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Innovation
idea + capital
Funding is the lifeblood of innovation, turning bold ideas into reality. Without capital, groundbreaking technologies, transformative business models, and industry disruptors struggle to take off.
Investment fuels research, accelerates product development, and enables startups to scale, bringing new solutions to market.
In a fast-moving world, sustained funding ensures continuous progress, keeping innovation alive.
More Seed stage female-founded companies reach Series A than the broader startup population
Cumulative share of female-founded companies that raised capital at subsequent funding stages
European female-founded
Seed
Series A
Series B
Series C
Series D
100%
20%
6.5%
2.5%
1.3%
European average
Seed
Series A
Series B
Series C
Series D
100%
18.9%
6.8%
2.9%
1.4%
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Data source: Dealroom
Female-founded companies in Europe raised
of venture capital funding in 2024
5.76B
Total venture capital investment into female-founded companies has fallen but the decline is consistent with the overall market trend
Total venture capital invested (€B) into female-founded companies
Europe
4.52
11.04
9.08
6.56
5.76
2020
2021
2022
2023
2024
Data source: Dealroom
12%
€48.8B
Capital raised by female-founded companies in 2024 represents 12% of €48.8B venture capital raised by all European companies
% of venture capital raised by female-founded companies to the total venture capital raised by European companies
Europe 2024
Data source: Dealroom
€48.8B
12%
€54.5B
€88.4B
€104.7B
€43.1B
Proportion of venture capital raised by female-founded companies is on the rise
% of venture capital raised by female-founded companies compared to the total venture capital raised
Europe 2020 to 2024
10%
10%
10%
12%
2020
2021
2022
2023
2024
Data source: Dealroom
The vast majority of ecosystem players believe that access to funding is essential for driving innovation
Do you believe that access to funding impacts a company's ability to innovate?
Yes
I don't know
No
Add a Title
91%
Add a Title
3%
Add a Title
6%
Source: Female Innovation Index Survey 2025
Both venture capital and angel investors see more female-founded companies leveraging emerging technologies in their dealflow
Thinking about your dealflow, what change in the number of female-founded companies that leverage emerging technologies have you seen in the past 12 months?
Add a Title
10%
Add a Title
40%
Add a Title
42%
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9%
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0%
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6%
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47%
Add a Title
36%
Add a Title
11%
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0%
angel investors
VC investors
Significantly more
More
No change
Fewer
Significantly fewer
Source: Female Innovation Index Survey 2025
'Over the past year, I’ve come across significantly more female founders leveraging emerging technologies to build their companies than in previous years. I’ve also seen many integrating AI into their existing businesses, enhancing everything from decision-making to product development. '
Elsa Hyland
angel investor
Angel investors spend more time seeking investment opportunities in female-founded companies
Compared to 12 months ago, have you been allocating more or less time to actively seek investment opportunities in female-founded companies?
51%
of angel investors are spending more or significantly more time seeking female-founded dealflow
Source: Female Innovation Index Survey 2025
40%
of venture capital investors are spending more or significantly more time seeking female-founded dealflow
Proportionally female-founded companies are equally successful in raising VC funding as the overall company population
% of companies in a specific category that raised venture capital relative to the total number of companies in that category
Europe
2020
2021
2022
2023
2024
female-founded
9.7%
11.3%
9.9%
7.5%
5.6%
2020
2021
2022
2023
2024
gender-agnostic
9.7%
11.1%
9.2%
7.9%
5.9%
Data source: Dealroom
'We remain committed to investing in female founders and over 30% of our new investments had a female founder in 2024.
To support our efforts and dealflow, we have fund of fund investments in diverse Micro-GP funds alongside running our own female-founder retreats while engaging in many female-founder events.'
Marie-Helene Ametsreiter
General Partner
Speedinvest
The number of female-founded companies in Europe
that raised venture capital funding in 2024
1196
by female-founded companies in Europe in 2024
1305
The number of financing rounds raised
Data source: Dealroom
Fewer female-founded companies received funding and raised fewer rounds than last year, reflecting broader market trends
Number of female-founded companies that received funding, number of rounds raised
Europe
1878
2428
2200
1726
1305
1656
2125
1959
1589
1196
2020
2021
2022
2023
2024
rounds
companies
Data source: Dealroom
The number of unique investors backing female-founded startups remains strong
Number of unique investors that have participated in at least one investment round of a female-founded company
Europe
2255
2369
2177
1884
1299
2020
2021
2022
2023
2024
Data source: Dealroom
Both VC and angel investors see more female-founded companies in their dealflow
Thinking about your dealflow, what change in the number of companies co-founded by women have you seen in the past 12 months?
Significantly more
More
No change
Fewer
Significantly fewer
Source: Female Innovation Index Survey 2025
angel investors
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6%
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50%
Add a Title
39%
Add a Title
3%
Add a Title
1%
VC investors
Add a Title
15%
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31%
Add a Title
37%
Add a Title
15%
Add a Title
2%
VC and angel investors see higher-quality female-founded companies in their dealflow
How does the average quality of deal flow of female-founded companies compare with that of last year?
angel investors
Add a Title
6%
Add a Title
47%
Add a Title
38%
Add a Title
9%
Add a Title
0%
VC investors
Add a Title
6%
Add a Title
40%
Add a Title
51%
Add a Title
3%
Add a Title
0%
Significantly higher
Higher
No change
Lower
Significantly lower
Source: Female Innovation Index Survey 2025
'In the last 12 months, we haven't seen a worth mentioning change in the proportion of female led companies we interacted with, however we are excited to note that we are close to 2 companies that we could back in the next 2-3 months!
We have already backed strong performing female led startups like Simpler.so and I am pretty sure in 2025 we'll back more.'
Apostolos Apostolakis
General Partner
VentureFriends
89%
11%
Early-stage female founders raised
in venture capital in 2024
0.66B
in venture capital in 2024
5.1B
Growth-stage female founders raised
Note: Early-stage defined as up to €5M in total funding, growth-stage as €5M+ in total funding.
Data source: Dealroom
The majority of female founders prioritise alignment of vision when choosing investors, while early-stage founders value existing relationships
Why did you choose your latest investor(s)?
female founders
Existing relationship
Alignment of vision
Industry expertise
Investor reputation
Size of investment
Deal terms
Follow-on capability
Operational support
Diverse team
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31%
Add a Title
27%
Add a Title
24%
Add a Title
15%
Add a Title
13%
Add a Title
11%
Add a Title
11%
Add a Title
11%
Add a Title
2%
Source: Female Innovation Index Survey 2025
early
growth
Add a Title
10%
Add a Title
46%
Add a Title
20%
Add a Title
30%
Add a Title
13%
Add a Title
12%
Add a Title
24%
Add a Title
10%
Add a Title
2%
Female founders at both early and growth stages find investor referrals the most valuable form investor support
What investor support would you find most valuable?
female founders
Referrals to investors
Business advice
Operational support
Exit planning
Marketing & PR
Legal & compliance
Technical support
Recruitment
Premises
Add a Title
72%
Add a Title
51%
Add a Title
29%
Add a Title
23%
Add a Title
21%
Add a Title
14%
Add a Title
13%
Add a Title
10%
Add a Title
4%
early
growth
Add a Title
60%
Add a Title
34%
Add a Title
33%
Add a Title
19%
Add a Title
20%
Add a Title
22%
Add a Title
12%
Add a Title
13%
Add a Title
0%
Source: Female Innovation Index Survey 2025
'Our investors have been invaluable in refining our growth strategy. We wanted investors who would provide not just capital but also help us navigate long-term decisions and align deeply with our mission.
Rodinia is not just about producing clothing—it’s about tackling industry challenges like overproduction and pollution, and our investor's commitment to sustainability has been key in driving us forward.'
Trine Young
Rodinia Generation, Denmark
Raised a €3m Seed round in April
The number of female-founded Seed/Pre-Seed companies receiving funding significantly declines
Number of European female-founded companies backed at early and growth stages
Europe
205
1676
Seed/Pre-Seed
Series A+
391
2038
369
1834
307
1419
251
1054
2020
2021
2022
2023
2024
Data source: Dealroom
The number of funding rounds for female-founded companies declines at most stages, bigger rounds remain resilient, with mega-rounds growing
Total number of investments into female-founded companies by stage
Europe
1366
1598
1359
1027
784
2020
2021
2022
2023
2024
Data source: Dealroom
Early-stage venture capital investment in female-founded companies is down, Series C holds steady, mega rounds see an increase in capital invested
Total venture capital invested (€B) into female-founded companies by stage
Europe
183
244
187
135
95
2020
2021
2022
2023
2024
Data source: Dealroom
Investment deal size for female-founded companies is growing, with an average increase of 7% across all stages from last year
Median size (€M) of venture capital deals into female-founded companies by stage
Europe
1.8
2.0
2.0
2.0
2.0
1.8
1.9
2
1.8
2
2020
2021
2022
2023
2024
2023
2024
Data source: Dealroom
The time to close a funding round shortens for both early- and growth-stage female founders
How long did it take you to close your latest financing round?
4.6 months
the time it took early-stage female founders to close their latest financing round in 2024
5.2 months
the time it took early-stage female founders to close their latest financing round in 2023
Source: Female Innovation Index Survey 2025
5.8 months
the time it took growth-stage female founders to close their latest financing round in 2024
6.3 months
the time it took growth-stage female founders to close their latest financing round in 2023
'There was a huge change when we started our round. In our initial discussions, there was skepticism: Is this a niche market? Can you really measure certain diseases? Could this team build a global company?
But once we secured our first interested investor, everything started to move.'
Jana Buzkova
Nadmed, Finland
Raised a €3.5m Series A round in August
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Slow fundraising pace is the top challenge for early and growth-stage founders
What investor support would you find most valuable?
female founders
Slow fundraising pace
Gaining investor traction
Managing workload
Meeting investor expectations
Dealing with rejections
Managing cashflow
Lack of investor feedback
Complexity of due diligence
Managing team dynamics
Source: Female Innovation Index Survey 2025
Add a Title
51%
Add a Title
35%
Add a Title
32%
Add a Title
28%
Add a Title
20%
Add a Title
17%
Add a Title
16%
Add a Title
10%
Add a Title
4%
early
growth
Add a Title
39%
Add a Title
23%
Add a Title
41%
Add a Title
20%
Add a Title
5%
Add a Title
22%
Add a Title
12%
Add a Title
17%
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7%
'Being an AI-centric company has led to a mixed experience with fundraising. On one hand, many VC investors wanted to speak with us during the process. However, there seemed to also be a lot of scepticism, with investors pressing us more to validate the defensibility of our solution.'
Aurora Maggio
Zefi.AI, Italy
Raised a €1.6m Seed round in May
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Coming up
Impact
idea + capital + scale
Who are the visionary founders shaping Europe's innovation landscape? What does it take to reach the peak of the innovation funnel?
Network outreach is the top strategy for VCs and angel investors to attract female-founded dealflow
What are your key strategies to attract female-founded dealflow?
Add a Title
75%
Add a Title
71%
Add a Title
70%
Add a Title
29%
Add a Title
14%
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0%
Source: Female Innovation Index Survey 2025
Network outreach
Demo days
Networking events
Direct outreach
Social media outreach
Intelligence software
angel investors
VC investors
Add a Title
66%
Add a Title
31%
Add a Title
36%
Add a Title
25%
Add a Title
36%
Add a Title
11%
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