Breaking Barriers: Women-Led Startups, the Funding Gap, and the Role of Inclusive Investment

Women-led startups, especially in deep tech and agrifood, continue to face systemic challenges in accessing capital compared to their male counterparts. Despite progress in entrepreneurship, the funding gap remains wide and persistent.

At the seed stage, only 15% of funding goes to women founders, while men secure 85%. In early- and late-stage venture capital, this share falls to just 11%. Beyond the numbers, the problem is structural: women entrepreneurs are more likely to rely on public funding as their first source of capital, while men tend to access private investment networks earlier. Even when women-led deep tech startups receive their first funding faster than men, this early momentum does not translate into equal opportunities later.

Most investment decisions are still made in male-dominated environments, and the majority of capital continues to flow toward male-led businesses.

Less Connected Innovation Ecosystems: A Double Disadvantage

The funding challenge is even more severe in regions with Less Connected Innovation Ecosystems (LCIEs)—areas ranked as "modest" or "emerging" on the European Innovation Scoreboard. These ecosystems typically lack:

• Access to venture capital

• Strong mentorship networks

• Institutional support structures

For women founders, this creates additional barriers to visibility, pitching opportunities, and scaling. In countries like Bulgaria, part of the Regional Innovation Scheme (RIS), the problem is compounded. Low scores on both innovation performance and the Female Achievement Index mean women entrepreneurs face a dual disadvantage. Structural barriers such as smaller average farm sizes (5.84 ha for women vs. 12.88 ha for men) and limited access to business development tools further reduce their chances of scaling successfully.

The Economic Cost of the Gender Gap

The gender funding gap is not only a social issue—it’s an economic loss. Data from the Joint Research Centre (JRC) and the Female Achievement Index clearly show that regions with greater gender equality are also more innovative.

By excluding women from equal access to capital, economies lose:

• Diversity of thought

• Sustainable, community-driven solutions

• Untapped growth potential

Women entrepreneurs frequently approach business with a long-term, sustainability-focused mindset, particularly in agrifood and rural innovation. Ignoring their potential slows down systemic innovation and weakens the entrepreneurial pipeline.

A Success Story from Agriventures

Within the Agriventures community, we’ve seen how tailored support can change trajectories. One example is Teodora, a young founder who created a platform linking corporate sustainability programs with farmers’ products.

Despite her strong idea, she struggled with two familiar barriers:

1. Limited access to VC networks

2. Lack of pitching experience and confidence

Instead of venture capital, she secured a €150,000 grant, supported by mentors who helped her grow in confidence. Today, she’s sharing her vision on the Forbes stage. Her journey shows that women founders don’t just need funding—they need trust, mentorship, and visibility.

Agriventures Joins the HER Fund Podcast

To highlight these challenges and opportunities, Agriventures participated in the HER Fund Talks podcast project. In Episode 23, our founder Mariya Hristova joined host Milena Stoycheva to discuss:

• Why women-led startups in deep tech and agrifood receive only a fraction of VC funding

• The “double disadvantage” of less-connected innovation ecosystems

• The economic value lost when women are underfunded

• How initiatives like HER Fund are reshaping the investment landscape

• A success story of a founder who turned a grant into global recognition

🎧 You can listen to the full episode here: HER Fund Talks | Episode 23

Looking Ahead

Closing the gender funding gap requires more than small fixes—it demands a systemic shift. Initiatives like HER Fund and Agriventures are paving the way, not only by providing capital but by building ecosystems where women are founders, mentors, investors, and decision-makers.

At Agriventures, we believe that empowering women in agrifood and deep tech is not just about equality—it’s about unlocking innovation, sustainability, and long-term economic growth.

Anne-Charlotte Joubert Inès Martorell Virginie Robin Emilie Floch Monika Stanisheva Plamena Cherneva Elena Nikolova Diane Nevin Capucine Dellon Francisca Eiriz Maria João Bessa, PhD Maria Pournari Maria Samichkovska Stella Ioannou Anna Nartsis Shopova Lucia Davidova Viktória Németh Križanová Vanda Seidelova David Reeser Corentin Lefèvre Laurence Faigenbaume