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

Get a comprehensive overview of the funding landscape, aspirations, and challenges faced by European female founders at the growth stage. 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

Blume Equity Shaping the Future of European Venture 6 mins From the Creators

Dexory Shaping the Future of European Venture 6 mins From the Creators

Blume Equity 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.

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

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

Dexory 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 have mapped out the data across the entire funnel of female-founded businesses in Europe, as they navigate through various development stages, from an idea to an exit, provides invaluable insights into the innovation ecosystem and highlights opportunities for investment and support. Catalysts of growth Startup founders play a pivotal role in driving innovation and economic growth in Europe, serving as catalysts for new technologies, services, and business models. They help to address unmet market needs, which leads to increased competition, productivity, and technological advancements. Economically, startups contribute significantly to job creation, with many of Europe's new employment opportunities arising from young, fast-growing companies. By fostering a dynamic and competitive business environment, startup founders encourage a culture of innovation that is essential for Europe's ability to maintain its economic vitality in the global market, adapt to technological changes, and sustain long-term economic prosperity. The Builders 1 1.1 The Funnel Capturing potential Mapping the data across the entire funnel of female-founded businesses in Europe, as they navigate through various development stages, from an idea to an exit, provides invaluable insights into the innovation ecosystem and highlights opportunities for investment and support. By understanding patterns, challenges, and milestones, investors and policymakers can adapt their strategies and resources to better meet the needs of European female-founded companies at each stage of their development. Understanding the funnel better also helps to identify high-potential ventures and sectors ripe for innovation, enabling more targeted backing of the female-founders likely to drive significant economic and technological growth. See below a bird's eye view of the number of female-founded companies that are at the top of the investment funnel in Europe. Notes: Source: Dealroom LinkedIn Copy link Like Download the Report Founder, Saidot Meeri Haataja €1.75m Seed round in October Finland "The AI industry where we operate, attracted a lot of capital in 2023, so the investment environment has been quite positive for us regardless of the overall climate. What has made a big impact on our fundraising success was the restructuring of the company during 2023. One of the two original co-founders who was not operationally involved sold his shares to a late co-founder who joined the company in an operational role, making the company more attractive to investors. So even in the uncertain investment climate, we managed to implement changes that had a big impact on our fundraising outcome." 1.2 Funding Overview Building in a bear market Building a startup in 2023 was challenging for European female founders largely due to the prevailing macroeconomic conditions and a significant contraction in available capital. With high market uncertainty, inflationary pressures, and geopolitical tensions, angel investors and VCs adopted a more cautious approach when deploying capital, resulting in a tighter overall fundraising environment for startups seeking an investment. Consequently, reduced liquidity has meant that female founders had to rethink their operating models and expansion plans, run leaner budgets and prioritise financial sustainability. Key insights. 1,007 European female-founded companies received €5.9B investment in 2023. Even though the total amount of funding dropped in 2023 to €5.9 billion from €8.9 billion in 2022 and €9.5 billion in 2021, the drop is consistent with the overall venture capital slowdown we have seen across the capital markets in 2023. 40% of venture capital funds in Europe spent more time seeking investment opportunities into female-founded companies However, 70% of those venture capital investors that are proactive in increasing their female-founder deal flow prioritise their network outreach as oppose to self-organised events, 33%, conferences, 30%, and mentorship programs, 30%, to discover new investment opportunities. UK-based companies raised 49% of all capital invested into female-founded companies in Europe in 2023. While the United Kingdom has consistently taken the top spot over the past five years, France, Germany, and Finland have been taking second and third places. 70% of VC investors consider network as their prime source of finding female-founded startups. Those venture capital funds that are proactive in increasing their female-founder deal flow prioritise network outreach, 70%, self-organised events, 33%, conferences, 30%, and mentorship programs, 30%, to discover new investment opportunities. 47% decline of €90M+ rounds the key reason of decline in total funding for female founders in Europe in 2023. The size breakdown of 2023 investment rounds for female founders in Europe clearly indicates that it was the slowdown in investments for rounds of €90M+ that was the primary reason behind the decline in total funding between 2022 and 2023. The number of Pre-Seed deals the most impacted by the investment slowdown 2023. Analysing deal numbers across stages reveals that Pre-Seed stage companies were the hardest hit by the economic downturn, experiencing a 36% reduction in deals. Meanwhile, the Seed stage remained the most active, showing only a 15% reduction in deal-making. Female entrepreneurs in Europe raised The total amount of funding raised by European female entrepreneurs in 2023. €5.9B Notes: Whole of Europe. Source: Dealroom LinkedIn Copy link Like Download the Report Founder, Outdid.io Ana-Maria Pricop $2.5m Seed round in June United Kingdom "Our latest fundraising round was challenging; It took us more than six months to fundraise. The involvement of angel investors played a crucial role in attracting the attention of these venture capitalists. Ultimately, we decided to decline one of the term sheets after careful consideration of what we as founders and the business need. Female founders that raised capital believe it is harder to raise capital today than it was twelve months ago To gain a better understanding of how female founders feel about the current fundraising conditions, we asked them in our survey whether it is easier or harder than it was 12 months ago for them to raise capital in Europe. Overwhelmingly, those founders who raised capital in 2023 reported that it is much tougher for startups to secure funding today compared to twelve months ago, with 76% stating this. Interestingly, only 52% of the female founders who did not raise any funding in 2023 said it was harder. 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: 'Raised' includes only European female founders that raised any capital, equity or non-equity, at any time. Source: LinkedIn Copy link Like Download the Report 2023 is the third largest year for investment in European female-funded companies in the last five years Despite the challenging fundraising environment, female founders have shown resilience. In 2023, European female-founded startups raised €5.9 billion in funding. Even though the total amount of funding dropped in 2023 to €5.9 billion from €8.9 billion in 2022 and €9.5 billion in 2021, the drop is consistent with the overall venture capital slowdown we have seen across the capital markets in 2023. Capital invested (€B) into female-founded companies, 2019 to 2023 Tap on the bar to reveal the number Notes: Source: Dealroom LinkedIn Copy link Like Download the Report Husmus Sarah Wernér £119k grant in September United Kingdom "In the past, securing a lead investor accelerated the fundraising process, but this year, the pace of getting funded has been slow, even with a lead investor on board. Investors asked for more substantial proof of the value of our solution, so prioritising customer engagement proved to be a successful strategy for us. By pre-selling our product based on our early MVP, which wasn't perfect but functional, I managed to generate solid traction for my business. Securing customers first was an effective way to build trust and create fundraising momentum." UK-based companies raised 49% of all capital invested into female-founded companies in Europe in 2023 The UK-based female-founded companies in Europe, raised €2.9 billion, 49% of all capital invested in female-founded companies in 2023. While the United Kingdom has consistently taken the top spot over the past five years, France, Germany, and Finland have been taking second and third places. Capital invested (€M) by country into female-founded companies, 2019 to 2023 Tap on a year or a bar to reveal the number Notes: Source: Dealroom LinkedIn Copy link Like Download the Report 40% of all venture capital funds in Europe spent more time seeking investment opportunities into female-founded companies In general, European venture capital funds are more proactively looking for more investment deals in female-founded companies. In our survey, 40% of venture capital investors across all stages said that their funds are spending more time today than it was 12 months ago to find more investment opportunities in female-founded companies. However, 70% of those venture capital investors that are proactive in increasing their female-founder deal flow prioritise their network outreach as oppose to self-organised events, 33%, conferences, 30%, and mentorship programs, 30%, to discover new investment opportunities. In the past 12 months, has your fund spent more/less time looking for investment opportunities into female (co)founded companies? VC investors only What have been the key strategies used by your fund to find more companies (co)founded by women? VC investors only Notes: All VC investors surveyed that answered that spend more and significantly more time looking for investment opportunities into female (co)founded companies. Source: LinkedIn Copy link Like Download the Report Founder, The Blood Miriam Santer €1m Pre-Seed round in March Germany "In 2022, we scaled quite quickly - a big part of the fundraising round we closed in 2022 we invested into research and development. As a consequence, this year, we have put a lot of focus on bringing our burn rate down and extending our runway. We decided to downsize our team from eight people to four, effectively cutting our team size in half. We also cut down on expenses that were not crucial to our business such as office space, subscriptions and hardware. Today, I think we are in a good space when it comes to our burn rate and we are fundraising!" Number of European female-founded companies that have received investment drops 1,007 female-founded companies in Europe received investment in 2023, representing a 35% drop in the number of companies backed compared to 2022. Even when considering historical data from 2019, the number of transactions still reflects a 30% decrease. Number of female-founded companies that received funding, 2019 to 2023 Tap on a bar to reveal the number Notes: Source: Dealroom LinkedIn Copy link Like Download the Report The United Kingdom, Germany, France and Spain made the highest number of investments into female-founded companies in 2023 As part of our study, we analysed the number of deal transactions into female-founded companies in Europe over the past five years. The United Kingdom, France, Germany, and Spain are clear leaders when it comes to the number of transactions, with each of these countries consistently making at least 80 transactions each year. Number of female-founded companies that received funding per country, 2019 to 2023 Tap on a year or a bar to reveal the exact number Notes: Source: Dealroom LinkedIn Copy link Like Download the Report General Partner, Playfair Capital Chris Smith United Kingdom "Over the past twelve months, portfolio companies have been requiring most help in two key areas. First, transitioning from a Pre-seed/Seed stage company to a Series A one – this is a giant leap in terms of team structure, reporting and board dynamics – our job is to help smooth this during the first 6-12 months post Series A. Second, active fundraising support which means helping create the narrative for the round and then helping with the raise itself. We are also finding ourselves spending more time with founders to help react to market conditions – growth at all cost wasn’t nuanced; today you have to plan and more actively manage growth and runway." March and September saw the biggest number of funding rounds raised by female founders in Europe When looking at the distribution of all transactions, March, September, and November saw the largest amount of funding announced for European female-founded companies. Each of these months saw at least €600 million in transaction value reported. Total capital invested (€M) into female-founded companies per month, 2023 Tap on the bar to reveal the number Notes: Source: Dealroom LinkedIn Copy link Like Download the Report The month-on-month distribution of capital invested into female-founded companies in 2023 varies We have examined the deal distribution of female-founded companies in Europe on a month-to-month basis. Please select a month to delve deeper into the funding dynamics across 18 countries for a more detailed analysis. Total capital invested (€M) into female-founded companies per month, per country, 2023 Tap on a bar to reveal the exact amount Notes: Source: Dealroom LinkedIn Copy link Like Download the Report Founder, Woba Malene Madsen €2.95m Seed round in September Denmark "In 2023, getting funding for Woba was tough. To attract investors, we had to show that our business was doing really well especially with the low prices, scale-up companies were being valued at. Adapting our vision to match the changing market and proving we could grow and be efficient in a competitive field was tricky. To overcome these challenges, Woba focused on growing sustainably and using resources wisely for long-term success." Number of unique investors that have backed female founders in Europe remains unchanged, even though the geographical distribution varies 1,144 unique European investors participated in at least one investment round of a female-founded company in 2023, while in 2022, there were a total of 1,126 investors that participated. So, even though the overall distribution of the rounds varies across Europe, the total number of investors backing female founders has remained constant over the past two years despite more challenging fundraising conditions. Number of unique investors that have participated in at least one investment round of a female-founded company in Europe, 2019 to 2023 Tap on a bar to reveal the exact number Notes: Source: Dealroom LinkedIn Copy link Like Download the Report The majority of European venture capital investors say that gender does not play a role in their investment decisions In our survey, we asked venture capital investors whether the gender composition of companies they evaluate plays any role in their investment decisions. The difference in responses is not significant, with 56% of European venture capital investors stating that gender does not play a role, while just over 43% say that it does. Does gender composition of a company’s founding team play a role in your investment decisions? VC investors only Notes: Source: LinkedIn Copy link Like Download the Report Partner, EQT Ventures Rania Belkahia France "In today's market, investors prioritise internal efficiency over growth. If you're considering fundraising in 2024, your financial metrics, burn rate, and team culture will be the key aspects investors will look at. Today, success in fundraising, particularly post-Series A, requires even more preparation. More data will bring your story into a tangible reality, so don't underestimate the time needed to develop your materials; a compelling story backed by solid metrics is crucial in today's market. Identify what opportunity your business provides and anchor your fundraise on that. Focus on solving real problems, not just nice-to-haves. Addressing the "why now" amidst market changes is more important than ever. Stay focused and find alternative routes if doors close." 47% decline of €90M+ rounds accounts for 63% of the total €2.9B decline in total funding for female founders in Europe in 2023 The size breakdown of 2023 investment rounds for female founders in Europe clearly indicates that it was the slowdown in investments for rounds of €90M+ that was the primary reason behind the decline in total funding between 2022 and 2023. Total capital (€B) invested into female-founded companies per stage, 2019 to 2023 Tap on a bar to reveal the exact amount Notes: Pre-Seed round: < €0.9M, Seed round: €0.9M to < €3.6M, Series A €3.6M to <€13.5M, Series B round: €13.5M to <€36M, Series C round: €36M to <€90M, Mega round €90M to <€225M, Mega Plus round: €225M+. Source: Dealroom LinkedIn Copy link Like Download the Report The number of Pre-Seed deals the most impacted by the investment slowdown 2023 Analysing deal numbers across stages reveals that Pre-Seed stage companies were the hardest hit by the economic downturn, experiencing a 36% reduction in deals. Meanwhile, the Seed stage remained the most active, showing only a 15% reduction in deal-making. Total number of investments into female-founded companies per stage, 2019 to 2023 Tap on the bar to reveal the exact number Notes: Pre-Seed round: < €0.9M, Seed round: €0.9M to < €3.6M, Series A €3.6M to <€13.5M, Series B round: €13.5M to <€36M, Series C round: €36M to <€90M, Mega round €90M to <€225M, Mega Plus round: €225M+. Source: Dealroom LinkedIn Copy link Like Download the Report General Partner, Planet A Ventures Lena Thiede Germany "I see funds paying closer attention to the composition of founding teams these days. Today, a very homogeneous team, where everybody looks the same, has the same expertise or comes from the same background, raises question marks. With the enormous challenges we face and the current market volatility, more than ever, we need people around the table who can see things differently, who have complementary mindsets." 70% of venture capital investors say they track the number of female-founded companies going through their investment pipelines In our survey, we asked venture capital investors whether they track the number of female-founded companies going through their investment pipelines. Surprisingly, 70% of investors claimed that they do track these companies, reflecting an overall positive sentiment towards monitoring gender diversity across their portfolios. Does your fund track a number of female-founded companies in its deal flow? of venture capital investors in Europe say they track the number of female-founded companies going through their investment pipelines. 70% Notes: Source: LinkedIn Copy link Like Download the Report Average size of rounds into female-founded companies in Europe is on the rise The average size of rounds invested in European female-founded companies is on the rise, with Series C+ rounds experiencing the most significant growth. Hover over each round to discover the current average round size for female entrepreneurs in Europe. Average size (€M) of deals into female-founded companies per stage, 2019 to 2023 Tap on a bar to reveal the exact amount Notes: Pre-Seed round: < €0.9M, Seed round: €0.9M to < €3.6M, Series A €3.6M to <€13.5M, Series B round: €13.5M to <€36M, Series C round: €36M to <€90M, Mega round €90M to <€225M, Mega Plus round: €225M+. Source: Dealroom LinkedIn Copy link Like Download the Report Founder, Tilebox Laura Costa $1.7m Pre-Seed round in August Austria "For 2024, our strategy is to leverage the momentum we've built using the resources we now have. Our company happens to be anti-cyclical – pre-seed and seed rounds do not require large amounts of capital, so the macroeconomic climate does not impact us much at this point." The average round size significantly differs across Europe. Average deal sizes for female-founded startups can vary significantly by country. It should be noted that on an annual basis, many ecosystems have only a small number of funding rounds at a given stage for women-founded startups. Average size of investment into companies (co)founded by women per stage, 2019 to 2023 Tap on the bar to reveal the amount Notes: 18 countries in scope. Source: Dealroom LinkedIn Copy link Like Download the Report Up next 1.3 From Inception Dive deeper into the state of funding for early-stage founders, learn about their challenges and aspirations and understand better the early-stage investors' mindset. Explore the chapter

Discover the latest insights on European venture capital investment levels. Gain a better understanding of the level of venture capital investment in European startups, regardless of founding team's gender. 3.2 Investment levels Adjusting to a new normal The venture capital industry experienced a further slowdown in 2023 following its peak years in 2020 and 2021. This deceleration has affected both sides of the venture capital ecosystem. On one side, venture capital firms have faced challenges in raising fresh capital, primarily due to macro factors such as a higher cost of capital and, consequently, a lower risk appetite among limited partners. On the other side, venture capital firms deployed less capital into European companies. Even though the numbers were lower throughout the year, there is hope for venture capital investments to pick up. The fourth quarter showed the most promising signs for funding. This suggests we might see an improvement of investment levels in the second and third quarters of 2024. Key insights European venture capital firms raised €17.1B in 2023. Despite a 38% drop from 2022, the amount raised is still the highest for venture capital funds in Europe in the last five years. Venture capital firms across Europe deployed €53.2 billion of fresh capital into companies in 2023. This amount represents a 37% drop in total capital deployed compared to 2022 and a 48% decrease from the peak year of 2021. Late-stage investment rounds and mega-rounds are those the most impacted by the investment slowdown. While overall investment levels in Europe fell in 2022 and 2023, the fall was largely driven by the drying up of late-stage mega rounds of €100M+. Earlier stage investment levels have remained more stable during this period. European venture capital funds raised €17.1B in 2023 With high interest rates and alternative lower-risk investment options have become more attractive for limited partners, making fundraising for venture capital funds in Europe challenging. However, despite a 38% drop in funding levels from 2022, the total amount raised by European venture capital funds is still the highest in the last five years. Size of capital raised by European venture capital firms in 2023 Size of venture capital raised by European VC funds in 2023 €17.1B Source: Dealroom LinkedIn Copy link Like Download the Report Total size of fresh capital raised by venture capital funds, 2019 to 2023 Tap on a bar to reveal the exact amount Notes: Whole of Europe. Source: Dealroom LinkedIn Copy link Like Download the Report Founding Partner, Growth Capital Fabio Mondini de Focatiis Italy "Traditionally, a well-performing fund would have its next fund ready by the time its investment period expires. However, in 2023, we have seen a shift in this dynamic due to changes in the entire investment landscape. Many funds have faced difficulties in raising new capital, which has reduced the number of new funds more than the total amount of money available for investment. But while there's still a lot of dry powder in the market, the dynamics of how this capital is being allocated, and the types of funds receiving it, are changing. Over half of Limited Partners say they made fewer investments in the past 12 months In our survey, we wanted to assess the extent of the slowdown in capital deployment by asking limited partners about the current pace of their investment. We asked if they had noticed any changes in the rate of capital deployment over the past twelve months. The response was that 53% of the participating Limited Partners reported a decrease in their investments in 2023, with 47% making fewer and 6% making significantly fewer investments. Has there been any change in the number of investments made by your fund in the past 12 months? LP investors only Notes: Source: LinkedIn Copy link Like Download the Report Venture capital fundraising levels drop across Europe Venture capital fundraising levels have dropped in all but two European countries within the scope of this report - only Italy and Finland experienced a moderate increase in capital raised by venture capital firms. These statistics effectively demonstrate the broader impact of uncertain market conditions and the increased attractiveness of alternative investment options for limited partners. Total size of fresh capital raised by funds (€B) per country, 2019 to 2023 Tap on a bar to reveal the exact amount Notes: 18 countries in scope only. Source: Dealroom LinkedIn Copy link Like Download the Report Founding Partner, Cavalry Ventures Claude Ritter Germany "There's been a noticeable contraction in the venture capital this year, largely driven by factors like higher interest rates. 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." The number of new European funds is also falling In 2023, there were 121 new venture capital funds raised in Europe. Even though we might get a clearer picture of the total number of funds that raised in the coming months due to the reporting lag, we are expecting so see the totals for 2023 to be significantly lower than 2022. To put this in context, venture capital fundraising has been on a downward trend over the past three years: 208 new funds were raised in 2022, a 13% decrease from 2021, which saw 124 new European funds. Number of new European venture capital funds announced in 2023 121 Total number of new funds per country, 2019 to 2023 Tap on a bar to reveal the exact number Notes: 18 countries in scope only. Source: Dealroom LinkedIn Copy link Like Download the Report Total capital deployed by venture capital firms drops to €53.2B Venture capital firms across Europe deployed €53.2 billion of fresh capital into companies in 2023. This amount represents a 37% drop in total capital deployed compared to 2022 and a 48% decrease from the peak year of 2021. Total capital (€B) deployed by European venture capital firms, 2023 Capital deployed by European venture capital firms in 2023 €53.2 billion Total capital (€B) deployed by European venture capital firms, 2019 to 2023 Tap on a bar to reveal the exact amount Notes: Whole of Europe. Source: Dealroom LinkedIn Copy link Like Download the Report Head of Venture and Growth Banking, HSBC Innovation Banking Sonya Iovieno United Kingdom "In 2023, we have seen a growing consensus in the market that companies should demonstrate the ability to run profitably, not just focus on top-line growth. This shift towards profitability has led to more stable financial company profiles and has been, in general, positive for companies, providing them with more funding options, whether through equity or debt. Companies with stable profitability profiles but without an immediate need for an equity round are now more appealing to lenders. They are able to secure additional funding that allows them to extend their growth by another six to twelve months, and to increase their valuation." "No significant change in the pace of deployment over the past twelve months" - say venture capital firms In our survey, we wanted to see whether the macroeconomic climate has fundamentally impacted the pace of capital deployment by European venture capital firms over the past twelve months. While the majority of venture capital investors have seen no change, the trend suggests that some funds have been making fewer deals as a consequence of the wider market shift. Looking at the past 12 months, how does the number of all investments made by your fund compare to the number of investments made in the previous year? VC investors only Notes: Source: LinkedIn Copy link Like Download the Report Geographical distribution of venture capital investment across Europe Gain a clearer picture of how European venture capital funding has evolved over the last five years. Total capital (€B) invested by VC firms per country, Europe, 2019 to 2023 Tap on a country to reveal the exact amount Note: Whole of Europe. Source: Dealroom LinkedIn Copy link Like Download the Report The UK, Sweden and Switzerland see the biggest drop in venture capital investments in Europe compared to 2022 Year-on-year European capital deployment data shows that the rate has slowed down considerably across the continent with the UK, Sweden, and Switzerland experiencing the largest year-on-year drops. Total capital (€B) invested by VC firms per country, 2019 to 2023 Tap on a bar to reveal the exact amount Notes: 18 countries in scope only. Source: Dealroom LinkedIn Copy link Like Download the Report Founding Partner, Expon Capital Jerome Wittamer Luxembourg "One of the key questions for this year has been how founders and startups are adapting to the changing landscape. 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." The amount of capital deployed remained relatively constant throughout 2023 The distribution of capital deployed remained relatively constant throughout the year, with September witnessing the highest amount of capital deployed, most likely influenced by the cumulative effect of the summer break. Month-by-month analysis of capital invested (€B) in 2023 Tap on a bar to reveal the exact amount Notes: Whole of Europe. Source: Dealroom LinkedIn Copy link Like Download the Report Energy and health sectors received most funding in 2023 We examined various sectors to get a clearer picture of capital allocation among them in 2023. The energy sector emerged as the leader with almost 25% of the total capital deployed. Health captured 17% of all capital, transportation 15%, and fintech 13%. Total capital invested (€B) by sector, 2023 Tap on a bar to reveal the exact amount Notes: Source: Dealroom LinkedIn Copy link Like Download the Report Partner, Target Global Bao-Y Van Cong United Kingdom We have been seeing a significant paradigm shift in company profiles at point of their exit in 2023. Two years ago, even unprofitable companies could be acquired based solely on the promise of their future value. This landscape has shifted; now, only businesses with solid unit economics and a sustainable growth trajectory have the potential to be acquired or go public. Achieving sustainable growth has become the primary goal for founders today. I anticipate that 2024 will follow this trend. In the coming months, I expect we'll see a rise in profitable companies and resilient founders." The last quarter of 2023 saw a pick-up in capital deployment for most countries compared to the previous year When analysing the quarter-by-quarter change in venture capital deployed per European country, it's clear that the last quarter of the year witnessed the highest peak in capital invested compared with 2022, across the countries covered in this report. Trailing 12-month capital investment change (%) per country, per quarter, 2023 Tap on a bar to reveal the exact percentage change Notes: 18 countries in scope only. Source: Dealroom LinkedIn Copy link Like Download the Report Denmark is the only European country that saw total venture capital deployment increase in 2023 In 2023, all European countries except Denmark experienced a decrease in venture capital deployment. Despite the global slowdown, Denmark actually saw a 7% increase in capital deployed compared to the previous year. Among the countries with declines, Estonia faced the steepest year-on-year drop, with a 75% decline, followed by Portugal at 64%, Finland at 63%, and both Poland and Austria at 50%. Year-on-year change in capital invested (%) per country, 2019 to 2023 Tap on a bar to reveal the exact percentage change Notes: Source: Dealroom LinkedIn Copy link Like Download the Report Late-stage investment rounds and mega-rounds are those the most impacted by the deployment slowdown While overall European investment levels fell in 2022 and 2023, this fall was largely driven by the drying up of late-stage mega rounds of €100M+. Earlier stage investment levels have remained much more stable during this period. Capital invested (€B) per stage per quarter, 2019 to 2023 Tap on a bar to reveal the exact amount Notes: Whole of Europe. Source: Dealroom LinkedIn Copy link Like Download the Report Strong H2 fundraising for energy, wellness and sports Energy, transportation wellness, telecoms and sports companies had a particularly strong second half of 2023 in terms of raising venture capital, more than two thirds of their funding came in the third and the fourth quarter of the year. Capital invested (%) per sector, per quarter, 2023 Tap on a bar to reveal the exact percentage Notes: Source: Dealroom LinkedIn Copy link Like Download the Report Up next 4 Community Our report is not just about statistics and figures, it is a community. Connect with other founders, investors and the ecosystem players that are part of the community. Explore the chapter

Delve into the state of the European investment landscape and the funding opportunities available to female emerging fund managers. Fundraising of venture capital funds in Europe spend more time seeking investment opportunities into female-founded companies than 12 months ago. 40% stateofgenderdiversity.com LinkedIn Copy link Like Download the Report 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

Meet the team behind the Female Foundry State of Gender Diversity in European Venture 2024 report. From Female Foundry THE REPORT Despite the challenging macro fundraising climate, female entrepreneurs and emerging fund managers in Europe continue to build and innovate. A time of creativity and resilience. The 2024 Female Foundry State of Gender Diversity in European Venture Report clearly demonstrates not just the resilience of female entrepreneurs and investors, but also highlights the significance of the untapped potential for innovation driven by these women, which is crucial for Europe's future. Challenging times serve as fertile ground for innovation, and so, it could not be a better time for investors to step up and meet the ambitions of female founders and fund managers who are at the forefront of new business creation in Europe. Agata Nowicka Founder Female Foundry Author of the State of Gender Diversity in European Venture report Meet the team behind the report Get to know the team behind the report who, over the past year, gathered data, brought to life never-before-seen insights, and engaged with the wider European venture ecosystem. Tap on a picture to learn more Agata Nowicka is a two-time entrepreneur, startup investor and mentor. She is particularly interested in businesses innovating in fintech and those leveraging data. Having been on both sides of the venture ecosystem, in 2020, Agata founded Female Foundry to support more female entrepreneurs innovating across Europe. Agata holds an MBA from INSEAD and Wharton Business School. Agata Nowicka Founder, Investor Female Foundry Louis is responsible for public policy-focussed research at Dealroom.co. As co-lead of the Intelligence Unit, Louis manages a team of ecosystem analysts, and coordinates research projects pertaining to startup ecosystems, job and value creation, DE&I, and benchmarking of the startup economy across Dealroom’s network of 100+ government partners globally. Louis Geoffroy-Terryn Ecosystems Research Lead, Dealroom Kaisa Snellman is an Associate Professor of Organisational Behaviour at INSEAD and the Academic Director of the INSEAD Gender Initiative. Her research focuses on gender and entrepreneurship. She earned PhD and MA degrees in Sociology from Stanford University, and she was a postdoctoral fellow at Harvard Kennedy School of Government. Kaisa Snellman Associate Professor, INSEAD Leila Baeriswyl is a startup founder and aspires to venture into the VC space. With a passion for innovation and a background in entrepreneurship, she brings a unique perspective to the table. Leila Baeriswyl Startup Founder, Analyst Aoife manages Ecosystem and Government partnerships at Dealroom.co, working with policymakers globally to measure and grow their local innovation ecosystem. Prior to Dealroom, Aoife worked at WeAreXena - building diverse tech teams for Europe’s leading startups and scaleups. Aoife Morrin Ecosystem Parterships, Dealroom Kamil Stronski is a Post-Doctoral Research Fellow at INSEAD. His research lies at the intersection of strategy and organizational theory. He received his Ph.D. in Strategy (summa cum laude) at ESMT Berlin. He also holds an M.A. and B.A. in Economics from the Warsaw School of Economics. Kamil Stronski Post-Doctoral Research Fellow, INSEAD Jacob Keer is a final year student at UCLA, Califronia, US. Having worked within data analysis statistical modeling throughout his work with the Labrynth project at UCLA, Jacob assisted with data research and the venture community management. Jacob Keer Research Analyst Apart from being a Global Director of Community at one of the major technology companies, Margaux Miller is also a a founding member of WomenTech Network, and the founder of the Start Canada Podcast and the Manitoba Women in Tech group. Margaux Miller Global Director of Community, Podcaster Fostering thriving venture ecosystem for female founders and investors in Europe. The future of European venture is here. About Female Foundry Entrepreneurs, investors and ecosystem players in Europe are part of our network 6,000 Visit Female Foundry Sign up to the Newsletter Weekly office hours Mentorship Weekly newsletter on the key news across the European Venture ecosystem Newsletter Partnerships with leading European players to deepen connections across the venture ecosystem Connections Bringing granular data on the state of ecosystem for female entrepreneurs and emerging fund managers in Europe Data This report would not have been possible without the support of our sponsors. We are very fortunate to be backed by some of the most innovative organisations in the world that share our view on the untapped potential of female entrepreneurship and investment. From Ashurst Visit Ashurst "We achieve what we measure and we need to measure what matters. If we want to achieve not just equality but also equity within the European venture ecosystem, we need access to the data to hold ourselves to account." Tara Waters, Partner & Chief Digital Officer Ashurst Ashurst is a leading international law firm with world class capability and a prestigious global client base. The firm's in-depth understanding of its clients and commitment to providing exceptional standards of service has seen it become a trusted adviser to local and global corporates, financial institutions and governments on all areas of commercial law. From Google Visit Google "Data is the cornerstone of innovation, but generative AI (genAI) is the catalyst that ignites it. With genAI, we can analyze vast data sets, uncover hidden patterns, and generate new ideas at an unprecedented scale. With the power of genAI we can ask bolder questions, explore uncharted territories, and create solutions that go beyond what we could have ever imagined." Adrian Poole, Director Digital Natives UKI, Google Cloud Google Cloud accelerates every organization’s ability to digitally transform its business and industry. Customers in over 200 countries and territories turn to Google Cloud as their trusted partner to solve their most critical business problems. From the London Stock Exchange Visit London Stock Exchange "Equity, diversity and inclusion should serve to provide an equal opportunity for everyone to thrive – and that should be no different in the way our capital markets and economy work than it is within any individual firm. This report showcases the contribution that female founders can make to the wider economy, and how important it is to back their businesses. Progress can only be achieved on the foundations of accurate data and an honest reckoning of where we are, and the steps required to ensure that female founders are provided the same level playing field to be able to access capital as their peers." Julia Hoggett, CEO London Stock Exchange London Stock Exchange operates at the heart of where ideas meet capital, connecting companies, countries and investors in the real world to make measurable and positive differences across the globe. From HSBC Innovation Banking Visit HSBC Innovation Banking "Objective data about the true state of the innovation economy is essential for driving change. It empowers the entire ecosystem to turn good intentions into lasting impact by revealing new opportunities to improve, innovate, and invest – and that benefits us all." Juliet Rogan, Managing Director HSBC Innovation Banking HSBC Innovation Banking provides commercial banking services, expertise and insights to the technology, life science and healthcare, private equity and venture capital industries. From Accenture and FinTech Innovation Lab London Visit FinTech Innovation Lab London "Adopting a data-driven approach is key to evolving Europe's startup landscape, enhancing transparency and fostering innovation. By acknowledging the true state of gender diversity, the industry is both empowered and accountable to create meaningful change." Emma Kendrew, Lead for Accenture Technology in The UK and Ireland, Accenture Accenture is a leading global professional services company helping organisations build their digital core, optimise their operations, accelerate revenue growth and enhance consumer services. Part of Accenture, the FinTech Innovation Lab London is a pioneering accelerator programme that provides innovative startup fintech companies at various stages with the support of the world’s leading financial service firms. From our sponsors From Carta Visit Carta "Venture capital is an inherently opaque business. Without quality data on the demographic makeup of venture investors and the companies they serve, it's impossible to know if the startup ecosystem benefits everyone or just a select few. That's why it's crucial to increase the transparency around who gets venture funding. This push for transparency is even more important in a downturn like the one founders have experienced in 2023. What gets measured can get managed - and we all want to see startups be an engine for more inclusive growth." Peter Walker, Head of Insights, Carta Carta is an ownership and equity management platform. Associate sponsor It takes a village. Get to know our partners. The State of Gender Diversity in European Venture report would have not been possible without the great support from all our partners. The data, perspectives, and insights shared in this report are the collective effort of our partners, contributors, volunteers, and enthusiasts. It is thanks to their commitment and passion we are able to engage with innovators across Europe to deliver the most granular image of the investment opportunities into female founders and emerging fund managers. Read on to learn about who has been with us on this journey. Data Partner Dealroom is a global company information database & research firm. Its software, database and bespoke research enable its clients to stay at the forefront of innovation, discover promising companies and identify strategic opportunities. Among its clients are world-leading strategy consulting firms, investment banks, multinationals, technology firms, venture capital & buyout firms and governments. Visit Dealroom Our data partnership with Dealroom, a true supporter of the European venture ecosystem has allowed us to gain insights from vast amounts of data. Media Partner Analysis Partner We are supported by the leading European ecosystem players Our report would not be possible without the support of the fantastic community partners across 18 European countries. Learn more about our partners Scroll through to learn more about the country-specific and Europe-wide ecosystem players that support our mission to bring transparency and data on female innovation in Europe. The Luxembourg Private Equity and Venture Capital Association Visit The Luxembourg Private Equity and Venture Capital Association (LPEA) is the representative body of private equity and venture capital professionals in Luxembourg. With 485 members, LPEA plays a leading role in the discussion and development of the investment framework and actively promotes the industry beyond the country’s borders. The Swiss Startup Association Visit The Swiss Startup Association is the umbrella association of the Swiss startups. It is the the voice of the Swiss Startups and improves the conditions for Swiss startups on a political and educational level and provides them with the necessary viability. The association provides a platform for networking, knowledge exchange, and actively engages in policy discussions to shape a favourable environment for startups. The Dutch Startup Association Visit Dutch Startup Association is the largest, independent representative for startups, scaleups and innovation in The Netherlands. We provide entrepreneurs with the network, knowledge, and expertise to produce real results, and we create toolkits, host and organise events, and much more - giving them all the support they need to reach their goals. The Finnish Venture Capital Association Visit The Finnish Venture Capital Association (FVCA) is the industry body and public policy advocate for the venture capital and private equity industry in Finland. Established to foster collaboration and growth within the investment community, FVCA serves as a catalyst for innovation, supporting startups and contributing to the evolution of Finland's entrepreneurial ecosystem. The Swiss Private Equity & Corporate Finance Association Visit The Swiss Private Equity & Corporate Finance Association (SECA) is the representative body for Switzerland‘s private equity, venture capital and corporate finance industries. SECA has the objective to promote private equity and corporate finance activities in Switzerland. The Swedish Venture Capital Association Visit SVCA is an independent, not-for-profit industry body for firms and individuals active in the Swedish private equity sector, and includes buyouts, venture capital, business angels, and business angel networks. The Association, which was founded in 1985, seeks to improve how the private equity market in Sweden functions and to increase knowledge and understanding of the private equity market among the general public. The German Private Equity and Venture Capital Association Visit The German Private Equity and Venture Capital Association, (BVKAP), serves as the representative voice for the private equity sector in Germany. Advocating before policymakers and media, it highlights the sector's significance in the German economy. With a commitment to continuous market monitoring and analysis, the association adapts to industry changes. SLUSH Visit Slush is a student-led non-profit aimed at creating the next generation of world-changing founders. Slush organises the world’s largest gathering of VC – delivering actionable company-building advice and bringing together the who’s who in startups at a live event in Helsinki. SPAINCAP Visit SPAINCAP is the association uniting Venture Capital & Private Equity entities in Spain, including investors like insurers and pension funds. With over 170 national and international firms, it fosters long-term investments, offering stable funding, innovation, and management support to non-listed companies. Invest.austria Visit invest.austria is Austria's leading network for investors in the pre-market capital market. The non-profit association aims to support innovations nationwide by fostering and professionalizing business angels, as well as venture capital and private equity firms. Active Owners Denmark Visit Active Owners Denmark is a collaborative association of company owners dedicated to fostering growth and prosperity in Denmark. Comprising private investors, funds, families, venture and private equity funds, and pension funds, our members empower entrepreneurs, elevate companies, and ensure returns for Danish investors and pension savers. Tesi Visit Tesi (officially Finnish Industry Investment Ltd) is the Finnish state-owned investment company driving growth in Finland. As a venture capital and private equity investor, Tesi supports Finnish companies at various stages, aiming to create a positive impact on the national economy through strategic investments and partnerships. France Digitale Visit France Digitale is the largest startup association in Europe, bringing together over 2000 startups and investors (venture capitalists and business angels). Founded in 2012, it advocates for the interests of startups and digital entrepreneurs, fostering a dynamic community. France Digitale actively engages in shaping policies, promoting innovation, and connecting key players to drive the growth of the digital sector. SuperReturn International Visit SuperReturn is a premier investment conference fostering collaboration among the world's leading private equity and venture capital professionals. Organised by industry experts, it provides unparalleled networking opportunities, actionable insights, and strategic discussions. Portuguese Association of Risk Capital Visit APCRI, Portuguese Association of Risk Capital is a non-profit association representing the venture capital and corporate interests, business angels, family offices, startups, and innovative SMEs. It serves as a platform for networking, collaboration, and advocacy, promoting the growth of the investment ecosystem and supporting innovative businesses. The Irish Venture Capital Association Visit The Irish Venture Capital Association (IVCA) is the representative body for venture capital and private equity firms on the island of Ireland. Associate members of the IVCA include firms that provide advisory services including corporate finance houses, commercial and intellectual property law firms, accountants and other advisers experienced in the venture capital field. Startup-Verband Visit The Startup Association (Federal Association of German Startups) is the voice of startups in Germany, advocating for their interests in politics, business, and the public sphere. With a network of 1,200 members, the association fosters dialogue between startups, scale-ups, investors, and established businesses. Its goal is to make Germany and Europe more startup-friendly locations. The Estonian Private Equity and Venture Capital Association Visit Estonian Private Equity and Venture Capital Association (EstVCA) is a dynamic hub fostering innovation and entrepreneurial growth in Estonia. This collaborative platform unites investment professionals, driving economic development and supporting startups. EstVCA plays a pivotal role in shaping Estonia's investment landscape, connecting professionals and contributing to the success of emerging businesses. Startup Portugal Visit Startup Portugal is a non-profit organisation, holding the Statute of Public Utility, with the mission to develop activities of public interest for the promotion of entrepreneurship, in close connection with public and private entities operating in the national entrepreneurship ecosystem. InnovUp Visit InnovUp is Italy's non-profit association fostering innovation by uniting startups, scaleups, innovative SMEs, and various entities in its ecosystem. Representing a diverse range, including incubators, accelerators, and corporations, InnovUp plays a pivotal role in supporting and advancing the Italian innovation landscape. TechChill Visit TechChill Foundation is a leading Baltic tech event that unites entrepreneurs, investors, and enthusiasts. Annually held in Riga, Latvia, it features impactful discussions, startup pitches, and networking opportunities. Founded in 2012, TechChill fuels the region's startup community by connecting key players, fostering knowledge exchange, and inspiring innovation. Startup Estonia Visit Estonia has the highest number of unicorns per capita in Europe. The bustling startup ecosystem Startup Estonia is developing is one of the building blocks of our startup success story. For this purpose we foster three building blocks: availability of human resources and capital, open and connected community and services, and transparent and simple regulative infrastructure. Tech Barcelona Visit Tech Barcelona is a private non-profit association that supports and catalyses Barcelona’s digital and technological ecosystem. Connecting startups, investors, and corporations, it fosters innovation through events, networking, and knowledge sharing. With a mission to position Barcelona as a global tech hub, Tech Barcelona accelerates the growth of the city's digital ecosystem. Startup Poland Visit Startup Poland is a representative body for Polish startups, engaging in dialogue with the government, parliament, the European Commission, and local authorities. The organisation facilitates connections between startups, clients, and investors, contributing to the growth of the Polish startup ecosystem. Innovate Finance Visit Innovate Finance is the independent industry body that represents and advances the global FinTech community in the UK. Our mission is to accelerate the UK’s leading role in the financial services sector by directly supporting the next generation of technology-led innovators. Tech Italian Alliance Visit Italian Tech Alliance is the association uniting investors, innovators, and technology enthusiasts dedicated to fostering Italy's growth through investment, innovation, and the exploration of new technologies. VC Lab Visit VC Lab is the global venture capital accelerator which offers a free program focused on helping new and emerging fund managers raise funds and build enduring, impactful VC firms. VC Lab provides fund-building structure, proven advice, mentorship and peer support to reduce the barriers of entry to the low-transparency and high-cost world of venture capital. Since 2020, we've accelerated 300+ next generation venture funds. Casa do Impacto Visit In this house, it is the causes that move us. We want to contribute to the creation of positive Social Impact! Casa do Impacto is a Lisbon-based social impact hub cultivating the next generation of change-makers. Hosting impactful events, it provides actionable insights, uniting social entrepreneurs and impact investors to shape collaborative ventures. Belgian Venture Capital Association Visit The Belgian Venture Capital & Private Equity Association was founded in 1986 as a professional association representing the venture capital and private equity community in Belgium. BVA members are investment fund managers and professionals who deliver services to the community. Impact Shakers Visit Impact Shakers is a global impact ecosystem tackling societal and environmental challenges through inclusive entrepreneurship. Our mission is to create impact at scale by evolving how we build businesses, for what purpose and who gets to build them. EQL:HER Visit EQL:HER is a platform empowering women in the workplace by facilitating mentorship connections and fostering a supportive community. Through tailored programs and networking opportunities, EQL:HER aims to break down barriers and promote equality, diversity, and inclusion in professional environments. Oslo Business Region Visit Oslo Business Region is the official business development agency of Oslo municipality (Oslo kommune). The organisation supports and builds the startup and innovation ecosystem through city marketing, investment and talent attraction. Angels For Women Visit Angels For Women is an Association, promoted by Impact Hub SB and AXA Italy, made up of mostly women Business Angels who want to invest in female-led startups with high growth potential. Founded in late 2018, today it counts more than 80 business angels and 11 investments. Builders Up next Dive into the funding analysis for female entrepreneurs in Europe. Explore the chapter 1