Fundraising insights from gender-based giving trends

We just published a report, and the data is clear. Gender diversity creates better fundraising momentum and unlocks capital sources that homogenous funds miss completely. Mixed gender funds raise the same amount as all male funds but reach first close faster. Female led funds work with 2.8x more female LPs. Solo female GPs represent 77% of all female funds. Yet most emerging managers still build teams like it's 1995. They optimize for comfort over performance and wonder why their fundraising stalls. The future belongs to managers who understand that inclusion drives results, not just good PR. We need to stop treating gender diversity in venture capital like charity work. This is about building better performing funds.

Less than 2% of venture capital goes to women. Two percent. And if you’re a woman of colour, the number gets even smaller. I’ve seen it firsthand. When I started fundraising for indē wild, I walked into rooms where no one looked like me. Where I was questioned more, doubted more, and had to prove myself in ways my male counterparts didn’t. I came prepared with numbers, a solid business, a brand that already had a community behind it, and still, the skepticism was there. And yet, research proves that when women-led businesses get funded, they don’t just succeed. They outperform. According to Boston Consulting Group (BCG), women-founded companies generate more than twice as much revenue per dollar invested as those led by men. Forbes research shows that startups backed by First Round Capital performed 63% better when they had a female founder. Women-led businesses have also proven to be more resilient during economic downturns and foster higher employee engagement. Women aren’t lacking ideas or drive or results. We’re lacking access. That’s the part that needs to change. Funding shouldn’t be about who looks the part or who fits a certain mold, it should be about vision, strategy, and impact. Women don’t need more confidence. We need capital. And it’s time for investors to realize that betting on women isn’t just the right thing to do…it’s the smart thing to do. If you've been through this, I see you. If you're in a position to change this, I hope you do. #womeninbusiness #vc

Yesterday I had the honour of joining Poppy Gustafsson (Investment Minister & Co-founder of Darktrace) and the brilliant cohort of female founders and judges 𝗳rom the Department for Business and Trade's inaugural Female Founders Programme Three honest observations - that I feel a bit nervous putting out there, but here goes…👇 👩💼 THIS IS WHAT IT FEELS LIKE TO BE A MAN In 25+ years, I’ve been in a room full of women only a handful of times And every time, the feeling is the same: “Wow, I feel so comfortable here!” Quickly followed by: “This must be how men feel all the time 🤯🤯🤯 What an incredible advantage ” When I’m in “adapt” or “prove myself” mode, many men are simply in “be myself” and “perform” mode (Not all men, obviously, but you get the point) 💸 PICK WHO YOU PITCH TO A common fundraising tactic emerged from the room, that’s simple but effective: 🔍 First stop: the “About Us” page • If it’s the dominant demographic (you know what I mean) → pass • If there’s 1 woman or person of colour → maybe • If there are several → game on 💪 🧭 Next stop: the “Portfolio” page • No history of backing diverse founders? Save your time • Proven track record with diverse founders? Go for it Taking this approach has saved us countless hours; not to mention avoided a mountain of unnecessary ‘no’s. 🧠 WE NEED TO CHANGE THE GATEKEEPERS OF CAPITAL Only 2% of VC funding goes to female founders (and far less to Black founders) - and this hasn’t budged in the decade since I started Olio • Share More, Waste Less My personal belief is this will continue to be the case - *UNTIL* investment committees become gender and ethnicity representative In terms of practical action and how we can get there, I think there’s a lot we can learn from the progress made on FTSE boards... 📈 The Davies Review (2011) and Alexander-Hampton Review (2021) created a clear framework for progress: • Named targets (25% → 33% → 40% female representation) • Transparent reporting and accountability • Public league tables to incentivise performance • And crucially - no use of quotas The result? ✅ FTSE 350 boards are now over 42% women ✅ UK leads the G20 on female board representation ✅ And it all happened without lowering standards - just broadening the lens A parting thought from the legendary Warren Buffett on why this is so important: “One of the reasons we’ve done so well is that we’ve only had to tap half the talent in the world. Imagine what we could do if we tapped the other half.” Aekta Mahajan Patel Kerry BaldwinRupa Ganatra Popat Addy Windsor-Clive Meredith Fisher Melissa Snover Louise Birritteri Susan Graham May Rezai, PhD FRSA Lizzy Duncan Eileen Burbidge Natasha Lytton Amber Michelle H. -------------------------------------- Follow Tessa Clarke 💚 for more straight talking on scaling startups & sustainability ♻️ Please repost if this could help your network

Female founders raised $37B in H1 2025, up 127% year-over-year. So why does this feel like bad news? Because deal count dropped 19.3% (1,879 deals vs. 1,515 for the same period last year). Our market share is trending lower too: ➡️ 2024: 6.4% female-only | 19.3% female co-founded ➡️ 2025 so far: 5.8% female-only | 17.5% female cofounded. This shift concentrates capital instead of broadening access. Female founders who do get funded are raising larger rounds, but the gate is narrower than ever. And the broader VC market grew even faster, leaving us with a smaller piece of a bigger pie. I…don’t love this trend. I suppose the silver lining is that for the right founders, if you can get in the room, the checks are bigger. The challenge is getting in the room. If you’re a founder: ➡️ Play to the investors who’ve already shown they’ll back women — pattern recognition cuts both ways. ➡️ Build endurance. The fundraising “season” is longer for women, so pace yourself for 3+ months, not weeks. ➡️ Keep receipts. Every metric, every milestone, every customer proof point — arm yourself for the extra scrutiny. If you’re an investor: ➡️ Stop pretending the rules are neutral. They’re not. ➡️ Question your reflexes. Do you interrupt, probe risk, or delay more with female founders? The data says yes. ➡️ The market is leaving opportunity on the table. Don’t. 👇 Founders and investors: what change would make the biggest difference right now? (Data and charts courtesy of the Q2 2025 Pitchbook NVCA Venture Monitor. I did a little additional analysis using their dashboard.)

Women are over mentored and under funded. 👀 But, we're being too hush 🤫 about sharing enough insights on how to overcome the gender bias when raising, and we're not celebrating enough women that have done it to instil confidence in the gals who are going for it right now! 🧗🏻♀️ 🏆 Disclaimer: Women are doing great things right now. 🚀 Belong, a wealth-building platform, just announced that they commenced operations following the successful acquisition of €3.4 Million in pre-seed funding. This marks the largest pre-seed round ever secured by female founders in Europe. 👏 WOW. Are you sick of hearing about the hurdles women face in the startup world, especially with VC funding? Me too. I see the same stats daily on repeat. But it's time to flip the script and add some value to the conversation on "SO WHAT". 💪 Here's the deal for females who are raising: 1. VC isn't your only cash option. Think grants, angels, and female-focused investors. 2. Leverage YOUR network — those who already believe in you and your proven track record — before trying to convince new folks with biases. Be smart with who you approach first, as there is a higher chance of success already. 3. If you find yourself in a VC room, own it. Command respect. Be bolder. As Farah Emara says, "Be more aggressive" to compare to your male counterparts. This is a strategy. Don't apologize for going after what you want. In your pitch: 📊 Use data to back your strategy. 🤝 Show your deep connection to the problem you're solving. 🛣️ Outline a clear exit strategy that VCs will appreciate. 🌟 Paint a vivid picture of your big vision. Last night I attended a webinar "The female founder's guide to raising" hosted by Caleb Maru, Founder of Tech Safari. Huge shoutout to the amazing speakers: 🌍 Farah Emara, Co-founder/CEO at FreshSource Global—raised over $2M to combat food loss in Africa. 💡Hope Ditlhakanyane, Investment Principal at Founders Factory Africa—empowering early-stage founders. 🚀 Gwera Kiwana Gwera Kiwana, Co-founder of Women Who Build Africa—championing women in tech. Let's stop dwelling on obstacles and start paving the way for success. Who's with me? 🙋♀️ Add your practical tips in the comments. 👏 #WomenInTech #StartupLife #Empowerment #VentureCapital #BreakingBarriers 🌟

Want to get funded? A lot may be in the way we answer questions during a pitch. “Women can partly close the funding gap by giving promotion-focused answers to prevention-focused questions”. This is Sciences Po's key takeaway from a study aptly titled: We ask men to win and women to lose: Closing the gender gap in startup funding by Dana Kanze, Laura Huang, Mark A. Conley and E. Higgins. This study has been game-changing because from it, we gained actionable insights. What are actionable insights? They are insights based on data analysis which provide specific recommendations for taking tangible actions, which in turn will lead to results. In this specific case, it was found that men were consistently asked more ‘promotion’ questions (highlighting upside and potential gains), while women were asked more ‘prevention’ questions (highlighting potential losses and risk mitigation). Those who addressed promotion questions raised at least 5 times more. From this insight, here are some recommendations on how to modify the way we pitch to improve our chances of successfully raising: 👉 Be prepared to defend against criticisms because female founders and our presentations are subject to more challenges and pushback compared to our male counterparts. 🚀Bring them back to potential gains. 👉Anticipate the negative and prevention questions by addressing them in a slide, which you could include in the Annex, or doing so orally. Then 🚀bring them back to potential gains. 👉If prevention questions are happening during your presentation, consider it a sign to refocus the conversation. Emphasize the positive and 🚀 bring them back to potential gains. 👉Always arm yourself with objective data and 🚀 bring them back to potential gains. This last one is important: bringing them back to potential gains and emphasizing the positive is only effective if it is backed by objective data. And while things are slowly starting to change, as the Boston Consulting Group (BCG) writes: "In the short term, the reality is that women entrepreneurs must work within the flawed system even as they lobby to improve it." So if you, like me, are raising, let’s leverage everything to our advantage. There are many studies, articles and experts with decades of experience and data. Let’s transform this information into actionable insights to change our fundraising strategy and succeed. Let’s get funded! Links to two summaries of the study in the comments: one concise summary from Sciences Po and an article from the study's authors in the Harvard Business Review, however there are many more. If you would like some examples of how to answer prevention questions with promotion answers tell me in the comments. What was your pitching experience like? #fundraising #femalefounders #pitching - Follow me, I write about being an entrepreneur in France, scaling up @Monthlee parenting while founding a startup, and the gender gap. Always be raising, investors, DM if interested.