AI Megadeals and Capital Concentration Define 2025 for Female Founders Across US and Europe
PitchBook, the leading private capital market intelligence provider, today released its 2025 US and European editions of the All In: Female Founders in the VC Ecosystem reports, offering a comprehensive analysis of venture capital (VC) activity for companies with at least one female founder. Together, the findings reveal a venture market defined by capital concentration, rising valuations for scaled companies, and an outsized influence from artificial intelligence (AI).
Across both regions, 2025 reflected a venture market marked by tighter dealmaking and increased investor focus on mature, scaled companies. Deal counts declined as investors moved away from the rapid post-pandemic pace of investing, shifting capital into fewer, more targeted rounds. Companies that secured funding did so at higher valuations, reinforcing a broader trend of backing stronger, more resilient businesses. AI played a significant role, absorbing a disproportionate share of venture dollars and driving capital concentration at the top end of the market. Exit activity also improved, with total exit values rising and aggregate unicorn valuations reaching record highs – signaling stabilization after the 2022-2023 slowdown.
"Female founders are operating in a venture environment that is more selective and concentrated than we've seen in years," said Joanna McGinley, Executive Vice President of Strategic Partnerships and Initiatives at PitchBook. "Capital is flowing to companies that can demonstrate scale and resilience, but access to that capital remains uneven. Understanding where female founders are gaining ground, and where structural barriers persist, is critical to building durable, high-performing portfolios. This visibility builds pathways for more women to lead, invest and scale companies for the long term."
The structure and scale of this capital concentration, however, differed between the US and Europe. In the US, female founders captured record capital and an all-time high of total deal value, driven largely by AI megadeals and a reopening of exit markets, including increased IPO activity. Europe, by contrast, saw declining deal value and count, reflecting a more measured pace of capital deployment. While the US story centered on growth at scale, Europe's environment emphasized selectivity, structural progress, and fewer but larger exit outcomes.
"Venture capital is undergoing its most meaningful shift since the post-pandemic surge," said Annemarie Donegan, Senior Research Analyst at PitchBook. "Investors are doubling down on companies that can demonstrate scale and staying power, particularly in AI. For female founders, that dynamic creates significant upside at the top of the market, but access to that capital is more competitive than it's been in years. The open question is whether the momentum we saw in 2025, from record capital to improving exit activity, reflects a more durable reset for the market, or continued concentration among a narrow group of megadeals."
US Highlights
- US VC-backed female-founded companies raised a record $73.6 billion in 2025, even as the total deal count declined.
- Female founders capture 27.7 percent of total US VC deal value – an all-time high.
- AI accounted for roughly two-thirds of all VC dollars invested in female-founded startups, with more than $30 billion coming from Scale AI and Anthropic alone.
- Exit value more than doubled year-over-year, lifting female founders' share of total US exit count to 25 percent.
- Aggregate female-founded unicorn valuation reached a record high of $481 billion following a low in 2023.
Europe Highlights
- European female-founded companies experienced declining deal value and count amid a continued pullback in megadeals.
- Female-founded companies' share of overall European VC deal activity trended downward year-over-year.
- Despite fewer deals, median pre-money valuations rose across company cohorts, reflecting increased selectivity.
- Exit activity shifted toward fewer but larger outcomes, with total exit value rising despite lower transaction counts.
- Aggregate valuation for female-founded unicorns reached a record high, signaling continued exit potential.
To download the 2025 US All In: Female Founders in the VC Ecosystem report, click here, and for the 2025 European All In: Female Founders in the VC Ecosystem report, click here.
About PitchBook, a Morningstar company As the pulse of private capital markets, PitchBook delivers trusted, real-time data, research, and technology to help investors, dealmakers, and innovators make decisions with confidence. Its products provide comprehensive information on companies, investors, funds, deals, and people, along with tools that help professionals analyze market activity and make informed decisions. Founded in 2007, PitchBook today serves more than 100,000 clients worldwide and is recognized as the leading source of private capital market intelligence. PitchBook has grown to over 3,000 employees across offices in Seattle, San Francisco, New York, London, Singapore, Mumbai, and other global locations. Since 2016, PitchBook has operated as a subsidiary of Morningstar, Inc.
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