The rise of women founders in deep tech is one of the most promising shifts in innovation, but the funding system has not kept pace. While women-led startups are doubling in number, their share of capital remains small, their valuations are lower, and their paths to growth are steeper. This contradiction suggests that progress without equity is far from genuine change.
Technology remains a male-dominated field, and women continue to be underrepresented, particularly in tech startups. Over the past few years, an increasing number of women have entered tech roles; however, the numbers remain low compared to those of men.
Women founders in deep tech: Numbers tell a story
The World Bank reports that women make up less than one-third of the global workforce in technology-related fields. Even in major companies like Amazon, Facebook, Apple, Google, and Microsoft, women form 45%, 37%, 34%, 33%, and 33.1% of the overall workforce, respectively. These figures drop further in leadership roles, where women hold only 29% at Amazon, 34% at Facebook, 31% at Apple, 28% at Google, and 26% at Microsoft.
The gender gap is far worse when it comes to entrepreneurship in the tech industry. Women-led tech startups remain relatively rare, particularly in deep tech, a field that requires advanced scientific and engineering expertise.
Women founders in deep tech startups
A study of 7,165 startups across 37 countries found that the share of women founders in deep tech has doubled since 2010. However, women still represent just 17.4% of founders in deep tech startups between 2010 and 2022. The report, Women Founders in European Deep Tech Startups, highlights that less than one-quarter (24%) of deep tech startups created in 2022 included at least one woman on the founding team. Moreover, women are also less likely to start these ventures alone.
France recorded the highest number of women-led deep tech startups between 2010 and 2022, with 2,616, representing 21% of the total number of startups. Germany and Spain followed, with the Netherlands, Italy, Sweden, Finland, and Belgium also showing a visible presence.
In most countries, women founders in deep tech make up between 10% and 20% of all founders, with the overall average at just 17%.
Unequal access to funding
Access to funding is one of the most significant hurdles for women founders in deep tech. The study found that women-founded startups receive less total funding, smaller funding rounds, and lower valuations compared to their male-led startups.
At the seed stage, women-led startups secure only 15% of available funds, with men-led startups taking the remaining 85%. The disparity grows in later stages. For early and late-stage venture capital, women-led startups receive only 11% of total investments.
Women founders in deep tech startups: The need for more
Even if women-led startups secure funding in their first round, it doesn’t necessarily lead to continued support or follow-on investment. When the first round is funded only by women, later (typically male-dominated) investors might view the startup as “less credible,” “less promising,” or outside their network due to conscious or unconscious bias.
According to a study analysing 2,000 startups, women founders consistently had more difficulty securing a second funding round when their first was backed only by women, regardless of the initial investment’s size, industry, or the investors’ status. It shows that support from women investors doesn’t carry the same weight or open the same doors as support from male investors or mixed-gender groups.
Public funding plays a more prominent role for women entrepreneurs. Approximately 46% of women-led deep tech startups secure their first funding within the first year, compared to women-led startups in other sectors. However, these early rounds are typically smaller and more likely to come from public grants rather than private investors.
Impact of lower valuation
The funding gap has long-term consequences. Lower initial valuations mean women founders often have to give up a larger share of ownership to access similar resources as their male peers. That reduced equity limits their control and future earnings potential.
The report also shows that startups with larger founding teams and more patents receive more funding overall, regardless of gender. However, women-led startups often start with fewer resources and less access to the patent portfolios that attract major investors.
Reliance on grants and public support
Many women-led deep tech startups depend on grants and self-funding in their early stages. Some turn to private investors for faster growth, but delays in grant disbursement can slow operations. Women founders also report feeling overlooked by venture capital firms, and while public support programs help, they often focus on training rather than providing direct financial resources.
Grants are slightly more common for women-led deep tech startups at 16%, compared to 15% for seed funding, 13% for early-stage venture capital, and 11% for late-stage venture capital. Men-led startups tend to receive higher average amounts in nearly every round of financing, except in early-stage venture capital, where women-led deep tech startups receive an average of €12.23 million, compared to €10.86 million for men-led startups, although the difference is negligible.
Women-founded teams are also less likely to reach valuations of €20 million or more. Since their first funding rounds usually come from public sources and at lower valuations, this disadvantage continues through later funding rounds with private investors.
What must change for women-led deep tech startups
Improving the success of women-led deep tech startups requires stronger and more consistent support from the industry. First, private investors need to take a more active role in funding women founders and their ventures. By doing so, they can open opportunities for businesses that often face greater barriers compared to their male-led counterparts.
In addition, support should extend well beyond a single investment round. Effective programs must combine financial backing with access to industry networks, mentorship, and market opportunities. This approach enables women founders to grow their businesses without losing time or momentum.
Equally important, women-led deep tech startups need reliable follow-up funding. Long gaps between early-stage and growth-stage financing slow progress, limit hiring, and reduce research capacity. When funding remains steady and accessible, women founders can expand operations, compete on equal terms, and bring greater diversity and innovation into deep tech. Ultimately, creating this type of environment benefits not only women entrepreneurs but also the broader technology sector as a whole.
The final thoughts
The deep tech industry cannot reach its full potential if women founders continue to be underrepresented. More women are starting companies today than a decade ago, yet they continue to face smaller investments, fewer growth opportunities, and less access to networks that can help them succeed. It limits not only individual ventures but also the entire industry’s ability to grow and adapt. The aim should be to see women leading deep tech companies with the same visibility and support given to men.
Changeincontent perspective
At Changeincontent, we see the story of women founders in deep tech as more than numbers. It is about dismantling the barriers that keep half the talent pool underfunded and undervalued. Deep tech thrives on innovation, and innovation cannot afford homogeneity. Real disruption will come only when women founders are given equal access to funding, networks, and leadership roles.
Disclaimer: The views expressed in this article are based on the writer’s insights, supported by data and resources available both online and offline, as applicable. Changeincontent.com is committed to promoting inclusivity across all forms of content. We broadly define inclusivity as media, policies, law, and history. It encompasses all elements that influence the lives of women and marginalised individuals. Our goal is to promote understanding and advocate for comprehensive inclusivity.
