VC Exits Rose for Female-Founded Companies in ‘24: PitchBook
In 2024, the venture capital landscape encountered hurdles from economic instability and sociopolitical changes. A shortage of notable exits hampered fundraising efforts and slowed deal flow. Female founders also hit roadblocks, resulting in decreased deal activity in the U.S. and Europe, as outlined in PitchBook’s latest report.
Despite the broader VC industry’s struggles, female founders saw some wins in 2024. Exit activity picked up in both the U.S. and Europe. Female-founded companies accounted for 24.3% of total exits in the U.S. and 21.5% in Europe, marking a rise from the previous year in both regions.
In the U.S., female founders surpassed the previous year’s funding by 27%, pulling in more than $38 billion in deal value throughout 2024. In Europe, women-led companies maintained momentum, raising €10 billion across almost 2,000 deals for the fourth consecutive year.
Although deal value increased in both regions in 2024, the number of deals fell by 13% in the U.S. and 26% in Europe, signaling a trend toward fewer yet bigger investments. Angel investors faced a rough patch, with U.S. participation hitting its lowest mark in over 10 years and European involvement sinking to its lowest since 2018. Decision-making roles among general partners remain overwhelmingly male, with little change in female representation compared to prior years.
“Representation for female decision-makers at the GP level remains an area for improvement, with little change year over year,” said Annemarie Donegan, senior research analyst at PitchBook. “Increasing female representation in check-writing roles could help drive investment in female-founded startups by expanding access and opportunity for founders who may otherwise be overlooked.”
The US report is published with support from Wilson Sonsini Goodrich & Rosati, Fidelity, and Flourish Ventures. The Europe report is published with support from Enterprise Ireland.
