波士顿咨询：2023年欧洲女性创业公司报告 Women-led startups losing across the board from creation to funding,in all key European markets

JUNE2023

Women-ledstartupslosing

acrosstheboard:from

creationtofunding,inall

keyEuropeanmarkets

4thSISTAxBCGbarometerongenderparityforstartupcreation&funding,

covering5Europeancountries:France,UK,Germany,Spain,Sweden

Copyright©2023byBostonConsultingGroup.Allrightsreserved.

INTRODUCTION|Whygenderparitymatters

Thetechstart-upsindustryfacedamajorcrisisin2022duetotheprevailingeconomiccontextofinflation,risinginterestratesanddecreaseinthevolumeoffundraising

rounds.Historically,whenaneconomiccrisisoccurs,womentendtobethefirsttosuffertheeconomichit.Thegendergapinfundingisnoexception.

ConsideringthecatastrophicsituationacrosstheAtlantic,wherestart-upsfoundedbywomenexperiencedadeclineofover20%inVCfundingallocationinthepastyear

(droppingfrom2.4%to1.9%),itpiquedourcuriositytoexplorethesituationinEurope.Ourobjectiveistoassesstherepresentationofwomenwithinthestart-upecosysteminEurope.Theresultsareconcerning,tosaytheleast.

Onceagain,wehavedecidedtocollaboratewithBCG,strengtheningourpartnershipestablishedin2019.SISTAxBCGproudlypresentthefirstEuropeanBarometeronthefinancingconditionsforwomenleadersinstart-ups.Weaimtodeliveranunbiasedandcomprehensivedataanalysisthatactasacatalystfordrivingchangeinthetechworld.

Achievinggenderparityisnowvital,asitwillboosteconomicgrowth,unlocknewperspectivesanddriveabetterfuture.

1

1.Source:

TechCrunch

Copyright©2023byBostonConsultingGroup.Allrightsreserved.

2

ThefirstSISTAxBCGEuropeanbarometer

3formereditionsofthebarometer

After3editionsoftheSISTAxBCGbarometer,focusingmainlyongenderinequalitieswithintheFrenchtechandstartupecosystem,this4theditionaimsatbroadeningthescopeoftheanalysesandexploringtrendsanddifferencesacross5Europeancountries(France,UK,Germany,SpainandSweden)

In2023,scalingthebarometertoaEuropeanlevel

•Constitutionofadatabaseof1,788startupcreationsand6,157fundraisingsin2022coveringFrance,UK,Germany,Spain,SwedenmadeouttheunionofCrunchbaseandDealRoomextracts

•Exclusions:

•Post-IPOgrowthstages

•Companiescreatedmorethan15yearsago1

•Legalestablishmentswhichdidnotcorrespondtoanentrepreneurialreality

•De-duplicationlogic:

•Unionoflargestsetoffounderswithindatabase

•1datapointperfundraising,withamax.of2fundraisingsperstartupandperyear

•Genderqualification:

•Useofagendermatchingalgorithm(800k+firstnames)

•Manualenrichmentoffounders'namesandgendersformissingdatapoints,viaLinkedIn,startups'websitesandpressreleases

1.Orwithnocreationdaterecordedindatabases

Copyright©2023byBostonConsultingGroup.Allrightsreserved.

Womenarestillunder-representedinstartups;

situationdeterioratesalongtheirjourney

Overall,in2022,women-foundedstartupsaccountforonly10%ofstartupscreated,7%offundraisingscarriedoutandonly2%offundsraised.

Withlessthan1in4startupscreatedthatincludesawomanasfounder,genderequalitylagsbehindacrossEurope.

AcrossFrance,UK,Spain,GermanyandSweden,only10%ofstartupcreatedin2022havebeencreatedbywomen-onlyteams,12%bygender-mixedteams.Swedenappearstobethefront-runnerwith~1startupin3createdbyonewomanatleast,whileFrance&Spainhitbottomwith~1startupin5.

Worsestill,lessthanafifthofthemoneyraisedgoestoafoundingteamthatincludesawoman.Theaverageamountraisedbywomen-onlyteamsremains~4xlowerthanmen-onlyteams.

Womenraisesignificantlylessthanmeneveninindustrieswithhighestshareofwomenfounders1.Dependingoncountries,men-foundedstartupscapture77%to91%ofthetotalfundsraised,leavingonly7%to22%forgender-mixedteamsandonly1%to5%towomen-onlyones.Womenareexcludedfromlargefundraisingoperations:94%oftheirfundraisingswerebelowe15M,andonly2operationsareabovee50M(vs.215formenin2022).Thelackofwomenentrepreneursisnottheonlyissue:inSweden,teamsincludingwomencreate30%ofstartupsbutonlyget12%ofthefundsraised.

Andinequalitiesexacerbateovertime.Amountsraisedbywomentendtoreachaglassceilingafter6yearsofstartupexistencewhileamountsraisedbymenboom.

Consequently,financinggapwidensovertime,reaching10xinaverageafter9years.Theshareofwomen-onlyteamsconsistentlydecreasesasfundingroundsproceed,from7%ofthefundraisingscarriedoutatthe"Angel/Pre-Seed"stageto2%inseriesD+.

3

1.Fashion/Wellness,Lifestyle,Healthcare

Sources:Crunchbase,Dealroom;BCGanalysis

Copyright©2023byBostonConsultingGroup.Allrightsreserved.

Gender-mixedteamsremainsthemostrealisticoptionforwomentocreate&scaletheirstartup

Overall,gender-mixedteamsfacemuchlessinequalitiesthanwomen-onlyteams

Women'spresencewithinstartups'foundingteamsismostlydrivenbygender-mixedteamstoday.61%ofgender-mixedteamsarealreadyatparity.

75%ofthe~1in4fundraisingscarriedoutbyafoundingteamincludingawomancomefromagender-mixedteam.55%ofwomenpartnerwithmentocreateastartup,whereas33%ofthemgosoloand12%partnerwithotherwomen.Womenpartner3,5xlesswiththeirpeersthanmendo,andstartabusinesssolo25%lessthanmen.

Womenhaveraised~3xmoreingender-mixedteamsthaninwomen-onlyteamsin2022.

Womenraiseinaveragee12Mwhenpartneringwithmen,vs.onlye4Minwomen-onlyteams.Whilewomen-onlyteamsraise~4xlessthanmen-onlyteam,thisgapisreducedto1.4xforgender-mixedteams.

Womeningender-mixedteamsraisealmostasmuchasmen-onlyteamsinthefirst9years.

Thebestbetforwomenistopartnerwithmen,asgender-mixedteamsraiseinaveragesimilaramountsthanmenbeforestartupsreach9yearsold.Thereare3xmoregender-mixedteamsfundedatearlystages(Angel/Pre-Seed,Seed,SeriesA)thanwomen-onlyteams,6xmoreatlaterstages(seriesD+).

4

Sources:Crunchbase,Dealroom;BCGanalysis

Copyright©2023byBostonConsultingGroup.Allrightsreserved.

Europe:unequalsituationbutnoparitychampion

Overall,thereisnogenderparitychampionforstartupsamongthe5Europeancountriesstudied

Swedenoffersthemostfavorableenvironmentforwomentostartabusiness,buttheworstonetoscaleit…

With1in3startupscreatedgatheringawoman,and2in10menpartneringwithwomenatcreation,Sweden'sstartupecosystemisthemostopentowomen.However,whenitcomestoattractinginvestments,women-onlyteamscapturetheleastfunds(1%),withlowestaverageamount(e1.8M)andwidestgapvs.men-onlyteams(14x).

…WhiletheUKisthemostadvancedecosystemforwomenwhenconsideringbothcreations&fundraisings.

TheUKranksalmostsystematicallyintheTop2countriesforbothgender-mixed&women-onlyteamsacrossalldimensionsstudied.Differentinitiativesinfavorofwomenareobserved,suchasVCfundsfocusingonwomen-only

startupsandgovernmentalprogramsfosteringwomenentrepreneurship.

InFrance,women-onlyteamsparticularlystruggle,whilegender-mixedteamsseemtocopebetter…

Itisespeciallydifficultforwomenatcreation:thisiswherewomenstarttheleastabusinesssolo(only25%),wheretheyteamtheleasttogether(only37%),andwheregender-mixedteamshavethelowestparity.Lessinequalitiesareobservedwhenitcomestofunding,resultingfromthedifferentinitiativesimplementedbyfundsinthepastyears.

…WhereasinGermany,mixed-teamsarealsohighlypenalized.

Germanyiswheremen-onlyteamstakeitallthemost:77%innumberoffundraisings,91%intotalamountraised.Gender-mixedteamsdonotfarebetter,raising~2.4xlessthanmen-onlyteams.

Spain'sstartupecosystemisatypical,asitismorefavorabletowomen-onlyteamsthangender-mixedteams.

Spainhostsoneofthelargestwomen-carriedfundraising(Unavets)whilebeingasmall&emergingecosystem.However,outliersapart,inequalitiesfacedwomenarestillveryhigh.

5

Sources:Crunchbase,Dealroom;BCGanalysis

Copyright©2023byBostonConsultingGroup.Allrightsreserved.

Withtheriseofinterestrates,privateinvestors

havevanished,thereisnocapitalanymore.

Weseemanystartupsgoingoutofbusiness,

women-foundedonesfirst&foremost.

Privateinvestorsarenervous:SeriesB+are

frozen;SeriesAarestillhappening,butinvestors

aremorecarefulwhenpullingthetrigger.

Markethascompletelycrashed;there'saclearknock-downcomparedto2021.

2022:Anunfavorablecontextforstartupsoverall,impactingnegativelygenderparity

Sources:interviewsofVCfromFrance,UK,Germany,Spain&Sweden

6

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Women-onlyteams

1

2

3

4

1

2

3

4

5

%ofstartupscreated

%offundraisingscarriedout

8%

7%

7%

7%

5%

%offundsraised

5%

2%

2%

2%

1%

1

10%7%7%3%0%

%offundraisings>15M€

TheUKstartupecosystemseemsthemostfavorableforwomenoverall,Germany&Spainareleastadvanced

Mixedteams

5

11%11%10%8%8%

19%13%12%11%10%

20%

20%

19%

18%

17%

22%

13%

12%

12%

7%

17%

16%

14%

10%

6%

1.OnesignificantfundraisingbysolowomaninSpain(Unavets,€114Mvs.2ndlargestfundraisingbyawomen-onlyteaminSpain:€26M)drivingcountry's

result,Spain#4withoutUnavetsin%offundsraised

7

Source:Crunchbase,Dealroom;BCGanalysis

Copyright©2023byBostonConsultingGroup.Allrightsreserved.

Startupcreation

In2022,lessthan1in4startupcreatedincludeawomanaspartoftheirfoundingteam,1in3inSweden

%ofstartupscreatedin2022

239

504

96

775

174

1.788

7%

13%

19%

79%

70%

11%

12%

10%

12%

10%11%

8%10%

77%

78%

82%

80%

11%

21%

20%

23%

22%

30%

18%

Total

Typesoffoundingteams:Women-onlyMixedMen-only

Sources:Crunchbase,Dealroom;BCGanalysis

8

Copyright©2023byBostonConsultingGroup.Allrightsreserved.

1.4

1.4

1.8

1.3

1.3

61%ofmixedfoundingteamsareatlessinFrance,11ppbelowaverage

%ofstartupscreatedin2022byamixedteam

Startupcreation

parity;significantly

1.4

50%

11%

47%

29%

61%

11%

22%

28%

61%

60%

67%

65%

32%

32%

6%

7%

8%

3%

Total

Degreeofparity:MajorityofmenMajorityofwomenParity

RatioMen:Women1.4(1.4menfor1womanintheteam)

Numberofmixedstartupscreated:France=30startups,UK=62startups,Germany=88startups,Spain=18startups,Sweden=18startupsSources:Crunchbase,Dealroom;BCGanalysis

9

Copyright©2023byBostonConsultingGroup.Allrightsreserved.

Startupcreation

Womentendtocreatestartupsinconsumerindustries,especiallyinFashion/Wellness

%ofstartupscreatedin2022,perindustry

51451044748621421572936896

6%10%

37%

12%

7%

15%

11%

11%

13%

8%

12%

24%

15%

18%

11%

15%

13%

6%

6%

7%

5%

20%

69%70%74%79%76%80%80%83%84%80%

43%

37

8%

92%

Fashion/

Wellness

Lifestyle1HealthcareRealEstateFood

Kids/

Education

Media/FintechBusinessSports/IndustrialsTransportation

MarketingServicesGaming

Typesoffoundingteams:Women-onlyMixedMen-only

1.Lifestyleincludestravel,home,leisure,wine&spirits,…

Numberofstartupscreated:France=165startups,UK=349startups,Germany=441startups,Spain=129startups,Sweden=66startups

10

Numberoffundraisings:France=1036fundraisings,UK=2402fundraisings,Germany=1071fundraisings,Spain=607fundraisings,Sweden=425fundraisings

Sources:Crunchbase,Dealroom;BCGanalysis

Copyright©2023byBoston

Menfounders

Only~1in10menpartnerwithwomentostartabusiness,while~1in2womenpartnerwithmen

%ofstartupscreatedin2022

Startupcreation

Womenfounders

14%14%13%11%

79%

13%

21%

86%

89%

86%

87%

87%

Total

Typesoffoundingteams:Women-onlyMixed

Numberofstartupscreated:France=239startups,UK=504startups,Germany=775Sources:Crunchbase,Dealroom;BCGanalysis

52%54%56%

46%

55%

44%

48%

45%

62%

63%

38%

37%

Total

ConsultingGroup.Allrightsreserved.

Men-only

startups,Spain=174startups,Sweden=96startups

11

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63%

11%

13%

13%

43%

13%

14%

40%

50%

37%

52%

54%

55%

56%

41%

48%

9%

39%

12%

15%

46%31%

13%

31%

12%

25%

-25%

46%

44%

33%

41%

Startupcreation

Womensolofoundersare25%lessfrequentthanmen

%ofstartupscreatedin2022

21%

62%

44%

35%

31%

7%

Average

Numberofstartupscreated:France=239startups,UK=504startups,Germany=775startups,Spain=174startups,Sweden=96startups

Sources:Crunchbase,Dealroom;BCGanalysis

12

Copyright©2023byBostonConsultingGroup.Allrightsreserved.

27%

Startupfunding

Only~1in4fundraisingarecarriedoutbyafoundingteamthatincludesawoman

%offundraisingscarriedoutin2022

1,182

2,666

1,176

664

469

6,157

20%

76%

20%

77%

75%

73%

74%

73%

19%

19%

18%

17%

4%

7%

7%

7%

7%

7%

26%

27%

24%

25%

23%

Total

Typesoffoundingteams:Women-onlyMixedMen-only

Sources:Crunchbase,Dealroom;BCGanalysis

13

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2%

Startupfunding

Women-onlyteamscapturenomorethan2%offundsraised

%oftotalamountraisedin2022

M

€37,295M

€13,031M

€3,657M

4%12%

7%2%

19%

M

88%

86%

84%

83%

91%

79%

Total

Only2%capturedbywomen-onlyteamswithoutUnavets1

Typesoffoundingteams:Women-onlyMixedMen-only

1.SignificantfundraisingbysolowomenstartupinSpain(€114M)drivingcountry'sresult(2ndlargestfundraisingbyawomen-onlyteaminSpain:€26M)Crunchbasedatain$convertedinto€attheaveragerateregisteredbytheEuropeanCentralBankbetween01/01/2022&31/12/2022

Numberoffundraisings:France=1037fundraisings,UK=2106fundraisings,Germany=885fundraisings,Spain=538fundraisings,Sweden=383fundraisingsSources:Crunchbase,Dealroom;BCGanalysis

14

Copyright©2023byBostonConsultingGroup.Allrightsreserved.

7%2%11%7%2%10%4%2%8%7%4%11%7%1%

7%

100%

50%

0%

2

3

Startupcreation&funding

Overall,women-foundedstartupsaccountfor10%ofstartupscreation,7%offundraisings,2%offundsraised

%ofstartupscreated(1)vs.%offundraisingscarriedout(2)vs.shareofamountraised(3)in2022

10%7%2%

1

Average

Women-onlyMixedMen-only

3:Only2%forwomen-onlyteamswithoutUnavets1

Typesoffoundingteams:

1.SignificantfundraisingbysolowomenstartupinSpain(€114M)drivingcountry'sresult(2ndlargestfundraisingbyawomen-onlyteaminSpain:€26M)

Crunchbasedatain$convertedinto€attheaveragerateregisteredbytheEuropeanCentralBankbetween01/01/2022&31/12/2022

Numberofstartupscreated:France=239startups,UK=504startups,Germany=775startups,Spain=174startups,Sweden=96startups.Numberoffundraisingswithamount

known:France=1037fundraisings,UK=2106fundraisings,Germany=885fundraisings,Spain=538fundraisings,Sweden=383fundraisings

15

Sources:Crunchbase,Dealroom;BCGanalysis

Copyright©2023byBostonConsultingGroup.Allrightsreserved.

Averageamountraisedin2022(€M),gapsvs.men-onlyteams

x4.0

x4.1

x4.3

x3.4

14

x

x1.7

x2.0

x1.5

x1.1

x1.4

25.4

19.1

17.0

14.6

12.8

9.8

6.2

5.1

3.5

1.8

17.2

7.5

5.7

4.4

4.3

17.0

12.1

Startupfunding

Women-onlyteamsraise~4xlessthanmen-onlyones;gapmorethan3xaboveaverageinSweden(x14vs.x4)

3.9xgapvs.menwithoutUnavets1

x1.3

x2.8

4.2

Average

Onlye1.9Mraisedby

women-onlyteams

withoutUnavets1

Typesoffoundingteams:Women-onlyMixedMen-only

1.SignificantfundraisingbysolowomenstartupinSpain(€114M)drivingcountry'sresult(2ndlargestfundraisingbyawomen-onlyteaminSpain:€26M).

Numberoffundraisingswithamountknown:France=1037fundraisings,UK=2106fundraisings,Germany=885fundraisings,Spain=538fundraisings,Sweden=383fundraisings

16

Crunchbasedatain$convertedinto€attheaveragerateregisteredbytheEuropeanCentralBankbetween01/01/2022&31/12/2022

Sources:Crunchbase,Dealroom;BCGanalysis

Copyright©2023byBostonConsultingGroup.Allrightsreserved.

women-only

startups

createdin

37%

24%

18%

15%

15%

11%

8%

7%

6%

6%

5%

2022

x3.4

x2.7

x3.0

x10

x3.5

x2.2

x3.1

x6.9

x0.5

Startupfunding

Acrossallindustries,averageamountsraisedbywomenareminimumtwicelowerthanmen-onlystartups

Averageamountraisedin2022(€M),perindustry

Shareof

0%

2.6xgapvs.menwithoutKarmaKitchen3

x11

41.7

x5.6

39.4

28.7

26.5

23.2

17.9

14.7

15.4

12.6

7.4

11.4

13.613.2

10.29.6

6.9

5.2

9.36.7

7.4

6.9

6.6

5.8

5.2

4.7

4.2

4.2

4.1

3.2

7.8

4.7

1.8

1.6

1.5

2.0

Fashion/Wellness

Lifestyle1HealthcareRealEstateFood

Kids/Education

Media/FintechBusinessSports/

MarketingServicesGaming2

Typesoffoundingteams:Women-only

IndustrialsTransportation

Men-only

1.Lifestyleincludestravel,home,leisure,wine&spirits,…2.2fundraisingsinthisindustry,amountsundisclosed.3.KarmaKitchen(UK)raisedM€i0dM

Numberoffundraisings:France=1036fundraisings,UK=2402fundraisings,Germany=1071fundraisings,Spain=607fundraisings,Sweden=425fundraisings

Sources:Crunchbase,Dealroom;BCGanalysis

17

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2

16

281

806

17

85

116

404

3,096

Typesoffoundingteams:Women-onlyMixedMen-only

Startupfunding

Largefundraisingsbywomen-onlyteamsarescarce;only

2operationsabove€50Mcarriedbywomenvs.215bymen

Distributionofamountsraisedin2022(innumberoffundraisings),inFrance,Germany,Spain,SwedenandUKcombined

505

126

135

4,183

25

101

215

>€0Mto≤€15M>€15Mto≤€50M>€50Mto≤€100M>€100M

Only1fundraisingcarried

outbywomen-onlyteams

withoutUnavets1

1.SignificantfundraisingbysolowomenstartupinSpain(€114M)drivingcountry'sresult(2ndlargestfundraisingbyawomen-onlyteaminSpain:€26M)

Numberoffundraisingswithamountknown:France=1037fundraisings,UK=2106fundraisings,Germany=885fundraisings,Spain=538fundraisings,Sweden=383fundraisings

Crunchbasedatain$convertedinto€attheaveragerateregisteredbytheEuropeanCentralBankbetween01/01/2022&31/12/2022

Sources:Crunchbase,Dealroom;BCGanalysis

18

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Startupfunding

~94%ofthefundraisingscarriedoutbywomendonotexceed€15M(-11ppvs.men);0%exceed€50M(-6pp)

Distributionofamountsraisedin2022(innumberoffundraising)

8701192424

1,7602136766

130

359

1,271

9

42

162

15

52

121

53

€0M€15M€50M€100M

Women-onlyMixed

7341032523

374

12

141

23

22

556

87

3

€0M€15M€50M€100M

Men-only

49229710

32741312

25

9

63

3

239

32

9

3

€0M€15M€50M€100M

182

23

659

150

99

61

18

6

1

28

4

93

3712468

1

1

1

1

€0M€15M€50M€100M

€0M€15M€50M€100M

0fundraising>€100M

carriedoutbywomen-only

teamswithoutUnavets1

Typesoffoundingteams:

1.SignificantfundraisingbysolowomenstartupinSpain(€114M)drivingcountry'sresult(2ndlargestfundraisingbyawomen-onlyteaminSpain:€26M)

Numberoffundraisingswithamountknown:France=1037fundraisings,UK=2106fundraisings,Germany=885fundraisings,Spain=538fundraisings,Sweden=383fundraisings

19

Crunchbasedatain$convertedinto€attheaveragerateregisteredbytheEuropeanCentralBankbetween01/01/2022&31/12/2022

Sources:Crunchbase,Dealroom;BCGanalysis

Copyright©2023byBostonConsultingGroup.Allrightsreserved.

5%

5%

7%

12%2%

14%3%

Startupfunding

Womenonlyaccountfor7%ofearliestfundraisingscarriedout,downto2%atlaterrounds

%offundraisingscarriedoutin2022,pergrowthstage,inFrance,Germany,Spain,Sweden&UKcombined

6961,2765211866542

3%

18%

20%

17%

21%

72%75%77%80%83%86%

Angel/Pre-Seed1SeedSeriesASeriesBSeriesCSeriesD+2

Typesoffoundingteams:Women-onlyMixedMen-only

Note:Thisscopeexcludesthefollowingfinancingtypes:Buyout,ConvertibleNote,CorporateRound,Debt,EquityCrowdfunding,Grant,GrowthEquityVC,M&A,Non-EquityAssistance,PrivateEquity,ProductCrowdfunding,SpacIPO,Spin-out,SupportProgram,andallfundraisingswithseriesunknownoramountundisclosed

Numberoffundraisingswithgrowthstageknown:France=481fundraisings,UK=1237fundraisings,Germany=685fundraisings,Spain=240fundraisings,Sweden=143fundraisings

20

1."Angel/Pre-Seed"alsoincludesearlystageventure.2."SeriesD+"includesseriesD,E,F,GandH

Sources:Crunchbase,Dealroom;BCGanalysis

Copyright©2023byBostonConsultingGroup.Allrightsreserved.

x3.0

x1.1

x2.8

x4.5

7.58.1

2.7

Startupfunding

Themorematurethestartup,thewiderthefinancinggapbetweenmen-only&women-onlyteams

Averageamountraisedin2022(€M),perstartupage,inFrance,Germany,Spain,Sweden&UKcombined

x10.0

x3.0

68.7

x0.9

30.727.9

23.1

x1.3

15.8

12.3

6.9

5.7

6.2

≥0yearto≤3years>3yearsto≤6years>6yearsto≤9years>9years

Typesoffoundingteams:Women-onlyMen-only

Crunchbasedatain$convertedinto€attheaveragerateregisteredbytheEuropeanCentralBankbetween01/01/2022&31/12/2022Sources:Crunchbase,Dealroom;BCGanalysis

Numberoffundraisingswithamountknown:FranMceie10d37fundraisings,UK=2106fundraisings,Germany=885fundraisings,Spain=538fundraisings,Sweden=383fundraisings

21

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AccordingtoVC,stillalongwaytogoforgenderparityinstartups,aboveallsincemarketcrashedin2022

Commontrends

•

•

•

2020-21wereincredibleyearsfortheVCecosystem,drivenbytheenteringofprivateinvestors.Therewasasignificantbacklashin2022(duetorecession,inflation,highinterestrates,etc.)withacompletecrashofseriesB+andaslowdownofseed&seriesA

Theecosystemisstillstronglyindisfavorofwomen:

–VCisstilla"boys'club",difficulttoenterwithoutthesamebackgroundoruniversities;yet,theytendtohiremorewomenatjuniorlevels

–Veryfewinitiativesfromgovernmentstofosterwomenentrepreneurship

–Aswomenlackrolemodels,theytendtospecializeinSTEM&createastartuplessthanmen

However,somedriversforgenderparityarise:

–Moredataisavailableonline:womenstartupscannowbetargetedmoreeasily,eventhoughtheydonotbelongtothe"club".

–Moreworkshops&coursesonentrepreneurshipatuniversitylevelstargetingwomen,drivingmorewomentofoundastartup

At

country

level

•Moreadvancedthanothercountriesintermsofgovernmentalpush

(e.g.BPI).

•However,FranceisstilllaggingbehindtheNordicsandtheUS

whenitcomestospeakingaboutandaddressingthegenderdiversityissue

•

•

Significantpartofthecreations&fundraisingsregisteredintheUKarecarriedoutbyfoundersfromoutsidetheUK,esp.fromEasternEurope

Solomenfoundersraisemorethanmixedormenteamsbecauseofa

fewsuccessfulserialentrepreneurs

•Moresubstantialfundraisingcarriedoutbywomengettingviralinmedia,creatingrolemodels

•Investorstakemoreforgrantedthatthereisnodifferencebetweenmen&women,andtrytobuildbalancedportfolios

•Smallpoolofwomenentrepreneurshencethesmallamountoffundraisings

•ThereisahugepushfromLimitedPartners(VCinvestors)formorediversity

•Manywomenrole

modelsinhigh-

responsibilitypositions

andanincreasing

interestforwomento

foundstartupsinsocial

impact

22

Copyright©2023byBostonConsultingGroup.Allrightsreserved.

CONCLUSION|Call-to-actions

Thefundinggapbetweenmenandwomeninstart-upssendsaclearmessage:thereisstillmuchworktobedone,anditisurgent.Thosestart-upsareshapingtomorrow’sworldanditshouldn’thappenwithout50%ofthepopulation’sinputs.

DespitedifferencesamongEuropeancountries,nonecanclaimtobeagenderparitychampion.Andthelackofwomenintheentrepreneurshippipelinedonotexplainthese

results,asdemonstrated.

Itistimeforallstakeholderstouniteandtakeimmediatemeasurestoaddressthebiasesthatperpetuatethesedisparities,whichcanamounttoasmuchasa35%infundinggaps1.

Byacknowledgingtheurgencyofthesituation,wetaketheleadindrivingeffortstotacklechange.TheSISTAcharter,forinstance,servesasacomprehensiveframeworkforinvestorsandVCfirmstoenhancegenderparity.Bysigningit,theycommittosupportgenderrepresentationmeasurement,toadoptinclusiverecruitmentandinvestmentpractices,andpromotingbestpracticesintheindustry.BecomingaSISTAInvestorAllymarksafirststeptowardachievinggreatergenderequity.

Together,wecanforgeanewpathforwardwherewomenentrepreneurshaveeveryopportunitytoexcelandmaketheirmarkinthestart-upworld

23

1.Source:

ColumbiaResearch

Copyright©2023byBostonConsultingGroup.Allrightsreserved.

Fintech

RealEstate

Food

Industrials

BusinessServices

Sport/Gaming

Transportation

Healthcare

Fashion/Wellness

Kids/Education

Media/Marketing

Lifestyle

Startupsweregroupedinto12industries

Fintech,financialservices,finance,payments,crypto,banking,tradingplatform,credit,f