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Blog: Investing in Women Code is closing the finance gap

The Government has published the third annual Investing in Women Code report

  • A higher percentage of venture capital deals made by Investing in Women Code (IWC) signatories feature at least one female founder as compared to the wider market, a new report shows.
  • This is the third year in a row that IWC signatories have outperformed the venture capital market.
  • The report also shows that more diverse investment committees are key for bridging the investment gap.
  • With 204 signatories, the IWC now covers a significant proportion of the SME lending market and accounts for 39% of UK venture and growth equity deals, up from 24% in 2020.

35% of all venture capital deals made by Investing in Women Code signatories were in female-founded companies last year, compared to the market average of 27%, revealed in the latest report published today.

The Investing in Women Code was founded in 2019 as a landmark government-lead initiative in response to the Rose Review’s findings that a lack of funding continues to be one of the most significant barriers to women seeking to effectively scale a business.

Over 200 organisations have signed up to the code, showing the growing numbers of lenders and investors committed to increasing the levels of finance directed towards women-led businesses. Today’s report demonstrates that IWC members are leading the way in addressing the finance gap between male and female entrepreneurs. Equal access to finance will boost the potential of female founded businesses and deliver on the Government’s priority to grow the economy.


The Third Annual Report can be found online on the British Business Bank’s website.