. @UnconvenVc released its latest report looking into startup funding in the Nordics – overall and from diversity & inclusion lens.
Here are some of the nuggets (thread)
Here are some of the nuggets (thread)

#1. Female founders raise less capital
In 2019 all men founding teams raised 93%, mixed team 6% and all women 1% of all capital.
For some countries, like Denmark
, the share of capital raised by all women teams is at just 1% and mixed teams – 4%.
In 2019 all men founding teams raised 93%, mixed team 6% and all women 1% of all capital.
For some countries, like Denmark

#2. Average investment round is lower for female founders.
Unsurprisingly, all women teams get smaller average checks, 75% of the all male and 69% of mixed in the seed round. In later rounds these differences increase to 32% of all male and mixed team average deals size.
Unsurprisingly, all women teams get smaller average checks, 75% of the all male and 69% of mixed in the seed round. In later rounds these differences increase to 32% of all male and mixed team average deals size.
#3. At the same time, female founders outperform.
Female founded companies perform 45% better than male founded companies when looking at revenue to funding ratio.
Female founded companies perform 45% better than male founded companies when looking at revenue to funding ratio.
#4. One of the reasons for such a massive funding gap has to do with those make investment decisions, e.g. investors.
Not only men are over-represented in the investment community. They also predominantly occupy decision making positions – only 11% of partners are women.
Not only men are over-represented in the investment community. They also predominantly occupy decision making positions – only 11% of partners are women.
#5. BuT wHaT aBouT tHe PipELine iSsuE
An excuse used for a long time by investors to justify lack of investments in female founders.
@TatiChoudhary of @startupsweden puts it really well – "we have an overall gender split of 44%/56% in startups as well as scaleups".
An excuse used for a long time by investors to justify lack of investments in female founders.
@TatiChoudhary of @startupsweden puts it really well – "we have an overall gender split of 44%/56% in startups as well as scaleups".
#6. Despite the talk the situation doesn't seem to be improving (or improving fast enough).
The share of capital raised by all women & mixed team has consistently stayed at 7-10% over the years. Though, there is hope – in H1 2020 this number reached 18% for the first time ever
The share of capital raised by all women & mixed team has consistently stayed at 7-10% over the years. Though, there is hope – in H1 2020 this number reached 18% for the first time ever
So where do we go from here?
The report shares their recommendations ranging from having more diverse investment teams to capturing and analysing diversity data in their portfolios.
The report shares their recommendations ranging from having more diverse investment teams to capturing and analysing diversity data in their portfolios.
Another action can be taken at city/municipality level.
I couldn't agree more with Maria Amelie and Nicolai Strøm-Olsen of Startup Migrants – "ownership is important. It prevents gentrification and helps to close inequality gap between genders and different societal groups".
I couldn't agree more with Maria Amelie and Nicolai Strøm-Olsen of Startup Migrants – "ownership is important. It prevents gentrification and helps to close inequality gap between genders and different societal groups".
Having more diverse investors is also a proven way to increasing access to capital.
From VCs, like @marianneoster and @checkwarner, to Angels, like @katjatorop and @deepalinangia.
From VCs, like @marianneoster and @checkwarner, to Angels, like @katjatorop and @deepalinangia.
What do I think about the report?
I'm glad that @TheaMessel and @norabavey1 of @UnconvenVc put this together – showing hard facts is important in demystifying the funding gap.
I'm glad that @TheaMessel and @norabavey1 of @UnconvenVc put this together – showing hard facts is important in demystifying the funding gap.
At the same time, I'm frustrated and angry that year after year there is a lot of talk but so little action from the investment community and very little progress.
IMHO there has to be stronger commitment, accountability and swift actions to move the needle.
WDYT?
IMHO there has to be stronger commitment, accountability and swift actions to move the needle.
WDYT?