What the Data Shows: Progress Since 2019

UK Equity Funding: Movement in the Right Direction

According to the British Business Bank’s Small Business Equity Tracker (2024), all-female founder teams raised 7.3% of UK equity deals—though they received just 1.9% of total investment value. The gap between deal count and capital deployed reveals the challenge: access is improving, but systematic undervaluation persists.

Teams with at least one female founder (all-female plus mixed teams) secured 27.5% of UK equity deals, demonstrating a more diverse founder base entering the market.

Systematic Support Is Outperforming

The Investing in Women Code (IWC)—a UK initiative where investment firms commit to backing female and underrepresented founders—shows signatories consistently outperform the wider market in deals to teams with at least one woman.

Perhaps most compelling: the 2025 IWC report estimates that investing in diverse and female-led businesses could add 13% to the value of the UK equity market. That’s not social impact. That’s alpha.

The British Business Bank has committed £100 million to female-led fund managers as part of a £500m package supporting underrepresented entrepreneurs. Capital is starting to follow evidence.

European Context: The Bigger Picture

According to the Female Innovation Index 2025, female-founded startups across Europe raised €5.76bn in 2024—representing 12% of all VC capital invested in European startups.

Average round sizes for female-led companies rose 7% compared to 2023, indicating stronger investor confidence when fundamentals are properly evaluated.

M&A activity by female-founded companies increased 15% in 2024, with 111 deals recorded across Europe. Strategic acquisitions are becoming accessible—not just to those with extraordinary capital, but to founders with the right frameworks.

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What This Means for Your Scale-Up Journey

Progress is real. But it’s not happening fast enough to unlock the economic potential waiting to be captured. Here’s where systematic barriers still constrain everyone:

Scaling remains uneven. Whilst more female-led companies are raising capital, they’re still underrepresented in large exits and growth rounds. Lower initial valuations compound through every subsequent round—constraining acquisition capacity, growth velocity, and exit multiples.

Early-stage bias persists. Female founders face tougher scrutiny, longer timelines, and harder questions in due diligence—even with identical metrics. This isn’t just unfair. It’s economically irrational and costs investors returns.

Capital networks remain stubbornly closed. Access isn’t just about money—it’s who you know. Informal networks that drive the majority of investment decisions haven’t opened fast enough.

Strategic M&A faces capital constraints. When competitors have significantly greater capital access, they outbid you for opportunities you identified first. You can’t win by reacting faster—you need systematic frameworks that attract capital rather than compete on price alone.

The pace needs acceleration. Initiatives like the Investing in Women Code are powerful, but change must accelerate to fully unlock the £8.7 trillion in unrealised economic potential.

What Still Needs to Change in 2026

Celebrating progress doesn’t mean accepting the status quo. Several barriers remain, limiting founders, investors, and the broader economy:

• Early-stage funding remains constrained. Many brilliant businesses never reach the point where fundamentals can speak for themselves.

• Unconscious bias in due diligence persists. Female founders often face tougher questions, longer timelines, and more scrutiny — even with identical metrics.

• Capital networks remain closed. Access isn’t just money — who you know still matters, and informal networks have been slow to open.

• Scaling businesses face compounding constraints. Lower valuations lead to more dilution, limiting acquisition capacity, growth velocity, and exit multiples.

• The £8.7 trillion gap in unrealized potential isn’t closing fast enough. At the current pace, parity could take decades, leaving immense economic opportunity untapped.

The Future Is Systematic, Strategic, and Unstoppable

This is a pivotal moment. Whether you’re a founder competing on merit, an investor seeking alpha, or an ally advocating for equity, the work we do now shapes the next generation of businesses.

Now’s your chance to accelerate it.

If you believe investment decisions should reward strong fundamentals over assumptions, cast your vote for: David B Horne – Man of the Year 2025

Your vote isn’t just supporting one person. It’s supporting a mission that directly impacts how capital flows, how businesses scale, and how the next generation of founders compete.

Together, we’re not just closing a funding gap. We’re building an ecosystem where merit wins, fundamentals matter, and exponential growth is accessible to everyone willing to execute systematically.

That’s not optimism. That’s the evidence of six years proving the framework works.