2026 Female Innovation Index (HSBC Innovation Banking)

Summary

• 1,307 European female-founded startups raised €7.5 billion through 1,376 deals in 2025.p.10
• The €7.5 billion marks a 19% year-on-year increase in total investment from the €6.25 billion raised the year before.p.10
• Female-founded companies raised 13% of the total venture capital raised by European companies, which totalled €59.5 billion.p.36
• 86% of female founders currently leverage AI for their businesses, up from 77% last year.p.13
• 22% of all venture capital and 25% of all rounds raised by female-founded startups in Europe went to those leveraging AI technology.p.13
• Five European female-founded companies achieved unicorn status in 2025, bringing the total to 29, and 21 are nearing unicorn status.p.11
• M&A activity among female-founded companies increased by 8% to 124 deals in 2025, compared with 114 in 2024.p.11

Key insights

1. €1.7B of venture capital invested in female-founded companies in Europe in 2025 went to AI, split 47% applications and 53% foundational.p.14
2. 55% of venture capital invested in female-founded AI companies was concentrated across four application areas.p.15
3. €1.1B of venture capital raised by female-founded AI-first companies went to generative AI companies.p.16
4. More female-founded companies reached Series A (21.1%) than the European average (19.8%).p.38
5. Growth-stage female founders raised 88% of total venture capital (6.6B), against 12% (0.9B) for early-stage.p.42
6. On average there has been a 12% increase in round size across all stages compared to last year.p.46
7. The number of female-founded companies in Europe nearing a $1B valuation rose 50% year-on-year.p.58
8. The number of female-founded companies in Europe with a $1B valuation increased 20% year-on-year.p.59