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Executive summary

Empowering women remains a common denominator and a global imperative for all those who care about fairness and diversity, but also productivity and growth of societies and economies that are more inclusive. If we can achieve this, we all gain.

Christine Lagarde, ECB President and former IMF Managing Director

Pick any of these indicators: potential increase of 26% of global annual GDP and of $160 tn of human capital wealth; 15% likelier better business performance; $5.9 tn estimated additional global market cap¹. What could we do in order to attain these indicators? The answer lies in addressing the gender employment gaps and the lack of gender-diverse decision making among the financial and business community globally. The world over, one of its best assets is underrepresented, undervalued and unevenly treated. All this, despite the evidence and data points confirming that supporting women’s economic empowerment makes not only ethical and social but also economic and business sense.

With this report, we attempt to contribute to the existing body of evidence by assessing the access-to-risk-capital conditions for women-driven companies. In particular, we analyse the trends of venture capital funding for women-led and women-founded companies in the EU and, by comparison, in the US and Israel to contextualise emergent cross-country and regional barriers and gaps. Data from PitchBook has been complemented by interviews with market practitioners of the European venture community and other stakeholders.

We find that disparities persist, with women-led companies still accounting for a small portion of deal flow and overall volume invested. That said, the rate of growth has increased across every region examined in this study, with a key contributor being the unprecedented increase in late-stage investment.

However, structural inequities and persistent biases in terms of both the supply of and demand for finance still hinder the transition to a more balanced, more accessible and ultimately better functioning funding environment. For this reason we put forth and analyse a number of options and considerations – both financial and policy-related – that could help accelerate this transition.

A growing number of investors from diverse backgrounds have come to realise the benefits of actively promoting women’s empowerment. And we have seen that as a result of this global step change, European institutions, EU Member States, FTSE 100 and other blue-chip companies, international financial institutions, and we here at the EIB, are stepping up to the plate on gender equality.

Alexander Stubb, Former Vice-President, EIB