In 2024, 1,196 female-founded startups across Europe raised €5.76B through 1,305 funding rounds. While this represents a 12% drop from the €6.56B raised in 2023, it reflects the broader 11% decline in overall venture capital funding across all European startups. Despite the downturn, female-founded businesses secured 12% of all venture capital raised in Europe last year.

The deeptech sector is emerging as a prime area for further investment in female-driven innovation, with 33% of all venture capital raised by female founders directed at deep tech startups, a 2% increase over their gender-agnostic counterparts. Prominent areas of focus include synthetic biology, generative AI, and drug development.

Agata Nowicka, Founder of Female Foundry and author of the report, said: “We are in unprecedented times, with innovation accelerating rapidly and AI transforming our lives. Female founders across Europe are seizing AI-driven opportunities, tackling global challenges head-on, and propelling deep-tech as a powerful avenue for change.”

The Female Innovation Index is the largest report in Europe tracking innovation and funding funnelled by female entrepreneurs, produced in partnership with over 35 private equity and venture associations, and key players in the European venture ecosystem across 20 countries.

Key insights from the 2025 report:

  • Female-Founder funding mirrors market trends:
    Female founders in Europe raised €5.76B in 2024. The 12% drop is in line with the broader 11% decline in venture capital across all European startups. The UK-based WorldRemit (€242M) and Germany’s The Exploration Company (€150M) were the largest funding rounds of 2024.

  • Health, Fintech, and Food dominate funding:
    The sectors attracting the most venture capital include health (€2.06B), fintech (€1.01B), and food (€591M), underscoring the focus on essential industries during uncertain times.

  • Seed Stage success and growing round sizes:
    Female founders continue to outperform at the Seed stage, with 20% of Seed-stage companies reaching Series A—slightly ahead of the broader European average (18.9%). Funding rounds for female-led startups are also increasing in size, with a 7% rise in round size compared to 2023. The number of $0-$4M rounds decreased by 29%, while larger rounds ($40M-$100M) remained stable, and $100M-$250M rounds rose by over 41%.

  • Deeptech Investment Opportunities:
    Deeptech continues to be a prominent focus, with 33% of venture capital raised by female entrepreneurs going into deep-tech startups. Notable sectors include synthetic biology (€282.4M), generative AI (€221.8M), and drug development (€169.9M).

  • AI Innovation gains traction:
    AI-driven startups are picking up momentum, with 25% of the 50 largest funding rounds for female founders in 2024 directed at AI companies. Major rounds include Swiss-based Cradle (€66M), UK’s Dexory (€50M), and Swedish Sana Labs (€50M). Currently, 77% of female founders leverage AI in their businesses.

  • M&A, Unicorns, and IPOs accelerate:
    Female-founded companies saw a 15% rise in M&A activity in 2024, with 111 deals recorded. Three female-founded companies—France’s Newcleo, Pigment, and Germany’s Cardior Pharmaceuticals—reached unicorn status, adding to the growing list of 22 companies valued at over €1B. There was also a notable rise in IPOs, with UK’s Raspberry Pi, Bulgaria’s Boleron, and Sweden’s Big Akwa successfully going public.

  • Regional funding trends:
    The UK, France, and Germany continue to lead in funding for female-founded startups, accounting for 58% of the total VC capital raised by female founders in 2024. Finland and Denmark stand out for allocating the highest proportion of venture capital to female-led companies, at 30% and 20%, respectively.

A landmark year for Female Entrepreneurs

The Female Innovation Index 2025 underscores the continued resilience and growth of female founders in Europe, particularly in sectors like AI and deep tech. As the continent faces global challenges, female entrepreneurs are poised to play a key role in shaping the future of innovation. With record levels of funding, rising M&A activity, and an increasing number of female-led unicorns, the future of female entrepreneurship in Europe has never looked more promising.

Founded in 2020 in London by Agata Nowicka, Female Foundry is a venture platform of over 7,000 investors and female founders across Europe.