Women in VC

The rise of female leadership in the VC industry

Women in venture capital represent a growing force reshaping the investment landscape, with female leaders increasingly launching funds and driving returns globally. The industry has transformed from having less than 5% women in leadership positions to experiencing remarkable change through initiatives like Decile Group's Female Venture 50, which proves that diverse teams make better investment decisions.

Recent data from VC Lab's 2024 cohort reveals that 42% of graduating firms have at least one woman on the leadership team, demonstrating the effectiveness of targeted programs and communities supporting women throughout their VC journey. The Female Venture 50's achievements among new and emerging managers include:

• 2023: 30% of firms had 1+ woman managing partner (exceeded 25% target)
• 2024: 42% of firms had 1+ woman managing partner (exceeded 35% target)
• 2025 Target: 40% of firms with 1+ woman managing partner
• 2026 Target: 45% of firms with 1+ woman managing partner

For the full story, go to:

https://govclab.com/2025/08/07/women-in-venture-capital/

How many women work in venture capital?

The transformation from less than 5% female leadership pre-2022 to today's landscape represents an eight-fold increase that signals fundamental industry change. According to Decile Research's data on new and emerging fund managers, 42% of team-led venture funds now include at least one woman in leadership, while 19% of solo-led funds are managed by women, suggesting collaborative environments may naturally foster more diverse leadership.

The Female Venture 50's tracking reveals consistent outperformance of targets, though challenges remain with all-women teams comprising only 10% of team-led structures. Key statistics include:

Team-Led Funds:

• 42% have at least one woman in leadership
• 10% are led entirely by women
• 58% remain all-male teams

Solo-Led Funds:

• 19% are managed by women
• 81% are managed by men

What is the Female Venture 50?

The Female Venture 50 is Decile Group's flagship initiative launched in May 2022 to achieve equal representation of women across all venture capital levels through clear benchmarks, targeted support systems, and industry accountability. The program operates like venture capital's version of the Rooney Rule with actual results, tracking both mixed-gender leadership teams and all-women teams separately while focusing strategically on new and emerging managers where change can take root most effectively.

The comprehensive program includes dedicated Women in Venture events, female-focused Meet the Manager sessions, LinkedIn and Slack communities, and a specialized track within VC Lab's 14-week accelerator featuring global success stories. Key components:

• Benchmark System: Public commitments with transparent tracking of progress
• Networking Infrastructure: Strategic gatherings connecting female managers with LPs and advisors
• Integrated Programming: Weekly sessions showcasing diverse perspectives from Lagos to London
• Measurable Impact: Transformation from <5% to current leadership demographics

Why are more women entering venture capital?

Lower barriers to entry are dismantling the traditional boys' club mentality as the industry recognizes that diverse perspectives are essential for identifying outlier investments that drive exceptional returns. The data reveals that team-led funds, with 42% being led by either all women or mixed gender teams, serve as a powerful antidote to insular networks that historically kept venture capital homogeneous.

Programs like VC Lab systematically dismantle gatekeeping mechanisms through free training that eliminates financial barriers, virtual formats breaking geographic constraints, and transparent skill-building replacing mysterious apprenticeship models. Limited Partners accelerate this transformation by recognizing that:

• Manager diversity correlates with better fund performance
• Diverse GP teams identify outlier opportunities homogeneous groups miss
• Institutional pressure creates powerful feedback loops for continued progress
• The industry's exclusivity was always bad for business

What challenges do women face in VC?

Despite notable progress, women navigate complex structural and cultural barriers, with all-women teams representing only 10% of team-led funds according to Decile Research data. The network effect challenge remains particularly acute, as traditional relationship-building channels through elite universities, startup exits, and established firms often lack diversity, creating compounding disadvantages in deal flow and LP introductions.

Fundraising presents the most significant hurdle with women GPs facing higher burdens of proof, receiving smaller check sizes, encountering limited LP diversity, and navigating geographic constraints outside major hubs. Additional challenges include:

• Partnership Progression: The 7-10 year path conflicts with personal planning and faces attribution biases
• Cultural Fit Concerns: Existing partnerships may unconsciously favor familiar dynamics
• Limited Role Models: Fewer senior partners means less guidance for emerging talent
• Systemic Solutions: Individual determination alone cannot address structural problems

How to support women in venture capital?

Supporting women in venture capital demands systematic action from the entire ecosystem, combining institutional backing with grassroots initiatives that address unique challenges at every career stage. Progressive LPs implement diversity goals and actively seek female-led funds through programs like Decile Group's LP Institute, while providing operational support through mentorship and board positions.

Technology platforms like Decile Hub democratize access by providing free core functionality to over 1,000 firms monthly, enabling female managers to compete equally with established firms. Effective support strategies include:

• Community Building: LinkedIn groups and Slack channels for peer support and collaboration
• Structured Networking: Intentional relationship-building in inclusive environments
• Institutional Commitments: LP diversity requirements and portfolio company support
• Platform Solutions: Enterprise-grade tools at accessible price points

Conclusion

The transformation from an exclusive boys' club to an increasingly inclusive ecosystem represents one of venture capital's most significant modern shifts, with women now leading or co-leading 42% of team-led funds among new managers. The Female Venture 50 has proven that systematic, measurable approaches deliver real results through clear benchmarks, specialized infrastructure, and comprehensive ecosystem support.

The 2026 target of 45% female representation isn't just aspirational but achievable, backed by proven methodology addressing training, community building, technology enablement, and systematic support from fund formation through portfolio management. As diverse voices shape the industry's future for the first time, we're witnessing not just progress but the dawn of a new era where varied perspectives drive innovation and unlock previously undiscovered opportunities.