全欧洲：风险投资生态系统中的女性创始人（英）2026

Contents Key takeaways3 Institutional Research Group Overview4 Annemarie DoneganSenior Analyst, Custom Researchannemarie.donegan@pitchbook.com Representation at the GP level7 pbinstitutionalresearch@pitchbook.com Industry trends8 Published on 4 March 2026 Country breakdown10 The exit scene11 Methodology13 Key takeaways •European female-founded companies saw slower VCdeal activity in 2025, with declining deal count and valuereflecting a continued pullback from peak post-pandemicactivity.A lack of megadeals was the primary drag ontotal capital secured, underscoring how the market hasshifted towards fewer, more selective financings. Female-founded companies’ share of overall European VC activityalso trended downward YoY. •Sector trends were consistent YoY, with the life sciencesand consumer industries leading female-founderrepresentation.AI investment showed increasing capitalconcentration, while femtech deal value reboundedstrongly by nearly 25% YoY. •Primary hubs including the UK, Germany, and Francemaintained a majority of financing activity for female-founded companies, but momentum was more widelydistributed.Smaller countries including Ireland andSwitzerland topped per-capita rankings, and othersincluding Finland and the Netherlands demonstratednotable resilience in YoY deal volumes compared with theprimary hubs. •Valuations strengthened across the board, with allcompany cohorts recording double-digit growth intheir median pre-money valuation.Companies that cansecure additional funding rounds are doing so at strongervaluations, reinforcing capital-concentration trends seenacross the global VC landscape. •Exit activity shifted towards fewer but larger outcomes.Total exit value rose despite lower transaction counts,and a record-high aggregate valuation for female-foundedunicorns suggests meaningful exit potential remains inthe coming years if market conditions hold. •Company-progression metrics remained supportive.More than two-thirds of female-founded startupsraised a follow-on round or exited after their initial VCfunding, slightly exceeding early graduation rates forEurope overall. •At the GP level, women represented a larger share ofcheque-writing positions across both large- and small-firm cohorts.Majority-female decision-making teamsremain uncommon, though smaller firms are marginallymore likely to have this leadership makeup. Overview Lower volume and lack of megadeals weigh on dealmaking total All-male-founded companies see growth invalue but similar decline in volume All-female-founded companies dip below€1 billion but maintain post-2019 elevation VC deal activity for all-female-founded companies Female founders’ share of overall activity continues a downward trend afterpeaking in 2023 VC deal activity for female-founded companies as a share of all VC deal activity All cohorts experience double-digit rise inmedian pre-money valuation Fewer down rounds mirror trends acrossVC landscape Share of VC deal count for female-founded companies by up,down, and flat rounds Median VC pre-money valuation (€M) More than two-thirds of female founders raise a second round or exit after initial VC funding,slightly outpacing early graduation rates for Europe overall VC funnel for female-founded companies Median VC burn rate (€M/month) Representation at the GP level More female cheque writers active in both large- and small-firm cohorts than in 2024 Share of decision-makers in VC firms by gender(with less than €50 million in AUM) Share of decision-makers in VC firms by gender(with €50 million or more in AUM) Majority-female cheque-writing staffs remain rare but are more likely at smaller firms Share of VC firms with over 50% female decision-makers(with less than €50 million in AUM) Share of VC firms with over 50% female decision-makers(with €50 million or more in AUM) Industry trends Life sciences and consumer industries see strongest representation for female founders 2025 VC deal count for female-founded companies as a shareof all VC deal count by top industry code 2025 VC deal value for female-founded companies as a shareof all VC deal value by top industry code Capital concentration amongst AI startupsmirrors overall market trends Femtech value grows by nearly 25%, ending atwo-year streak of declines Femtech VC deal activity for female-founded companies AI & machine learning VC deal activity forfemale-founded companies Top female-founded VC-backed companies by most recent post-money valuation Countrybreakdown Top 15 countries by 2025 VC deal countfor female-founded companies The exit scene Larger exits drive growth in total valueamongst fewer transactionsVC exit activity for female-founded companies Despite a YoY decline, female-foundedcompanies have maintained a steady shareof overall exit activity since 2022 VC exit activity for female-founded companies as a share of allVC exit activity Life sciences and B2B players secure largest exits of the year Top VC