Stories of Technology, Innovation, & Entrepreneurship in the Southeast

PitchBook, the premier data provider for the private and public equity markets, has released its annual U.S. and European “All In” reports on female founders in the venture capital (VC) ecosystem. The report for the U.S. is summarized in three categories.

Female founders received larger but fewer checks in 2024.

1. U.S. VC deal value to female-founded companies increased 27 percent year-over-year from $30.6 billion in 2023 to over $38 billion in 2024.
2. Female founder’s share of total US VC deal value, which is typically more volatile and driven by market effects, declined from 20.8 percent in 2023 to 19.9 percent in 2024.
3. The share of total U.S. VC deal counts for female founders declined for the third year in a row to its lowest level since 2018 – a 13 percent decline from 2023.

Valuations for female founders are growing.

1. Female-founded company valuations rose across all stages in 2024 alongside broader U.S. activity. For late stage VC, post-valuations for female-founded companies grew to $60.7 million from 2023’s $55.1 million.
2. Female-founded companies maintain a historically lower VC burn rate compared to the broader U.S. category (VC burn rate = difference in capital raised and number of months between rounds).

Unicorn growth and exit activity are picking up steam.

1. Exit count ticked upwards in 2024 for female founders with 10 more company exits than in 2023. However, exit values dropped from $25.3 billion in 2023 to $20.1 billion in 2024.
2. More female-founded companies reached unicorn status (post-money valuation of at least $1 billion) in 2024 compared to the year prior, reaching 43 unicorns in total. Business-to-Business software firms maintain an outsized presence on the list of highest-valued female-founded companies.

Decision-makers and angel investors have room to grow.

1. Female representation in check-writing roles remains under 20 percent. Women make up 17 percent of VC decision makers (partners, principals, and managing directors) at firms with at least $50 million in Assets Under Management (AUM) and 19 percent at smaller firms with AUMs under $50 million.
2. The number of global female angel investors active in the U.S. market dropped to its lowest level in over a decade with a 31 percent decrease year over year.

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