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Women in VC

4 charts: A breakdown of VC funding for Europe’s female founders

Female founders continue to increase their share of European VC deals, but funding levels remain low.

European female founders’ share of venture capital deals reached a record level.

Heading into 2024, some 5.2% of Europe’s VC rounds involved startups founded by only women, while companies with at least one female co-founder claimed 20.2% of deals, according to PitchBook’s European VC female founders dashboard. The share of capital invested in both groups increased.

The following charts show how funding has changed over the decade.

Startups with at least one female founder collectively raised €10.6 billion (about $11.37 billion) across 2,333 deals last year, representing drops of about 28% and 26%, respectively, compared to 2022.

While this is the second consecutive year that VC dealmaking declined for this group, it fell less than that of the asset class overall, which marked a drop in deal value of 45.7% from 2022.

Female founders were most present in the angel and seed stages in 2023, participating in 829 rounds.

Over the past decade, they have increasingly raised late-stage deals. Last year, 31.1% of rounds that featured women were late-stage compared to just 13.7% in 2014.

Startups whose founders include both men and women account for a much greater share of European VC deal value than those launched solely by women.

Mixed companies’ percentage of overall VC capital invested has reached its highest level in over a decade, currently standing at 19.2%. For female-only founder teams, that same percentage has remained relatively stagnant over the past 10 years.

Being Europe’s largest VC market, the UK naturally sees the highest number of deals involving female founders—currently at 781 deals since the beginning of 2023.

The more mature the ecosystem, the more women-led startups are raising capital. Countries like France and Germany also rank high as nations with the most deals.

Featured image by Klaus Vedfelt/Getty Images

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