March 8, 2023

All you need to know about diversity (or lack thereof) in European tech

European tech is seriously slacking when it comes to diversity — here's a handy round up of all the data you need for the full picture

Sadia Nowshin

5 min read

Image: Unsplash

European tech has a diversity problem, and the stats speak for themselves. But with data seemingly coming from all directions, how do you begin to get clued up on the numbers?

Sifted’s compiled a list of the key stats and figures you need to know. From the experiences of female founders trying to fundraise to the state of diversity in VC funding, here’s an overview of diversity in European tech.

The state of VC

  • A measly 1% of VC funding went to all-female teams in 2022
  • Only 0.25% of VC funding went to Black founders between 2009-19 in the UK
  • 15% of VC general partners in Europe are women, according to a 2022 survey by European Women in VC
  • 12.9% of general partners at funds backed by Germany’s KfW are women
  • Only 1.4% of unicorns are founded by a team of ethnic minority founders 
  • A tiny 0.7% of unicorn funding is raised by those same ethnic minority teams 
  • 10 — the number of Black female founders who picked up funding between 2009 and 2019 in the UK
  • £500m — the amount investors are missing out on in annual returns by not backing disabled founders
  • “When it first started, the big problem was that people didn’t even know it was a problem. And if they’d been told about it, they didn’t really believe it or accept it,” says Balderton’s Suranga Chandratillake on being part of Diversity VC, an organisation working to diversify the industry since 2017. 


Startup life

Things can only get better

  • £3.6bn — the amount raised by UK startups with at least one female cofounder in 2022, up from £2.9bn in 2021, according to the Department for Science, Innovation and Technology 
  • Unconventional Ventures, launched in July 2022, is specifically set up to support underrepresented founders: it has €30m to invest in founders identifying as women, people of colour, immigrants and/or members of the LGTBQ+ community
  • 7% of rounds less than $5m were raised by all-female teams in France in 2022, up from 3% in 2018, according to Atomico’s State of European Tech report 2022
  • 9% of rounds less than $5m were raised by all-female teams in Germany in 2022, up from 5% in 2021
  • 10% of rounds less than $5m were raised by all-female teams in the UK in 2022, up from 6% in 2021
  • 17% of deals over the past five years in Portugal were closed by mixed-gender founding teams, the highest in Europe

Who you need to know


Sadia Nowshin

Sadia Nowshin is an editorial assistant at Sifted. Follow her on X and LinkedIn