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1、Table of contents1.Value creation2.Finding pathway3.Sector highlights4.Investor landscape5.Unicorn analysis6.MethodologyCo-authorsWhy this report?EIT Food and Dealroom partnered up to present a report on European women-led scaleups and their significance in terms of VC investment and growth.This rep
2、ort sheds light on the achievements of women-led scaleups and singularly on the role of women in driving the next wave of disruption and innovation in European tech.A few words on our methodology.Dealroom does not infer or assume the gender of founders,investors or users its platforms.Instead we wor
3、k with publicly available data sourced from news feeds,professional social media and,crucially,with the wider community:thousands of users self-identified on our Global App and a network of 70+ecosystem platforms powered by Dealroom.Closing the diversity data gap we need your helpIn spite of our bes
4、t efforts,data on Gender&Diversity in the the tech sector remains scarce.This report by no means constitutes a comprehensive landscape of the role and contribution of Women to Europes tech scene.It builds on partial data to help highlight some notable achievements.This report came to life to help br
5、idge the data gap on Gender and diversity,but we need your help:Amparo San JosEntrepreneurship Programme ManagerEIT FoodLouis Geoffroy-TerrynEcosystem Research Lead Dealroom.coGarret FrankInnovation AnalystDealroom.coCarla NapoleoInnovation Analyst Dealroom.coClaim your profileFOREWORD BYTaking conc
6、rete measures towards gender equality in the tech is core toour mission here at the EIT.We know that in 2023 there are sadly stillhistoric and systemic barriers to womens increased participation in techcompanies.We therefore have developed programmes that unlockopportunities for women in as many way
7、s possible from increasing thenumber of girls learning digital skills to increasing the number of womeninvestors.Empowering women in agrifood guides women in creating businessesthat directly address specific challenges in the agrifood industry.TheENGIE project encourages girls to study geosciences a
8、nd engineering.Women in Urban Mobility empowers women to bring their perspectivesto shape more inclusive urban spaces.And our Girls Go Circularprogramme is giving thousands of secondary school age girls acrossEuropethekeysto afutureinSTEAMsubjectsandbusiness.This online learningspace lets learners e
9、xplore and grow into future techleaders in the circular economy that will be needed to preserve ourplanet.We have also set ourselves ambitious targets to ensure that highnumbers of women are among those skilled through our new flagshipdeep tech talent initiative that aims to skill 1 million tech tal
10、ents inEuropeby 2025.Were especially proud of Supernovas,aprogramme that gives women the toolsto take the lead in bringing innovation to the market.This programme provideswomen with hands-onexperiencein business creation andinvestment and closeguidancefromourwidenetworkofmentorsandcoaches.These are
11、just a few of the activities the EIT has developed to increase thenumber of women in innovation.The combination of these programmes willhelp us break down the obstacles that stand in the way of gender equity to thebenefit of Europe and the world.This is all the more valuable as womenscontributions a
12、re increasingly needed to shape the technology and systems welluse for the green and digital transitions.Our work will ensure that more andmorewomenwillbepartofthesetransitionsinpositionsofrealinfluence.Martin KernCEO at EIT“Supernovas Bringing gender balance to entrepreneurship and innovationSupern
13、ovas aims at promoting an entrepreneurial ecosystem with more female presence to shape the available innovations in the market.We place a strong focus in expanding the presence of women in active and leading positions in the early-stage funding“industry”to ultimately increase the amounts raised by w
14、omen-led startups.This is done by developing a community of investors which backbone is learning and sharing opportunities for women investors and providing women entrepreneurs access to finance opportunities.Check here to stay updated for 2023 activities.Europes next Women in Tech-The landscape of
15、women-founded scaleups and investors”is Supernovas contribution to understand the role,relevance and potential of women to lead the next generation of innovators.Amparo de San JosProgramme Manager Entrepreneurshipat EIT FoodCombined enterprise value of women-led scaleups founded since 1990 in select
16、ed regions.600+scaleups(co-)founded by women in Europe.70BCombined enterprise valueof women-led European scaleups,up 6.5x in 5 years.7.0yearsAverage age of women-founded European scaleups88Median team size(global)74KJobs created globallyWomenfounded scaleups in Europe 2023Key figuresWomenfounded sca
17、leups:overviewSource:Dealroom.co.Data as ofApril 2023.Karen DolvaNo Isolation Fadumo AliHoiwaKimberly BreuerLikeminded Caroline WalerudVolumentalCarla SnepvangersWinc AcademyRobyn ScottApoliticalNadine NehmeMedicus AIAndrea BarberRatedPowerIeva Z.Fashion BlocCarrie WalterClueAudrey TsangClue Ingrid
18、degaardWherebyGabriela Roberto BarNash21Nicola EbmeyerGain.pro Triin HertmannGrnfin Karoli HindriksJobbaticalA special thank you to:Contributions and insights from conversations with:Explore the scaleups(co-)founded by contributors in this report Explore listA special thank you to:Dealroomsnetwork o
19、f investors,public officials&knowledge partnerGerda SakalauskaitLithuanian Private Equity&Venture Capital AssociationFrida RustenIdkapitalKatherine MellisSandwaterPia ErkinheimoWomen in Tech in FinlandIns Santos SilvaPortuguese Women in TechJon VaituleviitFIRSTPICK Dr.Gesa MiczaikaAuxxoFemale Cataly
20、st FundTeresa FizaPortugal VenturesLiina LaasThe Better FundValue creationCHAPTER1Women-founded scaleups are growing faster in value in comparison to the European average since 2017(6.5x vs 5.5x).While the majority of value(73%)created by women-founded scaleups is concentrated between three countrie
21、s(the UK,France and Germany),in these countries women-founded scaleups only represent 12%of the overall scaleup value creation.Notably,other European ecosystems like Finland,Italy and Portugal are slightly more diverse in terms of share of value concentrated as total of the country scaleup value cre
22、ation.United KingdomFranceGermanySpainSwedenItalyNetherlandsSwitzerlandFinlandDenmarkBelgiumPolandNorwayIrelandPortugal5+5+5+DACH100+Southern Europe70+Nordics60+Benelux40+CEE20+UK 200+Number of women-founded scaleups per European Region*Top 15 countries by number of women-founded scaleupsEuropes 600
23、+Women-led scaleups are distributed across 15 countries.200+100+80+40+30+25+20+20+15+15+10+10+Dealroom.co.*European regions are defined in the methodology section of this report.While UK-based scaleups contribute to 42%of the value creation,the majority(58%)of the value is created by the remaining s
24、caleups based elsewhere.In total,the value of women-led scaleups has grown 6.5x since 2017,to 70B in April 2023.Combined enterprise value of women-founded scaleups11B15B21B29B54B69B70B Rest of European Scaleups UK42%58%2023 Q20201920182017The value of women-founded scaleups has grown 6.5x
25、 since 2017.Source:Dealroom.co.*Sum of the valuations of 600+women founded European Scaleups.Using estimated valuations based on mostrecent VC rounds,public markets and publicly disclosed valuations as of April 2023.Today,women-founded scaleups account for 8%of the total value of all Europeans scale
26、ups.However,they are growing 1.2x faster compared to the rest of European Scaleups.Combined enterprise value of European scaleups,2023Combined enterprise value of women-founded European scaleups,20232023 Q2020023 Q20201920182017Source:Dealroom.co.Sum of the valuation
27、s of 7,500+European Scaleups.Using estimated valuations based on most recent VC rounds,public markets and publicly disclosed as of April 2023.Combined enterprise value of women-founded scaleups as per HQ locationCombined enterprise value of women-founded scaleups as proportion of their respective co
28、untries29.3B11.3B10.6B3.6B2.5B2.1B2B1.8B1.4B1.3B0.6B0.6B0.4B0.4B0.3B0.3B0.2B0.2B0.2B0.2BTogether,the UK,France and Germany concentrate 73%of the value of Europes women-led scaleupsUnited KingdomFranceGermanyFinlandSwedenSwitzerlandItalySpainNetherlandsDenmarkIrelandAustriaBelgiumNorwayPortugalPoland
29、Czech RepublicEstoniaLithuaniaIcelandEuropean Scaleups AverageFinlandItalyPortugalIcelandLithuaniaUnited KingdomGermanyAustriaFranceSpainDenmarkCzech RepublicPolandEstoniaSwedenSwitzerlandIrelandNetherlandsBelgiumNorway23%16%15%12%11%10%10%9%9%9%8%8%7%6%5%4%4%4%3%2%1%While the UK,France and Germany
30、lead in combined enterprise value,in other European countries,women-founded scaleups concentrate a substantial share of value creation.Source:Dealroom.co.Sum of the valuations of 600+women founded European Scaleups.*Using estimated valuations based on most recent VC rounds,public markets and publicl
31、y disclosed valuations as of April 2023.Growth in combined enterprise value of women-founded scaleupschange 5 years56.0 xWomen-founded scaleupsAustriaFinland51.1xNorway35.0Italy34.5xGermany17.1xSwitzerland12.3xIreland12.0 xDenmark11.5xLithuania11.4xEstonia9.3xBelgium7.3xPoland7.2xUnited Kingdom6.7x6
32、.5xSweden6.1xNetherlands5.7xFrance4.7xSpain3.9xIceland2.6xPortugal2.2xCzech Republic1.0 xIn terms of growth,Austria,Finland and Norway are the fastest-growing countries in value.While Italy,Lithuania and Estonia are growing faster than the European average.Source:Dealroom.co.Sum of the valuations of
33、 600+women founded European Scaleups.*Using estimated valuations based on most recent VC rounds,public markets and publicly disclosed valuations as of April 2023.2B2.5B3B3B5B6.2B6.2BEIT Regional Innovation Scheme aims to boost the innovation performance of countries with moderate or modest innovatio
34、n scores as defined by the European Innovation Scoreboard*.These territories are home to 94 women-led scaleups,valued at 6.2B and growing 3.1x since 2017.Although RIS countries contribute to only 9%of the total women-led European scaleup,some countries like Italy,Portugal and Lithuania stand out by
35、share of value of women-led scaleups.In terms of growth,Italy ranks 4th by growth in value since 2017.94 women founded scaleups in RIS countries are valued 6.2B,growing 3.1x since 2017.SPOTLIGHT ON RIS CountriesCombined enterprise value of women-founded scaleupswith headquarters in RIS countries*202
36、3 Q20201920182017Source:Dealroom.co.*Sum of the valuations of 600+women founded European Scaleups.Using estimated valuations based on most recent VC rounds,public markets and publicly disclosed valuations as of April 2023.*RIS countries include 14 EU Member States,5 Horizon Europe Associa
37、ted Countries and 9 Outermost Regions(source).The value of women-founded DACH scaleupshas grown 16.6x since 2017,against the women-founded scaleups growth averageof 6.5x.Other high growth ecosystems for Women in Tech include the Nordicsand Southern Europe.16.6x12.7x5.9x3.7x2017Value growth202313.3B
38、DACH7.7B Nordics2.0B Benelux4.1B SouthernEurope*1.1B CEE*Combined enterprise value growth,per region*(2017-2023)0.6B0.8B0.7B0.5B0.3B3.6xSource:Dealroom.co.*Sum of the valuations of 604 women founded European Scaleups.Using estimated valuations based on most recent VC rounds,public markets and public
39、ly disclosed valuations as of April 2023.*Due to the ecosystem size,for Southern Europe and CEE the analysis excludes companies that reached unicorn status.Dr.Gesa MiczaikaGeneral PartnerAuxxo Female Catalyst FundTriin HertmannFounder and Angel InvestorGrnfinIns Santos SilvaCo-founderPortuguese Wome
40、n in TechTeresa FizaExecutive Vice PresidentPortugal VenturesCause for optimism?Even though the numbers dont reflect it,I believe that change is coming.Public pressure is increasing for VC firms to become more diverse.Also,there is a lot of press coverage addressing the lack of female founders.We se
41、em to be on the verge of change.”Im hopeful about the growing awareness and commitment to diversity and inclusivity.Not only in words,but in actions.If you look at the cold data,it is a fact that right now,female founders earn better returns to their investors.Clearly it is not a helping“project in
42、investing in them,but an obvious great business case.Diverse portfolios will eventually create better returns to VCs.”There is a growing awareness among investors about the importance of diversity and inclusion in the tech industry.Many investors are recognizing that diverse teams can lead to better
43、 business outcomes and are actively seeking out underrepresented founders and startups.Portugal is no exception.There are positive signs of progress and a growing commitment to addressing these issues.”There are more women than men in Europe,but fewer women entrepreneurs and in leadership positions.
44、In Portugal,only one fifth of the seats in boardrooms are occupied by women and this is also true in family businesses(.)There is still a long way to go to achieve gender parity,but it is clear that efforts have been made for women to take their place in active life,in decision-making centres,and in
45、 leadership.”“Read the full interview Read the full interview Read the full interview Read the full interviewAdvice for peers,from women in tech.It is very important to recruit an interdisciplinary team,and establish small goals where the team sees progress step by step.Having a personal board has b
46、een very useful to me.It is composed of the people who I admire(.)these are the people I can talk honestly about the company and ask for advice.”There is a growing awareness among investors and policymakers of the importance of diversity and inclusivity in the tech industry.Policymakers are implemen
47、ting initiatives to support diversity and inclusivity in the startup ecosystem.Inclusivity and diversity are essential to creating a healthy and successful startup ecosystem.”Women alone is not diversity!Surround yourself with people who knows what it takes.Use your network.Make sure you have the su
48、pport you need in your personal life as well as professional.”Never show your insecurity.Be bold and stand for your actions even when others are in doubt.If you start to doubt your own belief the whole thing will collapse.Take risks and be ready to fail sometimes but calculate well.Be optimistic and
49、 stay away from people who are pessimists with small minds.”“Gabriela Roberto BarCo-Founder&Chief Business OfficerNash21Nadine NehmeCo-Founder and CSOMedicusAIFrida RustenInvestorIdkapitalFadumoAliCEO and FounderHoiwa Read the full interview Read the full interview Read the full interview Read the f
50、ull interviewFunding pathwayCHAPTER2Women-founded scaleups might face challenges when starting out,as the gap in median round size is more pronounced at seed stage.However,once women-founded scaleups are able to convert to series A,they convert at a higher rate from Seed to Series A in a shorter per
51、iod of time than the European benchmark.2023 Q2020023 Q20201920182017VC investment into European scaleupsVC investment into women-founded European scaleups44B 51B-13%5.1B 4.1B-20%Europes women-founded scaleups have raised 4.1B last year after a record-breaking 2021:a
52、 sharper drop than ecosystem average year-on-year.Source:Dealroom.co.Analysis based on funding data as of April 2023.RIS countries raised 1.2B in VC investment since 2017,growing below the European scaleup average(3.1x vs 3.6x).RIS countries also only comprise 8%of the total raised by women-founded
53、scaleups European scaleups since 2017.In terms of growth,RIS countries were severely impacted last year with VC investment dropping 40%,twice as much as the average of women-founded European scaleups.Only two countries(Italy and Spain)hold over 70%of VC investment raised in RIS countries since 2017.
54、Over 70%of VC investment by RIS countries is concentrated in two countries.VC investment into European women-founded scaleups,2017-2022headquartered in RIS countriesSpainItalyPolandEstoniaPortugalLithuaniaRomaniaSlovakiaUkraineCzech Republicof Total VC investment in RIS countries%VC investment 471M4
55、0%448M38%71M6%54M5%45M4%35M3%21M2%7M1%7M1%6M1%4M0.3%SPOTLIGHT ON RIS CountriesSource:Dealroom.co.Analysis based on funding data as of April 2023.GreeceUKDACHNordicsSouthern EuropeCEE6.1B3B1B0.2B1.4BEuropean scaleupsDACHUKCEENordicsSouthern Europe5.3x4.6x3.7x3.5x2.9x3.6xVC investment into women-found
56、ed scaleups(2017-2022)per selected region5-year change in VC investmentper selected region,2022 vs 2017The UK and DACH are the largest and fastest-growing hubs by VC investment,while Southern Europe ranks below the European average.Source:Dealroom.co.Analysis based on funding data as of April 2023.S
57、hare of deals raised by women-founded scaleups by stage as proportion of deals by European scaleups20218201711%13%11%11%12%202211%202%10%8%8%9%7%Share of VC investment raised by women-founded scaleups by stage as proportion of VC investment raised by European scaleup
58、sThe proportion of deals and VC investment going to women-founded scaleups has remained consistent around 9-11%.Source:Dealroom.co.Analysis based on funding data as of April 2023.0M-1M(pre-seed)1M-4M(seed)4M-15M(series A)15M-40M(series B)40100M(series C)100M250M 250M+40100M(series C)100M250M 250M+10
59、0%80%60%40%20%2000202021202233%2-yearaverage VC investment in women-founded scaleups,by round sizeNumber of$40M+rounds raised by women-founded scaleups4040302053271010742023 Q20201920182017Source:Dealroom.co.Analysis based on funding data as of March 2023.Note:due to
60、 reporting lag,the last 12 months are systematically under reporting on rounds especially small rounds.Prior to 2021,late-stage rounds were few and far between.In the last two years,rounds above$40M accounted for over 30%of all VC investment raised by women-founded scaleups.2017-19 2020-22Deals rais
61、ed by women-founded scaleups by stage as proportion of deals by European scaleupsWhen analysing the funding journey of the 600+companies analysed during a five-year period,we observe that the landscape is changing in Series B and C.Comparing two periods 2017-19 vs 2020-22,we spot that series B and s
62、eries C show the biggest increasing in share of deals,increasing 5%and 4%respectively.5%10%15%14%15%13%11%13%8%13%6%16%Self-labelledSeedSelf-labelledSeries ASelf-labelledSeries BSelf-labelledSeries CLooking deeper into deals by funding stage,the proportion of deals going to women-founded scaleups ha
63、s been growing significantly in series B and C sized rounds.Source:Dealroom.co.Analysis based on funding data as of April 2023.*Self-declared seed,series A,series B,and series C.Median round size(self-labelled),2019 vs 2022 Women-founded scaleups European scaleupsSeries A labelledSeries B labelledSe
64、ed labelled+21%+65%Series C labelled+130%+101%+19%+83%+85%+95%The gap between women founded scaleups and overall European scaleups is more pronounced in seed.Source:Dealroom.co.Dataset:5.5K rounds raised from January 2019 to December 2022 by European-based scaleups.Can you elaborate on the fundraisi
65、ng process and challenges faced?Deep tech entrepreneurshipis tough as you cant show customer traction from the start.We had to find other ways to show that we were on the right track,for example with a compelling vision and demos,and large partners that said they wanted the product when it was ready
66、.Especially now that fundraising has become harder,Im thankful that we have a solid foundation of customer revenues.”It comes down to creating a compelling story,identifying potential investors,negotiating deal terms,and building relationships with investors.The key is to find investors who share an
67、d support your vision on one hand,but also bring a fresh perspective to the table and challenge your growth.This healthy balance between support and challenge is hard to find and its mutual hard work.”Government sales cycles look very different to other enterprise sales and this has been a big stick
68、ing point for many investors.Because of this,venture funding was hard for us to raise early,and we had to focus from the start on bringing in revenue.This has served us well over time.We have raised$11.2 million in total.”“Caroline WalerudChairman&CofounderVolumental,AirForestryCarla SnepvangersFoun
69、derWincAcademyRobyn ScottCo-Founder and CEOApolitical Read the full interview Read the full interview Read the full interviewConversion to Series A by time elapsed since Seed roundSeed is the 1st round between 1-4M;Series A is the 1st round between 4-15M50%12 months24 months36 months48 months60 mont
70、hs40%30%20%10%Women-founded scaleups European scaleups benchmarkWomen-founded scaleups convert to Seed to Series A at a higher rate:30%of women-founded scaleups raised Series A within 48 months,compared to 20%of European scaleups benchmark.Source:Dealroom.co.Dataset:266 women-founded scaleups qualif
71、ied as Seed-stage companies.Sector highlightsCHAPTER3More investment and value diversity.In Enterprise Software,Fintech and Health,the biggest industries by VC investment and value,women are still heavily underrepresented,with women-founded teams only representing less than 15%of the scaleups.But th
72、ere is a silver lining.Women-founded scaleups are becoming major players in emerging industries,with impact and deep tech scaleups representing 19%and 21%of the total number of scaleups.HealthFintechEnterprise SoftwareFoodTransportationEnergyEducationMarketingMediaJobs Recruitment3.3B3.1B2.2B1.7B1.2
73、B1.2B0.9B0.9B0.7B0.6BTop 10 industries by VC investment*Top 10 industries by combined enterprise value*Enterprise Software,Fintech and Health are the biggest industries by VC investment and enterprise value.Source:Dealroom.co.Analysis based on data as of April 2023.*Overlap between industries may in
74、cur double counting.Analysis reflects the 27 industries based on Dealroomsmethodology.To learn more about Dealroomstaxonomy consult the knowledge page.FintechHealthEnterprise SoftwareEnergyTransportationFoodMarketingFashionEducationMedia 8.5B 6.3B 5.7B 5.5B 4.0B 3.8B 3.3B 2.8B 14.3B 14.2B7%7%8%8%10%
75、10%10%11%12%13%14%19%20%22%7%Wellness BeautyKidsEducationFashionFoodHome LivingHealthJobs RecruitmentMediaTravelEnterprise SoftwareRoboticsFintechGamingEnergy6%MarketingEnterprise SoftwareWellness BeautyFashion2%2%2%2%2%3%4%6%8%9%13%14%29%FintechHealthTransportationEnergyMarketingFoodReal EstateMedi
76、aGamingEducationRoboticsHome LivingKids1%1%1%of scaleups with at least one female founder by industry%of VC funding as total of VC funding into European scaleups by industry (2017-2022)When looking at the discrepancy in the industries with bigger gender diversity(by number of women-founded scaleups
77、within the industry),we conclude that the share of investment deployed to these industries is relatively stagnant.The top 5 women-led industries(wellness beauty,kids,education,fashion and food)only account 5%of the total VC investment raised by the data sample of European scaleups since 2017.Womale-
78、led industries count for less than 10%of all funds deployed into European Scaleups startups.Source:Dealroom.co.Analysis based on data as of April 2023.*Overlap between industries may incur double counting.Analysis reflects the 27 industries based on Dealroomsmethodology.To learn more about Dealrooms
79、taxonomy consult the knowledge page.Overcoming challenges.Unfortunately,female founders are still a minority,especially in B2B(fin)tech.The stereotypical founder is a middle-aged white man.This means that as a female founder you are always 1-0 behind and need to work double as hard to gain the atten
80、tion and trust of people.”It was a challenge for me to find women role models at the beginning when I founded the company,and later,a support system of other women in business to draw inspiration,share day-to-day life,ask for advice,and discuss the challenges we faced as entrepreneurs.However,I now
81、have several networks.I see more support programmes for female entrepreneurship are emerging.”As a female founder,I have faced some challenges,including gender bias or imposter syndrome.To overcome these challenges,I have focused on building a strong network of supporters and advisors who have provi
82、ded me with the resources and support needed to succeed.”Were lucky to operate and lead in a space(femtech)where the fact that were female entrepreneurs is an advantage,not an additional challenge.That said,the greatest challenge is still advocating for funding and support in a category where the ne
83、eds and experiences of the target users are still not always clearly understood by most decision-makers.”“Nicola EbmeyerCo-Founder&Co-CEOGain.proAndrea BarberCo-founder&CEORatedPowerKimberly BreuerCo-Founder&Co-CEOLikemindedAudrey TsangCo-CEOsClue AppCarrie WalterCo-CEOsClue App Read the full interv
84、iew Read the full interview Read the full interview Read the full interview9%12%2%7%100%75%50%25%Education Marketing Transportation Energy Food Enterprise Software Health Fintech-22Share of VC investment in women founded scaleups by industry*Emerging industries:Energy and Enterprise Softw
85、are scaleups are taking up an increasingly larger share in VC activity since 2017.Source:Dealroom.co.Analysis based on data as of April 2023.*Overlap between industries may incur double countingNumber of Impact ScaleupsCombinedEnterprise ValueCombined VC Investment1.5B1134.1B0.9B18B70B10.8B600+1.0B0
86、.1BClimate action(#13)Responsible consumption and production(#12)Good health and well-being(#3)Affordable and clean energy(#7)Gender equality(#5)Sustainable cities and communities(#11)24%13%12%8%7%7%Top SDGs by number of women-founded scaleups(%)Today,impact scaleups represent 26%of the total value
87、of women-founded scaleups,growing 18x in value since 2018 and 13.5x in VC investment during the same period.Climate action(#13),responsible consumption and production(#12)and good health and well-being(#3)are the largest SDGs by number of scaleups.Women-founded impact scaleups have grown 18x in valu
88、e since 2017.Source:Dealroom.co.Analysis based on data as of April 2023.To be an impact company means having sustainable development at the core of the businesss values.To learn more about DealroomsImpact methodology visit the database:https:/impact.dealroom.co/intro.Today20172023(Today)201720222022
89、202%30%20%10%2017202017%12%37%24%Women founded scaleupsEuropean scaleups benchmarkImpact investment as a percentage of total VC investment by European scaleupsSource:DDealroom.co.Analysis based on data as of April 2023.Women-founded scaleups are significantly more impact focus compared to
90、 European scaleups.Over a 30%of VC activity in 2022 was raised by impact,or tech-for-good,scaleups.From the 600+women-founded scaleups analysed,we identified 126 deep tech companies*.Alone these companies represent 30%of all combined enterprise value at 22B,growing 7.1x since 2017.Deep Tech scaleups
91、 is also a major employer,creating 15K jobs globally.1 in every 5 women-founded scaleups have a deep tech focus.Source:Dealroom.co.Data up to April 2023.*Deep tech is fundamentally new science and Engineering.To learn more about DealroomsImpact methodology visit the database:https:/deeptech.dealroom
92、.co/intro.9%18%13%29%26%20%0.8B0.3B0.2B0.02B0.02B1.8BUK DACHNordicsSouthern EuropeCEEBeneluxDeep Tech VC investment(2017-2022)Deep Tech as%of VC investment(2017-2022Number of Deep Tech ScaleupsCombinedEnterprise ValueCombined VC Investment1.4B0.2B1264.1B0.9B22B70B600+Today2023(Today)2017202210.8B201
93、73.1BInvestor landscapeCHAPTER4One of the greatest challenges reported by female founders isthe lack of diversity on investment teams.But increasing genderdiversity in investment teams only scratches the surface.Femaleentrepreneurs see equal pay and career progression(e.g equalopportunities to becom
94、e partner)equally important,and oftentimes left out of the discourse.An increasing number of pan-national and domestic female techinitiatives have emerge in recent years in both VC and angelinvesting,aiming to support and invest in female-foundedstartups&scaleups.51101010Index
95、VenturesHV CapitalSeedcampEurazeoRedalpineBalderton CapitalPartechSpeedinvestEQT VenturesHeadlineOctopus VenturesLocalGlobeAccelFJ LabsAtomicoTop investors by number of rounds invested in women-founded European scaleups,2017-2023Who are the funds investing in women-founded scaleups?Source:Dealroom.c
96、o.Analysis based on data as of March 2023.Diversity of investors.Sadly,we still get trapped in vanity numbers when speaking about females vs males in teams.But the most important factor that is left out,is everyone equally treated in terms of pay and do they have the same opportunities to become a p
97、artner.This is very visible in the acceleration and the incubation industry,where a majority of females are running programs and community management,but are left out from investment decisions.”Just 13.5%of VCs are women,and its even less than that at partner level.The overall situation is still dis
98、appointing.Research shows that the lack of female decision-makers in the investment side reflects why a significant part of female entrepreneurs are not VC backed and why some of the industries that arent traditionally safe for VC investment are overlooked.”Theres a long way to go,but its important
99、to also recognize the inroads were already making.Looking ahead,I hope to see more women taking investor roles,and I would love to see progress toward a more equitable split of founders and CEOs,more broadly as well as within our own portfolio.Also important not to lose sight of the many other aspec
100、ts of diversity&inclusivity,beyond just gender.”The greatest challenge for female founders is the lack of diversity amongst those controlling the money.Because people often find companies that solve issues they have faced themselves,female founders are often bound to pitch solutions that are not rec
101、ognizable for the people investing.”“Jon VaituleviitManaging PartnerFIRSTPICK Gerda SakalauskaitManaging Director Lithuanian PE andVC AssociationKatherine MellisInvestorSandwaterKaren DolvaCo-Founder&CEONo Isolation Read the full interview Read the full interview Read the full interview Read the ful
102、l interviewSelected European investors focussing on Women&Diverse founding teamsAcross the European investor landscape,several VC funds have been formed to support and invest in female-founded startups&scaleups.Source:Dealroom.co.Featured initiatives arent exhaustive.Contact us to add your organizat
103、ion to the list:supportdealroom.co.Explore portfolioCopenhagenDenmark Explore portfolioViennaAustria Explore portfolioBerlinGermany Explore portfolio Explore portfolio Explore portfolio Explore portfolio Explore portfolioAmsterdamthe NetherlandsParisFranceTallinnEstoniaLondonUKLondonUKExplore moreEx
104、plore more 200+Global VC funds investing in European impact&underrepresented founders.European VCs with 1+female partner.Domestic Europe USA Rest of the world UndisclosedVC investment in selected European regionsby investor location,218201746%16%13%5%20%41%19%12%6%23%42%15%
105、14%7%22%41%20%17%6%15%36%36%24%19%8%13%23%18%9%14%During the analysed period,local investors remained the most active investors in women-founded scaleups,however their presence as been slowly declining throughout the years,with other European playing an increasingly significant role.International in
106、vestors are have increased their share in VC investment raised by women-founded scaleups.Source:Dealroom.co.Analysis based on data as of April 2023.Domestic investors refer to investors based in the same HQ location as the scaleup.European investors refer to investors based in other European countri
107、es excluding the same HQ location as the scaleup.I started in angel investing to help great businesses become better in solving sustainability issues in the fashion industry.More so,collaborating with fantastic female founders.Industry knowledge is key.I am a strategic investor,meaning hands-on,valu
108、e-adding operator.Fashion is not a generic sector.Industry knowledge and active expert network are two key elements.”Openness and willingness to network,ability to learn(learn,learn!)know-how in startup funding,even though the network of angels will help you to get along,strategic thinking and under
109、standing psychology.”Having a great network to be able to get access to great deals is really important.Im lucky to have that due to my professional history without much extra effort.I always look for the founder-product fit as I feel a person really needs to understand the industry before they go a
110、nd try to disrupt it.Can say that gut feeling“is also really important,if something doesnt feel right,it probably is not.”The key to Angel success.“IevaZubaviciuteFounder&CEOFashion BlocPia ErkinheimoCo-FounderWomen in Tech in FinlandTriin HertmannFounder&Angel InvestorGrnfin Read the full interview
111、 Read the full interview Read the full interviewThere are various pan-national and domestic female tech initiatives.Source:Dealroom.co Examples provided are selected at random.The list does not aim to be exhaustive.Contact us to feature your organization or claim your profile.United KingdomAccelerat
112、or&IncubationGrow FFemale FoundersCEE AccelerationReaktorXEWAEIT FoodThe Break FellowshipThe Break AllianceThe Leap ProgramBridge for BillionsWomen FounderGoogle for StartupsThe Women Startup CompetitionNetworks&AssociationsHatch BAME Female FoundersYSYSWeGateEuropean Women in VCIncluded VCFemGems C
113、lubAlma AngelsThe VentureCityFemale Founder ProgramFounder InstituteWomen Leadership ProgrammeEICWomen TechEUEISMEALevel 20Skills&MentoringPan-national ProgramsFranceGermanyThe NetherlandsPolandRomaniaNordicsLocal ProgramsThe role of mentorship.Ive been really fortunate to work for some great bosses
114、,especially when it comes to learning about engineering culture.How to build an engineering and product culture that attracts and retains great people,build processes and systems that ensures quality with customers/users being at the core.These are things that are at the core of every software start
115、-up.Ive also had some great mentors on the PR side that not only showed how to use media to get attention,but also how to handle tricky situations.”Volumentalwas part of KTH and Sting incubators,which were a great help to get us started and provided coaching and mentorship as we grew.Things like sal
116、es and pitch training,how to hire,and goal setting.It really helped to share an office corridor with other young companies at Sting,so that we could help each other when things were tough.Many people in my family are entrepreneurs,and from there I got good habits in productivity,feedback,and culture
117、 building along with the belief that things can be changed for the better!”“Ingrid degaardVP of Product,IndyRIOTCo-founder,WherebyCaroline WalerudChairman&CofounderVolumental,AirForestry Read the full interview Read the full interviewThe importance of role models and female tech initiatives.A hugeis
118、sueis thatweare stilllackingrole modelsin society.Whilethishas improvedmarginally,whenpeoplethinkabouta leader ora founderitis stillusuallya whitemanin their30s.Whilstthereare a lotof greatmen outthere,thisis notallowingsocietyto reach its full potential.Whenyoungwomenare enteringtheircareers,orearl
119、iertheirstudies,if theyveneverseena leader thatlooks likethem,weare really holding ourselvesback.Investingin overlookedfoundersisnotjusta greatstrategyas aninvestorbutitwillcreatethesuccess storiesthatwedeservein society.”I am hopefulthattheywillfinallyunderstandthatitis notthefemalefounderswho need
120、 tutoring,buttheVCs sittingontheothersideofthe table with theirbig biases.Imalso hopefulthatmyworkas wellas thework(and resilienceto break theglassceilings)ofothersuccessfulfemalefoundershelpsto contributetothatchange.”“LiinaLaasFoundingPartner,The BetterFundKaroli HindriksFounder,Jobbatical Read th
121、e full interview Read the full interviewUnicorn analysisCHAPTER5The European unicorn landscape is largely dominated by all-male founding teams.Out of 300+Unicorns from EU27 countries,just 1 in 50 have at least one woman in their founding team.There are significant differences across countries.Emergi
122、ng ecosystems,with often more recent successes like Finland,Italy and Portugal,enjoy a higher proportion of Unicorns with gender-diverse founding teams.European unicorns which are women-led(i.e.Women only founding teams)are a rarity.Only 8%of all unicorns founded or headquartered in EU27 have a fema
123、le founder.%of diverse founding teamsOut of 300+EU27 headquartered or founded unicorns,only 8%have at least one woman in their founding team.Within this group,women-founded unicorns account for only 9%of total funding raised and 7%of value creation.From the analysed dataset,no there isnt an all fema
124、le founding team unicorn.Source:Dealroom.co.92%All male founding teams8%Mixed founding teamsHQ:United StatesFounded:2013(Paris)Year became unicorn:2022HQ:FinlandFounded:2013(Oulu)Year became unicorn:2022HQ:FinlandFounded:YEAR(Helsinki)Year became unicorn:2022HQ:SwedenFounded:2016(Stockholm)Year beca
125、me unicorn:2021HQ:GermanyFounded:2013(Berlin)Year became unicorn:2021HQ:GermanyFounded:2020(Berlin)Year became unicorn:2021HQ:United StatesFounded:2011(Madrid)Year became unicorn:2021HQ:NetherlandsFounded:2011(CITY)Year became unicorn:2021HQ:GermanyFounded:2016(Munich)Year became unicorn:2021HQ:Fran
126、ceFounded:2013(Paris)Year became unicorn:2021HQ:FranceFounded:2009(Paris)Year became unicorn:2021HQ:SwedenFounded:2013(Bors)Year became unicorn:2021HQ:FranceFounded:2014(Paris)Year became unicorn:2021HQ:GermanyFounded:2006(Munich)Year became unicorn:2021HQ:SwedenFounded:2014(Stockholm)Year became un
127、icorn:2020HQ:United StatesFounded:2011(Paris)Year became unicorn:2020HQ:DenmarkFounded:1998(Copenhagen)Year became unicorn:2019HQ:LithuaniaFounded:2008(Vilnius)Year became unicorn:2019HQ:GermanyFounded:2008(Mainz)Year became unicorn:2018HQ:United StatesFounded:2011(Lisbon)Year became unicorn:2018HQ:
128、CyprusFounded:2009(Ljubljana)Year became unicorn:2017HQ:ItalyFounded:2000(Milan)Year became unicorn:2016HQ:GermanyFounded:2011(Berlin)Year became unicorn:2015HQ:NetherlandsFounded:1991(Amsterdam)Year became unicorn:2009EU27 unicorns with 1+female(co-)founder.Source:Dealroom.co.Analysis based on data
129、 up to February 2023.Analysis based on 26 EU27 headquartered or founded unicorns with at least 1 female founder.Germany and France lead in terms of absolute number of women-founded unicorns.But the women-founded unicorns only represent a fraction of notable tech successes across Europe.A quarter of
130、Finlands unicorns are women-founded,by far Europes highest proportion.With one female(co-)founded unicorn out of their 7 respective unicorns,emerging ecosystems Italy and Portugal also feature favourably,ahead of Diversitys usual suspects in the Nordics and Western Europe.SwitzerlandUnited KingdomIt
131、alyFinlandPortugalGermanyFranceNetherlandsSwedenDenmark1/71/75/472/303/441/16Spain1/178/672/81/2916/162FranceGermanySwedenFinlandDenmarkItalySpain8532211Portugal12Switzerland1United Kingdom16NetherlandsUnicorns with 1+female(co-)founder,EU27*Share of unicorns with 1+female(co-)founder per country,EU
132、27*A quarter of Finlands Unicorns are(co-)founded by women,but across Europe women(co-)founded Unicorns remain a rarity.Source:Dealroom.co.Analysis based on 302 EU27 headquartered or founded unicorns as of February 2023.*Unicorns are(former)startups that reached US$1B valuation or exit at one point
133、in time.Analysis only focuses on countries with at least 5 founded or HQedunicorn.Unicorns with 1+female(co-)founder per industry*Share of unicorns with 1+female(co-)founder per industry*How does unicorn distribution vary by industry?Source:Dealroom.co.Analysis based on 302 EU27 headquartered or fou
134、nded unicorns as of February 2023.Unicorns are(former)startups that reached US$1B valuation or exit at one point in time.*Overlap between industries may incur double counting.Enterprise SoftwareRoboticsFashionEnergyHealthSecurityTransportationFoodMarketingTravelGamingFintech29%25%24%13%13%11%10%9%4%
135、3%6%16%HealthFashionEnterprise SoftwareEnergyTransportationMarketingFintechFoodSecurityTravelGaming6544322211Robotics14Looking across industries,Fashion leads by number and share of women-founded unicorns,followed by Robotics and Energy.Fintech and Enterprise Software,the leading industries by numbe
136、r of unicorns,only less than 10%of their teams are women-founded.MethodologyCHAPTER6A scaleup,as definedby Dealroom,is a company designedto growfastwith a VC-backablebusiness model,a team of 50 to 500 employees,and founded in or after 1990.Thestudy analyses onlycompanies that received funding(ventur
137、e capital,privateequity orgrant)or haveexited(M&A,IPO)in the lastfiveyears.What is a scaleup?Source:Dealroom.co.Data up to April 2023.*Deep tech is fundamentally new science and Engineering.To learn more about Dealrooms Impact methodology visit the database:https:/deeptech.dealroom.co/intro.Women-fo
138、undedScaleupFemale onlyUnicornFor more detailed information on the methodology and underlying data can be found in the dedicated section at the end of this report,and on knowledge.dealroom.co.Mixed teamsA former startup,i.e.a company designed to grow fast,and a VC-backable businesses.With a current
139、global team of at least 50 employees,and up to 500.Startups with 1+female(co-)founder.Women founded startups include all female-and mixed-founding teams.Companies with at least one woman in their founding team composition.Companies with an all female founding team.Unicorns or$1B+exits are(former)sta
140、rtups that reached a US$1B valuation or exited at one point in time.Founding teamFounders/co-founders who founded the company.Useful terms to navigate thisreport.Scope of this reportInceptionTimeTeam SizeBreak-outScalingUnicorns&beyondOut of 7,500+European scaleups identified,600+European scaleups h
141、ave at least one woman in their founding team composition.18%Female only scaleups82%Mixed teamsSource:Dealroom.co.Data up to March 2023.Breakdown ofwomen founded European scaleupsincluded in thereportAbout our gender data.As a European company,our reports,platform and the data it contains are GDPR c
142、ompliant.As a responsible employer,and in our capacity as data provider for leading VCs,corporates and Governments,we are committed to ethical,accurate and transparent reporting.Gender data used in the making of this report was manually checked with the utmost care,but we cannot rule out possible mi
143、smatches:contact us if you wish to rectify any data about you or your business:supportdealroom.co.There are currently 600+European scaleups with at least one female founder.European regionsNordics:Denmark,Finland,Norway,Sweden,Iceland.DACH:Austria,Germany,Switzerland.CEE:Poland,Czech Republic,Lithua
144、nia,Estonia,Latvia,Romania,Serbia,Ukraine,Bulgaria,Hungary,Slovenia,Croatia,Slovakia,North Macedonia,Montenegro.Baltics:Estonia,Latvia,Lithuania.Benelux:Belgium,the Netherlands,LuxembourgWestern Europe:United Kingdom,Germany,Switzerland,the Netherlands,France,Luxembourg,Belgium,Austria,Ireland,Liech
145、tenstein,Andorra,Monaco.Southern Europe:Italy,Greece,Spain,Malta,Cyprus,Portugal,Andorra,San Marino,Turkey,Andorra,Gibraltar.This report includes the following list of countries:EU27:Austria,Belgium,Bulgaria,Croatia Cyprus,Czech Republic,Denmark,Estonia Finland,France,Germany,Greece,Hungary,Ireland,
146、Italy,Latvia,Lithuania,Luxembourg,Malta,the Netherlands,Poland,Portugal,Romania,Slovakia,Slovenia,Spain and Sweden.This includes Outermost Regions of EU member states:Guadeloupe,French Guiana,Runion,Martinique,Mayotte and Saint-Martin(France);the Azores and Madeira(Portugal);the Canary Islands(Spain
147、).The United KingdomCountries in EITs Regional Innovation Scheme(RIS):Montenegro,North Macedonia,Serbia,Trkiye,Ukraine.EEA+EFTA:Norway,Iceland,Liechtenstein,Switzerland.Andorra,Monaco,San Marino,Gibraltar.This report excludes the following countries:European countries which fall out of the scope of
148、this report:Russia,Belarus.European countries which arent part of EITs mandate:-In geographical Europe:Bosnia andHerzegovina,Moldova,Kosovo,Albania.-In Europes neighbourhood:Caucasus:Armenia,Azerbaijan,Georgia,North Africa(e.g.Tunisia,Morocco),and Israel.RIS countries:EU Member States:Bulgaria,Croat
149、ia,Cyprus,Czech Republic,Estonia,Greece,Hungary,Italy,Latvia,Lithuania,Malta,Poland,Portugal,Romania,Slovakia,Slovenia,Spain.Horizon Europe AssociatedCountries*:Montenegro,Republic of North Macedonia,Serbia,Turkey,Ukraine.Source:Dealroom.co.Methodology&definitions.ValuationThe combined valuationofth
150、etechecosystem is basedon their market capor latesttransactionvalue.Transactionvalueis realizedfromexit or impliedunrealisedvaluationfromthelatestVC round,whichis either announcedorestimated by Dealroom basedonbenchmarks.Whatis a unicorn or$1B+exit?Unicorns or$1B+exits are(former)startups that reach
151、ed a US$1B valuationor exited at one pointin time.Read more about ourunicornmethodology here.Venture Capital,InvestorsInvestment numbers refer to rounds suchas Earlystage(Pre-Seed,Seed,and Series A),Breakout stage(Series B and Series C)and Late stage(Megarounds$100M+).VC investment figures excludede
152、bt orother non-equity funding,lendingcapital,grants,ICOs,and SPAC PrivatePlacement.Startups,scaleups,grownupsand tech.A startup is a companydesigned to growfast.Generally,suchcompanies are VC-investablebusinesses.Readmore aboutour methodology here.When startups are successful,theydevelop into scaleu
153、ps(50 people),grownups(500 people)and resultin bigcompanies.Some become very big(e.g.$1B+valuation).CurrencyThis report uses the 1:1 conversion(USD to EUR).Source:Dealroom.co.Methodology&definitions.The data on which this report builds upon is available onhttps:/dealroom.co/For more info please visi
154、t dealroom.co or contact supportdealroom.co.Glossary&DefinitionsWhat is a unicorn?EIT Food accelerates innovation to build a future-fit food system that produces healthy and sustainable food for all.At EIT Food,our mission is to transform how food is produced,distributed,and consumed and to increase
155、 its value to European society.We will achieve this by solving the biggest innovation challenges through trusted industry,education,and research partners working together with informed and engaged citizens.Global startup&venture capital intelligence platformDealroom.co is the foremost data provider
156、on startup,early-stage,and growth company ecosystems in Europe and around the globe.Founded in Amsterdam in 2013,we now work with many of the worlds most prominent investors,entrepreneurs,and government organizations to provide transparency,analysis,and insights on venture capital activity.Our offerings include datasets via SaaS and API as well as custom reports and bespoke ecosystem platforms.