Based on over 50,000 UK tech grant enquiries received in 2024, this disparity highlights ongoing funding challenges for women in tech, although there are encouraging signs of progress.

For one, the enquiry data highlights that while male-led businesses are 1.3 times more likely to request large grants (£500,000+), this difference largely reflects industry trends rather than a gap in ambition.

Female-led businesses are more likely to operate in sectors where smaller grants (£1,000–£9,000) are common, such as community initiatives, education, and healthcare, whereas male-led businesses tend to be in industries that require larger capital investments, like energy, transportation, and finance.

Once industry differences are factored in, the difference in large grant requests is minimal – women were just 3.1% less likely than men to apply for £500K+ funding, while they were 4.6% more likely to seek smaller grants.

The latest figures from Innovate UK show that one in three successful grant applications were led by women – a dramatic improvement from just one in seven in 2016.

This shift is also reflected in the rise of women-led businesses. In 2023, female founders accounted for 18% of new UK company formations, a 4% increase from 2022, according to Companies House.

Initiatives like the Women in Innovation Awards are crucial in facilitating this movement, providing funding, mentorship, and support to help female entrepreneurs scale their businesses and drive innovation.

Grantify is also pioneering change to bridge the gender funding gap by helping underrepresented entrepreneurs access funding opportunities through expert guidance, data-driven insights, and tailored support. As gender diversity in tech funding continues to evolve, these efforts could be vital in levelling the playing field.

Stephanie Ward, Senior Funding Consultant at Grantify, comments: “The data in this report highlights both the progress and the challenges that still exist for women in tech funding. While we’re seeing more female founders come to us with groundbreaking ideas – and securing significant funding – the fact that men still dominate large grant applications shows there’s more work to be done.

“At Grantify, we believe that access to funding should be based on innovation and impact, not gender. Diversity is core to who we are as a company, and we’re committed to breaking down barriers so that all founders, regardless of gender or background, have the support they need to thrive.”

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