The State of VC Funding for Women-Founded Startups in Europe: A 2023 Overview

How much are venture capitalists (VCs) actually investing in women? In 2023, startups across Europe founded or co-founded by women have raised a noteworthy €5.9 billion in venture capital (Dealroom). While this figure represents 9.6% of all venture capital raised in the region, it underscores both progress and stagnation in funding gender diversity.

The proportion of venture capital flowing to women-founded startups has experienced significant growth over the past decade, doubling to its current share. However, this growth narrative meets a plateau, with the investment share hovering around 10% since 2017. Despite the stagnation, the landscape of women entrepreneurship is far from static.

The past decade has witnessed a tenfold increase in the number of women-founded unicorns in Europe, reaching a total of 35. This milestone not only showcases the scalability and market relevance of these enterprises but also aligns the current number of women-founded unicorns with the total number of European unicorns recorded in 2013. Complementing this growth is the rise in venture funds with women partners, now numbering over 600 across Europe.