With the pace of innovation accelerating, female founders across Europe are embracing AI-driven opportunities and doubling down on tackling the toughest challenges.

1,196 European female-founded startups raised €5.76 billion through 1,305 deals in 2024. While this marks a 12% drop from the €6.56 billion raised in 2023, the decline is in line with the broader 11% decrease in venture capital funding deployed across European companies of all genders.

The deeptech sector stands out as a major opportunity for further investment in female-led innovation, with 33% of all venture capital raised by female entrepreneurs in Europe in 2024 going to deeptech startups – 2% more than gender-agnostic startups. Key areas of innovation include synthetic biology, generative AI, and drug development.

Agata Nowicka, Founder of Female Foundry and the author of the report, commented: “We are living in unprecedented times, with the pace of innovation accelerating and AI transforming the way we live, work, interact, and think about the future. Female founders across Europe are clearly seizing new opportunities created by AI to tackle the world’s toughest challenges with deeptech emerging as a powerful arena for female-driven innovation in Europe.”

Female Foundry’s Female Innovation Index is Europe's largest report on the funnel of innovation and funding driven by female entrepreneurs, in partnership with over thirty-five private equity and venture associations, and leading European venture ecosystem players across twenty European countries.

The latest edition unpacks over 150 insights to reveal a granular, vivid picture of the funnel of female innovation in Europe.

Key findings of the report

Female-founded startups in Europe raised €5.76 billion in 2024, accounting for 12% of total venture capital investment. While this marked a 12% decline from the €6.56 billion raised in 2023, it closely mirrored the broader 11% downturn in European startup funding.

Despite the slowdown, notable deals stood out: UK-based WorldRemit secured €242 million in October, while Germany’s The Exploration Company raised €150 million in November.

Sector strength: health, fintech, and food

Investment in female-founded businesses remained concentrated in health, fintech, and food, collectively securing over €3.66 billion:

• Health: €2.06 billion
• Fintech: €1.01 billion
• Food: €591 million

Bigger rounds and stronger traction at seed stage

Female-led startups demonstrated particular strength at the seed stage, with 20% successfully progressing to Series A, compared to 18.9% across the broader European startup landscape.

Overall, funding round sizes for female-founded companies grew by an average of 7% across all stages. While early-stage (€0-€4 million) deals dropped by 29%, larger rounds remained stable or increased:

• €40 million-€100 million rounds: slight decline (-1.51%)
• €100 million-€250 million rounds: surged by 41.72%

Deeptech: a growing opportunity for female innovators

Deeptech emerged as a key focus for female-led businesses, attracting 33% of all venture capital raised by female founders – 2% higher than the overall startup ecosystem.

Notably, 81% of the top 50 funding rounds for female founders in 2024 were secured by entrepreneurs with scientific backgrounds. Leading deeptech sectors included:

• Synthetic biology: €282.4 million
• Generative AI: €221.8 million
• Drug development: €169.9 million

AI innovation picks up pace

AI played an increasingly significant role in female-founded startups, with 25% of the top 50 fundraising rounds going to AI-driven companies. Key deals included:

• Swiss Cradle: €66 million (November)
• UK-based Dexory: €50 million (October)
• Swedish Sana Labs: €50 million (October)

According to the Female Innovation Index 2025 Survey, 77% of female founders now integrate AI into their businesses.

Female-led M&A, unicorns, and IPOs gain momentum

Mergers and acquisitions (M&A) by female-founded companies rose by 15%, with 111 deals recorded in 2024, up from 100 in 2023.

Three European female-founded companies – France’s Newcleo and Pigment, and Germany’s Cardior Pharmaceuticals – achieved unicorn status, bringing the total number of female-led unicorns in Europe to 25.

Female-led IPOs also increased, with UK-based Raspberry Pi, Bulgaria’s Boleron, and Sweden’s Big Akwa successfully going public, compared to just one female-founded IPO in 2023.

Regional insights

The UK, France, and Germany accounted for 58% of all venture capital raised by female-founded businesses in Europe. The UK alone attracted 27% of total female-led VC funding.

In terms of proportional funding, Finland (30%) and Denmark (20%) led the way, followed by Norway (17%) and Austria (17%), highlighting strong regional backing for female entrepreneurship.

While challenges remain, 2024 showcased resilience and growth for female-founded startups, with larger funding rounds, increasing deeptech investment, and a strong pipeline of AI-driven businesses shaping the future.

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