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
Female general partners and female partners still constitute a small proportion of all venture capital partners in Europe.
Unlike the gender of investors, the gender composition of the board matters to female founders in Europe.
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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
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.
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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.
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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
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
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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
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: