Measuring the deep tech gender gap

A new EU-backed study sheds light on the gender gap in investments across Europe, with a particular focus on deep tech — a category of innovation that is central to Europe’s long-term competitiveness, security and economic resilience.

Deep tech refers to companies built on scientific breakthroughs and advanced engineering, often emerging from research laboratories and universities. These include firms working in areas such as artificial intelligence, advanced materials, semiconductors, robotics, quantum technologies, climate and energy systems, health and biotech, and industrial technologies. Unlike many consumer-facing digital startups, deep-tech companies typically require long development timelines, specialized talent and significant upfront capital before reaching market.

For the EU, deep tech is strategic. It underpins the green and digital transitions, strengthens industrial leadership, and reduces dependence on external technologies in critical areas such as energy, health and security. Ensuring that talent can access capital in these sectors is therefore not only a question of fairness — it is a question of Europe’s ability to compete globally.

Two objectives: Measure the gap — and understand how to close it

The project was designed around two complementary goals.

First, to identify and consolidate data that can be used to measure the gender investment gap in a consistent and transparent way across Europe.

Second, to engage directly with founders, investors and policymakers to understand why the gap persists — and what could help bridge it, particularly in deep tech.

While gender-disaggregated data exist, they are often fragmented, based on different definitions or not publicly comparable. This makes it difficult for policymakers, investors and ecosystem actors to assess progress or design targeted interventions.

A prototype repository: The Gender Gap in Investments Dashboard

A central output of the project is the Gender Gap in Investments Dashboard, developed by Dealroom. The dashboard is a prototype repository that already presents a clear picture of the current state of the gender investment gap using Dealroom data. It brings together information on company founding teams and venture funding outcomes across Europe in a single, accessible interface.

The dashboard is not an endpoint. It is designed as a foundation that can, over time, incorporate additional data sources, improve coverage, and offer a more nuanced view of how gender, sector, funding stage and geography interact. The long-term ambition is to support the development of a credible, shared European data infrastructure on gender and investment.

What the data show: Deep tech remains highly skewed

Even at this early stage, the dashboard reveals persistent imbalances.

Across Europe, startups with at least one woman founder raise just 14.4 percent of all venture capital (VC) rounds and 12 percent of total VC funding.

In deep tech, the imbalance is even starker. Around 80 percent of deep-tech companies are founded by all-male teams, which receive nearly 90 percent of venture funding.

Given the capital intensity of deep tech, these disparities matter. Who receives early and follow-on funding today shapes which technologies Europe brings to scale tomorrow.

Listening to the ecosystem: Evidence beyond the numbers

To complement the data work, the project placed strong emphasis on qualitative research and ecosystem engagement.

Over 11 months, the team conducted:

• 81 in-depth interviews with founders, investors, fund managers, public banks and EU policymakers
• 12 ecosystem events across Europe, engaging more than 1,000 participants

Across countries and sectors, participants consistently pointed to structural barriers, including difficulties accessing early and scale-up capital, credibility gaps in fundraising — particularly in deep tech — fragmented support landscapes, and limited diversity in investment decision-making roles.

From insight to action: Priorities for Europe

Drawing on both the data and the ecosystem input, the report highlights several areas for action:

• Build a permanent European data hub on gender and investment, starting with the Dealroom dashboard and gradually adding more public and private data sources.
• Make investment data easier to compare and understand, by using shared definitions and reporting standards across EU and national funding programs.
• Close the gap between early support and growth funding, so that startups — especially deep-tech companies that take longer to develop — are not lost before they can scale.
• Use public investment to shape the market, drawing on the EU’s role as a major investor — including the European Innovation Council (EIC) and its investment arm, the EIC Fund, which provide public funding and equity to high-potential startups — to attract private capital and set better incentives.
• Improve connections across the ecosystem, helping founders find the right funding routes and reach key decision-makers.

A foundation for long-term change

The central conclusion of the study is clear: Europe does not lack women innovators — it lacks the systems needed to measure, fund and scale them consistently.

By combining a shared data foundation with direct engagement across the ecosystem, the project lays the groundwork for more informed policymaking, better investment decisions and a stronger, more inclusive European deep-tech ecosystem.

Disclaimer

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• The sponsor is EISMEA – European Innovation Council and SME Executive Agency
• The ultimate controlling entity is EISMEA – European Innovation Council and SME Executive Agency

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