed to generate solid traction for my business. Securing customers first was an effective way to build trust and create fundraising momentum." Sarah Wernér Founder, Husmus "Fundraising in 2023 has been slow for most fund managers, but especially for those trying to raise their first fund. Our fundraising strategy evolved over the course of the year. We initially expected to raise a significant portion of our fund from institutional investors, but as we started speaking with LPs, we quickly realised that as an entrepreneur-led fund, it was easier for our thesis to resonate with and for us to attract capital from family offices and entrepreneurs as their decision making processes tend to be quicker." Daniela Sjunnesson General Partner, Node VC "I believe that nowadays more entrepreneurs are starting businesses for the right reasons. Back in 2020 and 2021, it was much easier to raise money, and entrepreneurs had the safety net of returning to their corporate jobs if their ventures didn't work out. Now the market is different. With corporate layoffs, leaving a stable job is a high risk. Those who are venturing into startups now must be the 'true believers’. For me, it's much more rewarding to work with people who are committed to their entrepreneurial journey despite the uncertainties." Claude Ritter Partner, Cavalry Ventures "Over the past 12 months, many of our portfolio companies have faced challenges such as extended sales cycles, budget freezes, and delayed deals because of shifting priorities of their own clients. Our role 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 are truly worthwhile. For example, when one of our companies had been considering hiring one or two additional sales people, we spent time on evaluating whether it is the right time for such an investment. Careful planning has been our top priority, making sure that our portfolio companies make the most of their resources during these challenging times." Judith Dada Partner, La Famiglia Fast Track Explore this Pathway Do you want to get a snapshot of key findings? Skip the granular data and fly through the report in under 10 minutes. Follow the Pathways The Pathways We have gathered more than 250 insights in this report. To find the topics that interest you the most, please follow the curated reading Pathways that will provide you with the insights most relevant to you. Explore the entire Report The biggest analysis of female entrepreneurship in Europe. The Reach Learn more about our Partners Learn more about our Partners Learn more about our Partners Explore by country As a Founder As a Founder, you drive innovation and make an impact on the world around you. Find out what the European ecosystem for female entrepreneurs currently looks like. Explore this Pathway Explore this Pathway As a Venture Capital investor you make a material difference to the pace of innovation and the growth of businesses. Find out what the funnel of female entrepreneurship in Europe currently looks like. As a VC investor Explore this Pathway As an angel investor, you support businesses at the earliest stages of their creation. See where the opportunities are to back more female entrepreneurs in Europe. As an angel investor Explore this Pathway As a Limited Partner, you play a crucial role in shaping the future of the European investment landscape. Get more insight into the mindset of female emerging fund managers in Europe today. As an LP investor Explore this Pathway As an emerging fund manager, you have the potential to back European entrepreneurs of the future. For that you yourself need to be backed. Find out more about the current priorities of Limited Partners. As an emerging fund manager Explore this Pathway As an asset manager, you have a unique viewpoint onto the European venture ecosystem. See where the opportunities lay to back more female-led businesses. 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From Female Foundry THE REPORT Despite the challenging macro fundraising climate, female entrepreneurs and emerging fund managers in Europe continue to build and innovate. A time of creativity and resilience. The 2024 Female Foundry State of Gender Diversity in European Venture Report clearly demonstrates not just the resilience of female entrepreneurs and investors, but also highlights the significance of the untapped potential for innovation driven by these women, which is crucial for Europe's future. ​ Challenging times serve as fertile ground for innovation, and so, it could not be a better time for investors to step up and meet the ambitions of female founders and fund managers who are at the forefront of new business creation in Europe. Agata Nowicka ​ Founder Female Foundry ​ Author of the State of Gender Diversity in European Venture report Meet the team behind the report Get to know the team behind the report who, over the past year, gathered data, brought to life never-before-seen insights, and engaged with the wider European venture ecosystem. Tap on a picture to learn more Agata Nowicka is a two-time entrepreneur, startup investor and mentor. She is particularly interested in businesses innovating in fintech and those leveraging data. Having been on both sides of the venture ecosystem, in 2020, Agata founded Female Foundry to support more female entrepreneurs innovating across Europe. Agata holds an MBA from INSEAD and Wharton Business School. Agata Nowicka Founder, Investor Female Foundry Louis is responsible for public policy-focussed research at Dealroom.co. As co-lead of the Intelligence Unit, Louis manages a team of ecosystem analysts, and coordinates research projects pertaining to startup ecosystems, job and value creation, DE&I, and benchmarking of the startup economy across Dealroom’s network of 100+ government partners globally. Louis Geoffroy-Terryn Ecosystems Research Lead, Dealroom Kaisa Snellman is an Associate Professor of Organisational Behaviour at INSEAD and the Academic Director of the INSEAD Gender Initiative. Her research focuses on gender and entrepreneurship. She earned PhD and MA degrees in Sociology from Stanford University, and she was a postdoctoral fellow at Harvard Kennedy School of Government. Kaisa Snellman Associate Professor, INSEAD Leila Baeriswyl is a startup founder and aspires to venture into the VC space. With a passion for innovation and a background in entrepreneurship, she brings a unique perspective to the table. Leila Baeriswyl Startup Founder, Analyst Aoife manages Ecosystem and Government partnerships at Dealroom.co, working with policymakers globally to measure and grow their local innovation ecosystem. Prior to Dealroom, Aoife worked at WeAreXena - building diverse tech teams for Europe’s leading startups and scaleups. Aoife Morrin Ecosystem Parterships, Dealroom Kamil Stronski is a Post-Doctoral Research Fellow at INSEAD. His research lies at the intersection of strategy and organizational theory. He received his Ph.D. in Strategy (summa cum laude) at ESMT Berlin. He also holds an M.A. and B.A. in Economics from the Warsaw School of Economics. Kamil Stronski Post-Doctoral Research Fellow, INSEAD Jacob Keer is a final year student at UCLA, Califronia, US. Having worked within data analysis statistical modeling throughout his work with the Labrynth project at UCLA, Jacob assisted with data research and the venture community management. Jacob Keer Research Analyst Apart from being a Global Director of Community at one of the major technology companies, Margaux Miller is also a a founding member of WomenTech Network, and the founder of the Start Canada Podcast and the Manitoba Women in Tech group. Margaux Miller Global Director of Community, Podcaster Fostering thriving venture ecosystem for female founders and investors in Europe. ​ ​ The future of European venture is here. About Female Foundry Entrepreneurs, investors and ecosystem players in Europe are part of our network 6,000 Visit Female Foundry Sign up to the Newsletter Weekly office hours Mentorship Weekly newsletter on the key news across the European Venture ecosystem Newsletter Partnerships with leading European players to deepen connections across the venture ecosystem Connections Bringing granular data on the state of ecosystem for female entrepreneurs and emerging fund managers in Europe Data This report would not have been possible without the support of our sponsors. We are very fortunate to be backed by some of the most innovative organisations in the world that share our view on the untapped potential of female entrepreneurship and investment. From Ashurst Visit Ashurst "We achieve what we measure and we need to measure what matters. If we want to achieve not just equality but also equity within the European venture ecosystem, we need access to the data to hold ourselves to account." Tara Waters, Partner & Chief Digital Officer Ashurst Ashurst is a leading international law firm with world class capability and a prestigious global client base. The firm's in-depth understanding of its clients and commitment to providing exceptional standards of service has seen it become a trusted adviser to local and global corporates, financial institutions and governments on all areas of commercial law. From Google Visit Google "Data is the cornerstone of innovation, but generative AI (genAI) is the catalyst that ignites it. With genAI, we can analyze vast data sets, uncover hidden patterns, and generate new ideas at an unprecedented scale. With the power of genAI we can ask bolder questions, explore uncharted territories, and create solutions that go beyond what we could have ever imagined." Adrian Poole, Director Digital Natives UKI, Google Cloud Google Cloud accelerates every organization’s ability to digitally transform its business and industry. Customers in over 200 countries and territories turn to Google Cloud as their trusted partner to solve their most critical business problems. From the London Stock Exchange Visit London Stock Exchange "Equity, diversity and inclusion should serve to provide an equal opportunity for everyone to thrive – and that should be no different in the way our capital markets and economy work than it is within any individual firm. This report showcases the contribution that female founders can make to the wider economy, and how important it is to back their businesses. Progress can only be achieved on the foundations of accurate data and an honest reckoning of where we are, and the steps required to ensure that female founders are provided the same level playing field to be able to access capital as their peers." Julia Hoggett, CEO London Stock Exchange London Stock Exchange operates at the heart of where ideas meet capital, connecting companies, countries and investors in the real world to make measurable and positive differences across the globe. From HSBC Innovation Banking Visit HSBC Innovation Banking "Objective data about the true state of the innovation economy is essential for driving change. It empowers the entire ecosystem to turn good intentions into lasting impact by revealing new opportunities to improve, innovate, and invest – and that benefits us all." Juliet Rogan, Managing Director HSBC Innovation Banking HSBC Innovation Banking provides commercial banking services, expertise and insights to the technology, life science and healthcare, private equity and venture capital industries. ​ From Accenture and FinTech Innovation Lab London Visit FinTech Innovation Lab London "Adopting a data-driven approach is key to evolving Europe's startup landscape, enhancing transparency and fostering innovation. By acknowledging the true state of gender diversity, the industry is both empowered and accountable to create meaningful change." Emma Kendrew, Lead for Accenture Technology in The UK and Ireland, Accenture Accenture is a leading global professional services company helping organisations build their digital core, optimise their operations, accelerate revenue growth and enhance consumer services. Part of Accenture, the FinTech Innovation Lab London is a pioneering accelerator programme that provides innovative startup fintech companies at various stages with the support of the world’s leading financial service firms. From our sponsors From Carta Visit Carta "Venture capital is an inherently opaque business. Without quality data on the demographic makeup of venture investors and the companies they serve, it's impossible to know if the startup ecosystem benefits everyone or just a select few. That's why it's crucial to increase the transparency around who gets venture funding. This push for transparency is even more important in a downturn like the one founders have experienced in 2023. What gets measured can get managed - and we all want to see startups be an engine for more inclusive growth." Peter Walker, Head of Insights, Carta Carta is an ownership and equity management platform. Associate sponsor It takes a village. Get to know our partners. The State of Gender Diversity in European Venture report would have not been possible without the great support from all our partners. The data, perspectives, and insights shared in this report are the collective effort of our partners, contributors, volunteers, and enthusiasts. It is thanks to their commitment and passion we are able to engage with innovators across Europe to deliver the most granular image of the investment opportunities into female founders and emerging fund managers. ​ Read on to learn about who has been with us on this journey. Data Partner Dealroom is a global company information database & research firm. Its software, database and bespoke research enable its clients to stay at the forefront of innovation, discover promising companies and identify strategic opportunities. Among its clients are world-leading strategy consulting firms, investment banks, multinationals, technology firms, venture capital & buyout firms and governments. Visit Dealroom Our data partnership with Dealroom, a true supporter of the European venture ecosystem has allowed us to gain insights from vast amounts of data. Media Partner Analysis Partner We are supported by the leading European ecosystem players Our report would not be possible without the support of the fantastic community partners across 18 European countries. Learn more about our partners Scroll through to learn more about the country-specific and Europe-wide ecosystem players that support our mission to bring transparency and data on female innovation in Europe. The Luxembourg Private Equity and Venture Capital Association Visit The Luxembourg Private Equity and Venture Capital Association (LPEA) is the representative body of private equity and venture capital professionals in Luxembourg. With 485 members, LPEA plays a leading role in the discussion and development of the investment framework and actively promotes the industry beyond the country’s borders. The Swiss Startup Association Visit The Swiss Startup Association is the umbrella association of the Swiss startups. It is the the voice of the Swiss Startups and improves the conditions for Swiss startups on a political and educational level and provides them with the necessary viability. The association provides a platform for networking, knowledge exchange, and actively engages in policy discussions to shape a favourable environment for startups. The Dutch Startup Association Visit Dutch Startup Association is the largest, independent representative for startups, scaleups and innovation in The Netherlands. We provide entrepreneurs with the network, knowledge, and expertise to produce real results, and we create toolkits, host and organise events, and much more - giving them all the support they need to reach their goals. The Finnish Venture Capital Association Visit The Finnish Venture Capital Association (FVCA) is the industry body and public policy advocate for the venture capital and private equity industry in Finland. Established to foster collaboration and growth within the investment community, FVCA serves as a catalyst for innovation, supporting startups and contributing to the evolution of Finland's entrepreneurial ecosystem. The Swiss Private Equity & Corporate Finance Association Visit The Swiss Private Equity & Corporate Finance Association (SECA) is the representative body for Switzerland‘s private equity, venture capital and corporate finance industries. SECA has the objective to promote private equity and corporate finance activities in Switzerland. The Swedish Venture Capital Association Visit SVCA is an independent, not-for-profit industry body for firms and individuals active in the Swedish private equity sector, and includes buyouts, venture capital, business angels, and business angel networks. The Association, which was founded in 1985, seeks to improve how the private equity market in Sweden functions and to increase knowledge and understanding of the private equity market among the general public. The German Private Equity and Venture Capital Association Visit The German Private Equity and Venture Capital Association, (BVKAP), serves as the representative voice for the private equity sector in Germany. Advocating before policymakers and media, it highlights the sector's significance in the German economy. With a commitment to continuous market monitoring and analysis, the association adapts to industry changes. SLUSH Visit Slush is a student-led non-profit aimed at creating the next generation of world-changing founders. Slush organises the world’s largest gathering of VC – delivering actionable company-building advice and bringing together the who’s who in startups at a live event in Helsinki. SPAINCAP Visit SPAINCAP is the association uniting Venture Capital & Private Equity entities in Spain, including investors like insurers and pension funds. ​ With over 170 national and international firms, it fosters long-term investments, offering stable funding, innovation, and management support to non-listed companies. Invest.austria Visit invest.austria is Austria's leading network for investors in the pre-market capital market. The non-profit association aims to support innovations nationwide by fostering and professionalizing business angels, as well as venture capital and private equity firms. Active Owners Denmark Visit Active Owners Denmark is a collaborative association of company owners dedicated to fostering growth and prosperity in Denmark. Comprising private investors, funds, families, venture and private equity funds, and pension funds, our members empower entrepreneurs, elevate companies, and ensure returns for Danish investors and pension savers. Tesi Visit Tesi (officially Finnish Industry Investment Ltd) is the Finnish state-owned investment company driving growth in Finland. As a venture capital and private equity investor, Tesi supports Finnish companies at various stages, aiming to create a positive impact on the national economy through strategic investments and partnerships. France Digitale Visit France Digitale is the largest startup association in Europe, bringing together over 2000 startups and investors (venture capitalists and business angels). Founded in 2012, it advocates for the interests of startups and digital entrepreneurs, fostering a dynamic community. France Digitale actively engages in shaping policies, promoting innovation, and connecting key players to drive the growth of the digital sector. SuperReturn International Visit SuperReturn is a premier investment conference fostering collaboration among the world's leading private equity and venture capital professionals. Organised by industry experts, it provides unparalleled networking opportunities, actionable insights, and strategic discussions. Portuguese Association of Risk Capital Visit APCRI, Portuguese Association of Risk Capital is a non-profit association representing the venture capital and corporate interests, business angels, family offices, startups, and innovative SMEs. It serves as a platform for networking, collaboration, and advocacy, promoting the growth of the investment ecosystem and supporting innovative businesses. The Irish Venture Capital Association Visit The Irish Venture Capital Association (IVCA) is the representative body for venture capital and private equity firms on the island of Ireland. Associate members of the IVCA include firms that provide advisory services including corporate finance houses, commercial and intellectual property law firms, accountants and other advisers experienced in the venture capital field. Startup-Verband Visit The Startup Association (Federal Association of German Startups) is the voice of startups in Germany, advocating for their interests in politics, business, and the public sphere. With a network of 1,200 members, the association fosters dialogue between startups, scale-ups, investors, and established businesses. Its goal is to make Germany and Europe more startup-friendly locations. The Estonian Private Equity and Venture Capital Association Visit Estonian Private Equity and Venture Capital Association (EstVCA) is a dynamic hub fostering innovation and entrepreneurial growth in Estonia. This collaborative platform unites investment professionals, driving economic development and supporting startups. EstVCA plays a pivotal role in shaping Estonia's investment landscape, connecting professionals and contributing to the success of emerging businesses. Startup Portugal Visit Startup Portugal is a non-profit organisation, holding the Statute of Public Utility, with the mission to develop activities of public interest for the promotion of entrepreneurship, in close connection with public and private entities operating in the national entrepreneurship ecosystem. InnovUp Visit InnovUp is Italy's non-profit association fostering innovation by uniting startups, scaleups, innovative SMEs, and various entities in its ecosystem. Representing a diverse range, including incubators, accelerators, and corporations, InnovUp plays a pivotal role in supporting and advancing the Italian innovation landscape. TechChill Visit TechChill Foundation is a leading Baltic tech event that unites entrepreneurs, investors, and enthusiasts. Annually held in Riga, Latvia, it features impactful discussions, startup pitches, and networking opportunities. Founded in 2012, TechChill fuels the region's startup community by connecting key players, fostering knowledge exchange, and inspiring innovation. Startup Estonia Visit Estonia has the highest number of unicorns per capita in Europe. The bustling startup ecosystem Startup Estonia is developing is one of the building blocks of our startup success story. For this purpose we foster three building blocks: availability of human resources and capital, open and connected community and services, and transparent and simple regulative infrastructure. Tech Barcelona Visit Tech Barcelona is a private non-profit association that supports and catalyses Barcelona’s digital and technological ecosystem. Connecting startups, investors, and corporations, it fosters innovation through events, networking, and knowledge sharing. With a mission to position Barcelona as a global tech hub, Tech Barcelona accelerates the growth of the city's digital ecosystem. Startup Poland Visit Startup Poland is a representative body for Polish startups, engaging in dialogue with the government, parliament, the European Commission, and local authorities. The organisation facilitates connections between startups, clients, and investors, contributing to the growth of the Polish startup ecosystem. Innovate Finance Visit Innovate Finance is the independent industry body that represents and advances the global FinTech community in the UK. Our mission is to accelerate the UK’s leading role in the financial services sector by directly supporting the next generation of technology-led innovators. Tech Italian Alliance Visit Italian Tech Alliance is the association uniting investors, innovators, and technology enthusiasts dedicated to fostering Italy's growth through investment, innovation, and the exploration of new technologies. VC Lab Visit VC Lab is the global venture capital accelerator which offers a free program focused on helping new and emerging fund managers raise funds and build enduring, impactful VC firms. VC Lab provides fund-building structure, proven advice, mentorship and peer support to reduce the barriers of entry to the low-transparency and high-cost world of venture capital. Since 2020, we've accelerated 300+ next generation venture funds. Casa do Impacto Visit In this house, it is the causes that move us. We want to contribute to the creation of positive Social Impact! ​ Casa do Impacto is a Lisbon-based social impact hub cultivating the next generation of change-makers. Hosting impactful events, it provides actionable insights, uniting social entrepreneurs and impact investors to shape collaborative ventures. ​ ​ Belgian Venture Capital Association Visit The Belgian Venture Capital & Private Equity Association was founded in 1986 as a professional association representing the venture capital and private equity community in Belgium. BVA members are investment fund managers and professionals who deliver services to the community. Impact Shakers Visit Impact Shakers is a global impact ecosystem tackling societal and environmental challenges through inclusive entrepreneurship. Our mission is to create impact at scale by evolving how we build businesses, for what purpose and who gets to build them. EQL:HER Visit EQL:HER is a platform empowering women in the workplace by facilitating mentorship connections and fostering a supportive community. Through tailored programs and networking opportunities, EQL:HER aims to break down barriers and promote equality, diversity, and inclusion in professional environments. Oslo Business Region Visit Oslo Business Region is the official business development agency of Oslo municipality (Oslo kommune). The organisation supports and builds the startup and innovation ecosystem through city marketing, investment and talent attraction. Angels For Women Visit Angels For Women is an Association, promoted by Impact Hub SB and AXA Italy, made up of mostly women Business Angels who want to invest in female-led startups with high growth potential. Founded in late 2018, today it counts more than 80 business angels and 11 investments. Builders Up next Dive into the funding analysis for female entrepreneurs in Europe. Explore the chapter 1