In 2024, 1,196 female-founded companies in Europe raised €5.76B through 1,305 deals, representing 12% of the total VC capital raised by startups of all genders, according to the Female Foundry and Dealroom report launched recently in London at Google HQ. The Female Innovation Index is Europe’s largest report on the funnel of innovation and funding driven by female entrepreneurs, in partnership with over thirty-five private equity and venture associations, and leading European venture ecosystem players across twenty European countries.
While this marks a 12% drop from the €6.56B raised in 2023, the decline aligns with the broader 11% decrease in venture capital funding across European companies of all genders. Funding rounds for female founders are growing in size. Average round sizes have increased 7% across all stages compared to last year.
Female-founded companies are showing stronger performance at crucial growth stages—20% of Seed-stage companies reach Series A, compared to 18.9% for the broader European startup population. While smaller rounds ($0-$4M) have decreased by 29%, larger rounds have shown resilience: $40M-$100M rounds remained stable (-1.51%), and $100M-$250M rounds increased by 41.72%.
Agata Nowicka, Founder of Female Foundry and the author of the report, said, “We are living in unprecedented times, with the pace of innovation accelerating and AI transforming the way we live, work, interact, and think about the future. Female founders across Europe are clearly seizing new opportunities created by AI to tackle the world’s toughest challenges, with deep-tech emerging as a powerful arena for female-driven innovation in Europe.”
Tech Funding News looked deeper into the report in detail. Here are our findings.
UK leads €145M wave in female-founded ventures
Among the 50 female-founded companies analysed in Europe, the largest funding rounds went to WorldRemit (€243M), The Exploration Company (€150M), Newcleo (€135M), Pigment (€132M), and ŌURA (€114.68M). These companies average 7.6 years in age, with 81% of founders on the Fifty Innovators List holding scientific backgrounds.
In the industry breakdown, healthcare leads at 40%, followed by fintech (14%), food (12%), energy (8%), and transport. The United Kingdom hosts the most headquarters at 26%, with France (16%), Germany (10%), Sweden (10%), and Spain (8%) following. This distribution aligns with the UK and France’s emergence as leading AI innovation centers.
Female-founded companies capture 71% of deployed venture capital. While the UK, France, and Germany dominate in total investment volume, Finland distinguishes itself by directing one-third of its venture capital to female-founded companies.
Women are at the forefront of Europe’s deep tech funding, with a record of 33% share
The deep tech sector presents a significant opportunity for female-led innovation. Female entrepreneurs in Europe secured 33% of all venture capital raised in 2024 for deep tech startups—2% higher than for gender-agnostic startups. Additionally, 81% of the 50 largest financing rounds in 2024 went to female founders with scientific backgrounds.
In deeptech subcategories, synthetic biology (€282.4M), generative AI (€221.8M), and drug development (€169.9M) led funding for female-founded companies in 2024. Investors anticipate AI and quantum computing will attract the most venture capital this year.
AI plays a crucial role in female-founded companies, with 25% of the 50 largest financing rounds in 2024 going to AI-driven startups. Notable rounds include Swiss Cradle (€66M in November), UK-based Dexory (€50M in October), and Swedish Sana Labs (€50M in October). AI adoption is widespread, with 79% of early-stage and 75% of growth-stage female-founded startups incorporating AI into their business models.
“In the coming years, AI in healthcare, science, and biotech will revolutionise human well-being—curing diseases faster, personalising treatments, and unlocking scientific breakthroughs. It’s not just innovation; it’s a leap toward longer, healthier lives for millions worldwide,” commented Adrian Locher, General Partner at Meantrix.
In the broader market, female-founded B2B companies dominate venture capital investment: 71% goes to B2B, 21% to B2C, and 8% to B2B2C companies. The most funded sectors are health (27%), fintech (13%), enterprise software (12%), and food (8%).
Despite progress, female founders remain underrepresented in deeptech, founding or co-founding only 15% of Europe’s startups in the sector. All-female teams receive just 2% of venture capital, while mixed-gender teams receive 5% across Europe.
Female-led IPOs are picking up the pace
The report indicates a 40% increase in European female-founded companies approaching unicorn status (from 10 to 14), with valuations nearing $1B. These emerging leaders span real estate, food, health, fintech, space, energy, and enterprise software industries, primarily in the UK, Germany, and France.
Three new female-founded companies achieved unicorn status in 2024, marking a 14% increase from last year (21 to 24), with France leading this growth. Notable examples include Newcleo (€135M raised at €1.5B valuation), Pigment ($145M at $1B valuation), and Cardior Pharmaceuticals (acquired by Novo Nordisk for $1B).
Female-led IPOs gained momentum in 2024, with three successful public offerings: UK-based Raspberry Pi, Bulgaria’s Boleron, and Sweden’s Big Akwa. This represents significant growth from the previous year’s single IPO.
Despite these achievements, women in deep tech face ongoing challenges. Limited entrepreneurship education for young girls and gender biases in investor attitudes remain significant barriers. Support initiatives offering equity-free grants and personalised business development programs assist early-stage startups. Understanding these challenges and their achievements provides insight into how women drive innovation within Europe’s deep tech ecosystem.
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