Women-founded startups in Europe

The latest data and trends in Europe's women-founded startups: venture capital, exits, leading hubs and innovation.

Raised in Q3 2026
$1.9B
VC funding · closed quarter
Raised in 2026 Q1-3
$7.2B
VC funding · year to date
Combined enterprise value
$753.6B
VC-backed Women-founded startups · founded 1990+
Unicorns
66
$1B+ valuation or exit

How we define women-founded

This guide covers European startups founded or co-founded by at least one woman: any venture-backed company with a minimum of one woman among its founders, identified by Dealroom's Woman Founder tag. Mixed founding teams count; it is not limited to women-only teams.

Scope and source

Companies must also meet Dealroom's startup definition (venture-backed, in-scope sectors). The geography is Europe, and funding figures are venture capital, excluding grants, debt and public offerings.

Why it matters

Women-founded companies still raise a small share of European venture capital. Tracking the gap, and where it is narrowing, is why this guide leads with the definition: the numbers only mean something once it is clear who is counted.

Annual venture capital

Funding into Women-founded startups has grown nearly tenfold over the past five years, reaching $9.0B in 2025. With $7.2B raised in the first 9 months of 2026, the full year is on track to land at $9.6B, a +7% change versus 2025. The chart below shows annual funding totals; the latest year is annualised from observed-to-date data and represents the renderer's projection, not a closed quarter.

Quarterly venture capital

Yearly totals mask the quarter-by-quarter rhythm. The chart below shows Women-founded startups funding raised in each of the last 21 complete quarters through Q3 2026. All bars are actual closed-quarter sums, no projections, no in-progress quarters.

Women-founded share of European venture capital

Women-founded's share of European venture capital tracks how much of Europe's startup capital lands in this market. In 2016, Women-founded startups accounted for 8.7% of European VC funding; by 2026 the share had reached 11.0%. The chart below splits each year's total European VC funding into Women-founded on the bottom and the rest of the market on top.

Women-founded venture capital raised by stage

How capital deployed into Women-founded startups is split across round sizes. In the trailing four quarters, 38% of capital landed in scaleup ($100M+) rounds, 41% in breakout ($15–100M), and 21% across startups (under $15M). Each panel below stacks the canonical sub-bands across Q3 2022 → Q3 2026.

Women-founded venture capital raised by stage, quarterly

Startup

Breakout

Scaleup

Most active investors in women-founded startups

The most active investors in Women-founded startups ranked by the number of disclosed VC rounds they've participated in. Enterprise Ireland leads with 188 rounds, followed by Bpifrance at 176. The table shows the top ten with their firm type, the rounds they've joined and the companies they've backed here (follow-on rounds make the first larger), and headquarters.

Most active Women-founded investors

#InvestorTypeWomen-founded roundsWomen-founded companiesHQ
1 Other 188 139 Dublin, Ireland
2 Sovereign wealth fund 176 140 Maisons-Alfort, France
3 Accelerator 163 122 Singapore, Singapore
4 Venture capital 150 107 London, United Kingdom
5 Accelerator 148 122 New York City, United States
6 Venture capital 120 78 Bonn, Germany
7 Venture capital 119 63 Luxembourg, Luxembourg
8 Accelerator 114 114 Leuven, Belgium
9 Accelerator 97 55 San Francisco, United States
10 Venture capital 96 82 Sunnyvale, United States

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Source: Dealroom.co

Top companies

Two views of leadership in Women-founded startups: the most-funded companies all-time on the left, and the hottest companies right now by Dealroom Signal on the right. Total-funding figures include all capital sources tracked by Dealroom (VC plus grants, project finance, and other instruments). Signal is Dealroom's live growth ranking, these are the firms with the strongest recent momentum across team, timing, growth, and completeness.

Top funded

All-time total funding (includes non-VC sources)

  1. 1BioNTechMainz, Germany$1.7B
  2. 2ŌURAOulu, Finland$1.3B
  3. 3Starling BankLondon, United Kingdom$1.1B
  4. 4AMI - Advanced Machine IntelligenceParis, France$1.0B
  5. 5NewcleoLyon, France$938M
  6. 6WorldRemitLondon, United Kingdom$922M
  7. 7Relex SolutionsHelsinki, Finland$784M
  8. 8OdaOslo, Norway$763M
  9. 9KryStockholm, Sweden$721M
  10. 10The Exploration CompanyPlanegg, Germany$665M
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Hottest (Dealroom Signal)

Ranked by Dealroom's growth indicator

  1. 1ŌURAOulu, Finland99
  2. 2VintedVilnius, Lithuania97
  3. 3NablaParis, France97
  4. 4SynthesiaLondon, United Kingdom97
  5. 5CleoLondon, United Kingdom97
  6. 6Vivan TherapeuticsLondon, United Kingdom97
  7. 7Focused EnergyDarmstadt, Germany96
  8. 8Aikido SecurityGhent, Belgium96
  9. 9ProVerumDublin, Ireland96
  10. 10ImpressBarcelona, Spain96
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Source: Dealroom.co

Top hubs

How Women-founded startups in Europe stacks up against its global VC peers, with Women-founded startups in Europe highlighted. The chart ranks the top countries; alongside it, the leading Paris metro region leads the city ranking with $1.7B in 2026 Q1-3 (year to date). Use the metric pills, and the dropdown, to switch view.

Top metro regions

Women-founded startups venture capital by metro · Last 12 months to end of Q3 2026

  1. LondonUnited Kingdom$2.0B
  2. ParisFrance$1.9B
  3. MunichGermany$692M
  4. BarcelonaSpain$412M
  5. ReadingUnited Kingdom$350M
  6. FrankfurtGermany$252M
  7. StockholmSweden$210M
  8. Cambridge (UK)United Kingdom$179M
  9. GrenobleFrance$173M
  10. MilanItaly$165M
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Top metro regions

Women-founded startups venture capital by metro · 2026 Q1-3 (year to date)

  1. ParisFrance$1.7B
  2. LondonUnited Kingdom$1.5B
  3. MunichGermany$602M
  4. ReadingUnited Kingdom$350M
  5. BarcelonaSpain$292M
  6. FrankfurtGermany$252M
  7. MilanItaly$165M
  8. GrenobleFrance$148M
  9. Berlin/BrandenburgGermany$138M
  10. CopenhagenDenmark$119M
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Top metro regions

Women-founded startups venture capital by metro · Q3 2026

  1. MunichGermany$457M
  2. LondonUnited Kingdom$326M
  3. ParisFrance$250M
  4. AmsterdamNetherlands$91M
  5. Berlin/BrandenburgGermany$77M
  6. BarcelonaSpain$75M
  7. Cardiff-NewportUnited Kingdom$65M
  8. BirminghamUnited Kingdom$35M
  9. TurinItaly$30M
  10. HamburgGermany$23M
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Top metro regions

Women-founded startups enterprise value by metro

  1. Bay AreaUnited States$1.4T
  2. Cambridge (UK)United Kingdom$365.8B
  3. LondonUnited Kingdom$84.8B
  4. New York CityUnited States$81.9B
  5. São PauloBrazil$66.0B
  6. ShanghaiChina$62.7B
  7. SydneyAustralia$42.3B
  8. BostonUnited States$34.6B
  9. ParisFrance$33.8B
  10. FrankfurtGermany$26.4B
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Top metro regions

Women-founded startups unicorns by metro

  1. Bay AreaUnited States62
  2. LondonUnited Kingdom20
  3. New York CityUnited States20
  4. BostonUnited States9
  5. ShanghaiChina6
  6. AustinUnited States5
  7. Tel AvivIsrael5
  8. ParisFrance5
  9. Cambridge (UK)United Kingdom4
  10. Los AngelesUnited States4
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Women-founded startups on the map

Where Women-founded startups VC-backed startups are based. Each marker is sized by the number of VC-backed startups HQ'd in that metro. London leads at 1,642, followed by Paris at 625. Scroll or drag to explore, pinch with two fingers on mobile.

Notable rounds

In 2026 Q1-3 (year to date), the largest VC rounds in Women-founded startups reveal where capital is consolidating. The table below lists the 15 biggest rounds by amount, with date, company, round type, and lead investors; rounds without a public amount sit at the bottom with the amount left blank. Exits sit in the Unicorns & Exits section.

Biggest Women-founded rounds · Last 12 months to end of Q3 2026 (Top 15 rounds)

DateCompanyAmountRoundLead investors
Feb 2026AMI - Advanced Machine Intelligence$1.0BSEEDGreycroft Partners, HV Capital
Sep 2026The Exploration Company$450MSERIES CAtomico, Bessemer Venture Partners
Jun 2026Oxford Quantum Circuits$350MSERIES CBullhound Capital
May 2026Focused Energy$240MSERIES ARWE
Aug 2026Volta$225MSERIES AAltimeter Capital, Andreessen Horowitz
Jul 2026Skello$220MGROWTH EQUITY VCBridgepoint
Mar 2026Entrepreneurs First$200MSERIES DCharlie Songhurst, Claire Hughes Johnson
Jan 2026Synthesia$200MSERIES EEvantic, GV
Jun 2026Quobly$126MSERIES ABpifrance, Sealsq
Sep 2026iPronics$125MSERIES BLight Street Capital Management, Maverick Silicon
Jun 2026RQ Biotechnology$114MSERIES AFrazier Life Sciences
Oct 2025Dexory$100MSERIES CEndeavor Catalyst, Eurazeo
Oct 2025Einride$100MLATE VCEQT Ventures, IonQ
Feb 2026Dental Monitoring$92MLATE VCISALT Gestion, Lazard Elaia Capital
Mar 2026Jimmy$88MLATE VCADEME Investissement, Crédit Mutuel Impact
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Biggest Women-founded rounds · 2026 Q1-3 (year to date) (Top 15 rounds)

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Biggest Women-founded rounds · Q3 2026 (Top 15 rounds)

DateCompanyAmountRoundLead investors
Sep 2026The Exploration Company$450MSERIES CAtomico, Bessemer Venture Partners
Aug 2026Volta$225MSERIES AAltimeter Capital, Andreessen Horowitz
Jul 2026Skello$220MGROWTH EQUITY VCBridgepoint
Sep 2026iPronics$125MSERIES BLight Street Capital Management, Maverick Silicon
Jul 2026Draig Therapeutics$65MSERIES BDeep Track Capital
Jul 2026Leo Cancer Care$65MSERIES DYu Galaxy
Jul 2026Ábaco$53MEARLY VCAccial Capital, Alaya Capital Partners
Sep 2026Strike$45MLATE VCFreston Ventures
Aug 2026Kynexis$44MSERIES ANovartis Venture Fund
Aug 2026Ore Energy$43MSERIES AHV Capital, Plural
Jul 2026Alchemab Therapeutics$33MSERIES ABritish Business Bank
Jul 2026Arboreal$31MSERIES AEAAA Alternatives, Omnivore
Jul 2026Theo$28MSERIES ABlackRock, Insight Partners
Jul 2026Greyparrot$27MSERIES B
Jul 2026Young Platform$25MLATE VCAzimut Group
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Source: Dealroom.co · Updated 12 Oct 2026

Leading industries

Which industries pull in the most venture capital across Women-founded startups, and where does the Women-founded punch above its weight versus the rest of the world? Use the toggle to switch between absolute VC funding and each industry's over/under-index, and to change the time window. In 2026 Q1-3 (year to date), AI leads at $3.4B, and the Women-founded over-indexes in Food, Energy, Health, and under-indexes most in Transportation, Security, AI relative to the rest of the world. Industries are tracked through Dealroom's industry tags, which overlap, a company spanning, say, AI and fintech is counted in both, so these show where capital concentrates, not a mutually exclusive split of the total.

Unicorns & exits

Women-founded startups have minted 66 unicorns to date. Dealroom defines a unicorn as a company that has reached a $1B+ valuation or exit (verified and manually reviewed; other lists use different criteria, this is ours). Of those, 4 are decacorns, companies at a $10B+ valuation. The ecosystem also counts 78 thoroughbreds: companies generating $100M+ in revenue (a separate lens from unicorns, with some overlap). The chart below shows the cumulative count climbing each year, with the line tracking new unicorns minted in that year, peaking at 13 in 2021. On exits, the sector has produced 711 tracked exits since 2019 representing $96.5B in disclosed value. Notable exits in the data include ARM ($54.5B, 2023), followed by Darktrace ($5.3B, 2024), BioNTech ($3.4B, 2019).

The women-founded startup funnel

Entrepreneurship is a power law. Of every Women-founded startup founded, only a fraction attract venture capital, and far fewer climb each successive funding level. This funnel traces VC-backed Women-founded startups from first cheque through to the rarest valuation outcomes. Mouth figures are annual means (2010–2024); pool stages count VC-backed companies founded since 1990 by total funding.

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… Pool of VC-Backed Startups
$100K+ total funding

The academic flywheel

Universities are a talent pipeline behind women-founded startups: the schools whose alumnae found the most unicorns and venture-backed companies, and the research that spins out into them.

Universities by alumni-founded unicorns

UniversityAlumni unicornsAlumni EV
University of Cambridge000$0.0T
University of Oxford000$0.0T
INSEAD000$0.0T
HEC Paris000$0.0T

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Women-founded startup IP & patents

The patent portfolio behind Europe's women-founded startups: granted patent families, intensity per capita, and where the IP concentrates.

Patent families by Women-founded startup hub

HubPatent families
London00,000
Paris00,000
Berlin00,000
Stockholm00,000

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Luke Lantsoght Bartoli
Curated byLuke Lantsoght BartoliResearch Associate, Dealroom

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