Number Of Female Founders Has Risen By Half Over The Past Decade, VC Data Reveals

A report from VC firm Fuel Ventures has revealed new insights into the thousands of startup pitches they receive each year.

Now averaging around 6,000 incoming pitches a year, Fuel Ventures has taken a deep dive into a decade’s worth of data to share what these pitches say about the current state of entrepreneurship.

Here’s what they found:

The Number of Female Entrepreneurs Is On The Rise

Since Fuel Ventures was founded back in 2014, the number of female founders submitting pitches has risen by 45%, with a significant 30% increase in the past five years alone.

Co-Founded Startups Are More Likely To Receive Funding

Looking at leadership, the report revealed that two-thirds (76%) of successful pitches have come from startups with co-founders at the helm, rather than a single founder.

London’s Dominance Is Shrinking

While London remains the most popular location for UK startups, other cities are closing the gap. Over the past decade, cities such as Birmingham (up 120%) and Manchester (up 95%) have seen big increases in the number of founders launching businesses outside the capital, suggesting a welcome diversification of the UK startup scene.

Over 40s Are Moving Into Startup Leadership

The data also challenges long-held assumptions about the age of founders.

Pitches from entrepreneurs aged over 40 have increased by 35%, showing a growing trend toward experienced founders using their industry knowledge to build new ventures.

Encouraging More Women into Tech

But despite the stats revealed by Fuel Ventures around how many female founders pitch to their team, recent data around which entrepreneurs are actually getting the funding tells a different story.

Data shows the amount of capital going to back all-male founder teams has gone up from 80% in the first half of 2023 to 86% in the first half of 2024. (Forbes).

In addition to this, the amount of capital backing businesses founded by women has gone down from 2.0% to 1.8%.

In order to help female founders get the level of funding they need, U.K. Finance Minister Rachel Reeves has announced a new initiative called the Invest in Women Taskforce.

The belief is that backing women could boost the UK economy by £250 million by bringing in foreign investment and attracting more talent.

Who Are Some Of The UK’s Most Successful Female Founders?

Whilst it’s encouraging to see more female founders pitching their ideas, the reality is that they aren’t getting the level of funding they need (or used to!).

Here, we take a look at 5 female entrepreneurs who have completely changed the world of British business.

Chrissie Rucker OBE (The White Company)

Chrissie Rucker OBE is the visionary behind The White Company, one of the UK’s most loved brands. Besides this, she is also a founding member of the not-for-profit “Women Supporting Women” which is designed to help empower the next generation of female entrepreneurs.

Jacqueline Gold CBE (Ann Summers)

If you grew up in the UK, you probably know Ann Summers. Jacqueline Gold CBE was the mastermind that turned it from a small boutique into a high street staple.

She was one of the first entrepreneurs in the UK to talk about female sexuality and empowerment, driving the way for other female business owners in the space.

Anne Boden (Starling Bank)

A former banker taking on the fintech sector, Anne Boden founded Starling bank back in 2014 and has since turned it into one of the UK’s most respected digital banks.

In fact, Anne was the first British female entrepreneur to start a new bank, and has since led the company to win multiple awards and serve thousands of customers.

Deborah Meaden (Serial Entrepreneur)

Known for her role on Dragons’ Den and love of sustainable investments, Deborah Meaden is a serial entrepreneur who has become one of the UK’s most respected investors.

To date, Deborah Meaden has invested in dozens of early-stage startups, many of which were led by women. Her mentorship has helped founders all over the UK build hugely successful businesses.

Michelle Kennedy (Peanut)

After working at companies like Bumble and Badoo, Michelle Kennedy founded Peanut as a way to help women connect throughout pregnancy and motherhood.

Today, Peanut is a very successful global community platform, raising over $20 million in funding.