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European Women-Led Scale-ups Report Summary

Value Creation

• Women-led scale-ups have grown 6.5x in value since 2017, reaching €70B, outpacing the European average growth.
• The UK dominates value creation (42%), but other countries like Finland, Italy, and Portugal show higher diversity in value distribution.
• Growth rates vary by country and region, with the Nordics and Southern Europe showing strong performance.

Funding Pathway

• Women-led scale-ups face challenges in seed-stage funding but convert better to Series A at a higher rate and in shorter timeframes.
• VC investment in women-led scale-ups rose to €4.1B in 2022, but RIS countries underperformed compared to the European average.
• Series B and C rounds show increased participation for women-led scale-ups, indicating changing fundraising patterns.

Sector Highlights

• Women-led scale-ups are underrepresented in sectors like Enterprise Software, Fintech, and Health, but are prominent in impact and deep tech.
• Deep tech and sustainable development focus on goals like climate action and good health, with women-led companies more likely to be impact-driven.
• Growth in impact and deep tech sectors positions women-led scale-ups as key players in innovation.

Investor Landscape

• Female founders face barriers in investment team diversity, equal pay, and career progression.
• Initiatives like female-only funds and mentorship programs are emerging to support and invest in women-led startups.
• International investors are increasing their share in funding women-led scale-ups across Europe.

Unicorn Analysis

• Only 8% of EU27 unicorns have at least one woman in their founding team, with Finland showing the highest proportion (25%).
• Women-led unicorns raise less funding and value compared to all-male teams, highlighting opportunity gaps.
• Industries like Fashion and Robotics show higher gender diversity in unicorns.

Methodology

• Scale-ups are defined as companies with 50–500 employees, founded post-1990, and analyzed based on VC funding or exits.
• Data is derived from publicly available sources and self-identification, with limitations noted on completeness.
• The report emphasizes bridging the gender data gap through community collaboration and transparency.