Key Takeaways
- • PitchBook's annual US and European All In reports show female-founded VC exit activity rose in 2024, with female-founded companies accounting for 24.3% of total US VC exit activity and 21.5% in Europe, both year-over-year increases.
- • US VC deal value to female-founded companies rose 27% year over year to over $38 billion in 2024, from $30.6 billion in 2023, while US deal count fell 13%.
- • European female founders raised more than €10 billion across nearly 2,000 VC transactions in 2024, the fourth consecutive year at that level, but deal count dropped 26%.
- • Female representation in VC decision-making remains low: women hold 17% of decision-maker roles at US firms with over $50 million AUM and 15% at European firms with over €50 million AUM, with little change year over year.
- • Female angel investor participation fell 31% in the US, to its lowest level in over a decade, and 40% in Europe.
Summary
PitchBook has released its annual US and European All In reports on female founders in venture capital, examining investment across stages and regions, exit activity, industry trends and unicorns. The US report was published with support from Wilson Sonsini Goodrich & Rosati, Fidelity and Flourish Ventures; the Europe report with support from Enterprise Ireland.
According to PitchBook, the VC ecosystem faced challenges in 2024 from economic uncertainty and sociopolitical change, and female founders also saw a decline in deal activity in both the US and Europe. Exit activity was the clear bright spot. Female-founded companies represented 24.3% of total US VC exit activity and 21.5% of European exit activity, both up year over year. Exit count for female founders in the US rose by 10 compared with 2023, although exit value fell from $25.3 billion to $20.1 billion. Exit momentum in Europe was also positive, with transaction count and cumulative value growing at double-digit rates, and female founders' share of exit value and count rising 2.7% and 3.8%, respectively.
Funding patterns show fewer but larger checks. US deal value to female-founded companies grew 27% to over $38 billion, yet the share of total US VC deal value slipped from 20.8% to 19.9%, and the share of deal count fell for a third straight year to its lowest since 2018, down 13% from 2023. In Europe, deal count declined 26%, with early-stage deal count down 45% and female founders facing steeper valuation declines at that stage. Late-stage valuations rose; for US late-stage companies, post-valuations grew to $60.7 million from $55.1 million, and European venture-growth valuations rose from €19.9 million to €28.9 million. The US count of female-founded unicorns rose to 43, with B2B software firms well represented among the highest-valued companies.
Investor representation remains a constraint. PitchBook analyst Annemarie Donegan said, "The VC industry is still trying to find solid footing after its peak in 2021. While some progress was made for female founders in 2024, particularly in exit activity, female founders and investors still face an uphill climb." She added that representation of female decision-makers at the GP level "remains an area for improvement, with little change year over year." US female angel investor activity fell 31% to its lowest level in over a decade, while European participation by active female angels declined 40%.
According to PitchBook, the VC ecosystem faced challenges in 2024 from economic uncertainty and sociopolitical change, and female founders also saw a decline in deal activity in both the US and Europe. Exit activity was the clear bright spot. Female-founded companies represented 24.3% of total US VC exit activity and 21.5% of European exit activity, both up year over year. Exit count for female founders in the US rose by 10 compared with 2023, although exit value fell from $25.3 billion to $20.1 billion. Exit momentum in Europe was also positive, with transaction count and cumulative value growing at double-digit rates, and female founders' share of exit value and count rising 2.7% and 3.8%, respectively.
Funding patterns show fewer but larger checks. US deal value to female-founded companies grew 27% to over $38 billion, yet the share of total US VC deal value slipped from 20.8% to 19.9%, and the share of deal count fell for a third straight year to its lowest since 2018, down 13% from 2023. In Europe, deal count declined 26%, with early-stage deal count down 45% and female founders facing steeper valuation declines at that stage. Late-stage valuations rose; for US late-stage companies, post-valuations grew to $60.7 million from $55.1 million, and European venture-growth valuations rose from €19.9 million to €28.9 million. The US count of female-founded unicorns rose to 43, with B2B software firms well represented among the highest-valued companies.
Investor representation remains a constraint. PitchBook analyst Annemarie Donegan said, "The VC industry is still trying to find solid footing after its peak in 2021. While some progress was made for female founders in 2024, particularly in exit activity, female founders and investors still face an uphill climb." She added that representation of female decision-makers at the GP level "remains an area for improvement, with little change year over year." US female angel investor activity fell 31% to its lowest level in over a decade, while European participation by active female angels declined 40%.
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