The UK and European Funding Landscape: It’s Time for Change
By Iona Mackay
As a young female professional, I was recently struck by data that highlights the significant challenges facing female-led ventures in the UK and Europe. According to PitchBook, in 2023, all-women teams secured only 1.8% of the total venture capital pool—the lowest allocation since 2016, when all-women teams received 1.6% of VC funding. In 2023, mixed-gender teams received 15.6% of funds, while a staggering 82.6% went to all-male teams. These numbers aren’t just disappointing—they’re regressive.
Alison Rose, CEO of NatWest, has championed a Review on Female Entrepreneurship since 2019 that underscores not only the gender inequality when it comes to funding but also the economic value of women-led businesses. According to her findings, women entrepreneurs could contribute an additional £250 billion to the UK economy—equivalent to 11.6% of UK GDP—if they had equitable access to funds. Rose writes, “The disparity that exists between female and male entrepreneurs is unacceptable and holding the UK back. The unrealised potential for the UK economy is enormous.”
The barriers that women face in securing funding are complex and multi-faceted, with the primary drivers being inherent gender bias, a shortage of women leading investment funds, and a tendency among women entrepreneurs to present more conservative forecasts. There are some people out there doing their best to affect change—I recently went to a talk by David B Horne, who has been fighting hard for female funding —but the doors that are being knocked on often remain closed.
It’s disheartening to see these systemic barriers in place, especially when there’s no shortage of talent and ambition among women founders. Rose’s report includes eight recommendations aimed at addressing these challenges, including improving access to resources, creating government-backed incentives, and expanding networks and mentorship for women in business. These recommendations lay a practical foundation for progress, though 2023’s data shows just how much work there is still to be done.
As a 26-year-old professional and a member of an all-female-led communications agency, this issue resonates with me deeply. Claire, Emma, and I are currently working to secure funding for our event, The UK River Summit, and we’ve faced these challenges firsthand. However, this data only motivates us further to push for change. We believe in the value of what we’re creating and are committed to making it happen.
We’d love to hear from anyone who wants to help create change not only for our rivers and waterways but also for a fairer funding landscape. If you’re an investor or a business that believes in the power of women-led ventures, do get in touch. Your support can help us drive the change we want to see.