Investing in Women Code 2026: Signatories Back Female Founders at Twice the Market Rate
Investing in Women Code signatories put 32% of their venture capital into teams with at least one female founder in 2025, against 15% across the wider market. All-female teams still received just 2% of market investment.
By Entrepreneur Group · Published · Updated
Editor's note: updated on 27 October 2026. An earlier version claimed British female entrepreneurs raised £1.2 billion in Q2 2026; we found no basis for that figure and have replaced it with the Investing in Women Code data below.
Investors that have signed the Investing in Women Code directed 32% of their venture capital investment to teams with at least one female founder in 2025, up from 27% in 2024. Across the wider market the figure was 15%, so signatories were more than twice as likely to fund these businesses, according to the British Business Bank.
It is the sixth year in a row that signatories have outperformed the market. But the gap for all-female founding teams remains wide: they received 6% of signatories' investment value and only 2% across the market.
What the Code is
The Investing in Women Code was launched in 2019 after the Alison Rose Review of Female Entrepreneurship. Signatories, including banks, venture capital funds, angel networks and other finance providers, commit to improving female entrepreneurs' access to finance and to reporting data on who they fund. The government says there are now more than 330 signatories, up from 12 in 2019.
The key figures
From the sixth annual report, covering 2025:
- Share of deals: 33% of signatories' venture capital deals went to teams with at least one female founder, against 25% across the market.
- Share of money: 32% of signatories' venture capital investment by value went to teams with at least one female founder, against 15% across the market.
- All-female teams: 6% of signatories' investment value, up from 4% in 2023, compared with 2% across the market.
- Who decides matters: signatories with majority-female investment committees put 11% of deals into all-female founder teams, against 8% for majority-male committees.
Blair McDougall, Minister for Small Business, said: "For the sixth year in a row, Investing in Women Code signatories have outperformed the wider market." He added: "Yet women-led businesses still face greater barriers to funding and growth."
Funding aimed at female investors
The British Business Bank also set out what it is doing to increase the number of women making investment decisions:
- Investor Pathways Capital: a £400 million programme, launched in 2025, for first-time and emerging fund managers. Its microfunds strand committed up to £90 million to ten new fund managers, and 57% of the general partners in the first group are women.
- Female-led funds: £130 million through existing programmes, including £100 million pledged to the Invest in Women Taskforce and a £30 million anchor investment in the Women Backing Women Fund of Funds.
- Drop-in sessions: pre-application sessions for emerging female investors, including angels and fund managers.
The government says the Invest in Women Taskforce deployed more than £70 million from a £635 million funding pool in its first year.
What it means for female founders
This section is editorial guidance, not financial advice.
- Look for signatories. The British Business Bank publishes the list of Code signatories. Approaching those firms does not guarantee funding, but they have committed to tracking and improving their record.
- Ask about the process. It is reasonable to ask how decisions are made and who sits on the investment committee.
- Consider all finance types. Equity is only part of the picture. Many signatories are lenders, and debt, grants or Start Up Loans may suit a business better than giving away shares.
- Use networks. Angel groups and accelerators focused on female founders can make introductions to investors who already back women-led businesses.
Frequently asked questions
What is the Investing in Women Code?
It is a government-backed commitment, launched in 2019, under which finance providers pledge to improve female entrepreneurs' access to finance and report data on the businesses they fund. It has more than 330 signatories.
How much venture capital goes to female founders in the UK?
In 2025, 15% of venture capital investment across the UK market went to teams with at least one female founder, and 2% to all-female teams. Code signatories put 32% into teams with at least one female founder.
How do I find investors that have signed the Code?
The British Business Bank, which runs the Code, publishes the list of signatories on its website.
Sources
- GOV.UK: Research shows backing female-led businesses is good for growth (8 July 2026) (reviewed 27 October 2026)
- British Business Bank: Investing in Women Code signatories continue to close the finance gap for female-led businesses (reviewed 27 October 2026)
- GOV.UK: Investing in Women Code annual report 2026 (reviewed 27 October 2026)