Investing in Women Code fifth annual report launched – signatories outperform the wider market
The fifth annual Investing in Women Code report was launched in London today where key findings from the report highlight the strides made by the initiative.
Up from 12 founding signatories when it launched in 2019, the Investing in Women Code represents an increasingly powerful ambition to back the UK’s women-led businesses.
Last year, the total value of equity deals made by IWC signatories to all-female founder teams was more than double the rate of the wider market.
For the first time, 52% of investments made by angel signatory groups were in all-female or mixed gender founding teams, revealed in the latest report published today.
38% of Community Development Finance Institutions (CDFI) business loans went to women-led businesses in 2024.
The Investing in Women Code was founded in 2019 as a landmark government-led 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.
Today’s report demonstrates that IWC members are leading the way to address the finance gap between male and female entrepreneurs.
Minister for Investment, Poppy Gustafsson said:
“Individual success stories are not enough. We need to tackle the barriers facing women entrepreneurs across the board. Women-led teams receive just a fraction of investment, but the Investing in Women Code and its signatories gives us a way to change that.
“Together we can demonstrate what is possible when a group of changemakers come together. The strength of our signatories, and our network across the world, is essential to shifting the dial for female entrepreneurs here and everywhere.”
Other key findings from the Investing in Women Code’s fourth annual report show that:
- Loan approval rates show similar levels of success for women-led businesses compared with their male counterparts
- Angel groups are becoming more diverse, with 25% of 3,895 IWC investors being women, up from 20% in 2023, and 15% in 2022
- Code signatories that consistently report data outperform all other equity signatories and the wider market, at 36% for share of deals from consistent signatories and 27% for the wider market
- Women make up 41% of CDFIs senior management teams and 32% of their boards
- 81% of deals to teams with a women present were made from Angel groups where more than 15% were women investors
- New signatories include Pantheon, the first Limited Partner signatory since IWCs expansion in 2024; Atlantic Bridge, with over €1 billion in assets under management; Arāya Ventures, who are training over 250 women across the world to become first-time investors; and the Scottish National Investment Bank, providing crucial capital for businesses throughout Scotland.
The findings demonstrate the clear and continued commitment of IWC signatories despite a challenging economic landscape. However much more work is required to bridge the gap.
Signatories are taking actions from establishing dedicated programmes to support women entrepreneurs, establishing regional growth boards across the UK, running accelerators and outperforming the market in their support for innovative women-led businesses.
In partnership with the Invest in Women Taskforce (IWT), the IWC will work together with its signatories to drive change and shape its future impact.
Hannah Bernard OBE, Head of Barclays Business Bank and Co-Chair of the Invest in Women Taskforce, said:
“It’s heartening to see that once again IWC signatories are recognising the value of backing women-led businesses in the UK and are outperforming the broader market – proving that more diverse decision-making teams deliver better outcomes. We’re seeing real momentum in the number of women now shaping investment decisions, and the data shows this is directly linked to greater backing for female entrepreneurs. This is a core principle of the Invest in Women Taskforce – when you change who holds the capital, you change who gets funded.
“The Investing in Women Code plays a vital role in helping us track progress and drive meaningful change across the wider industry. We encourage more LPs to sign up and unlock the proven value of women-led businesses by helping them secure equal access to funding. The Invest in Women Taskforce looks forward to deepening its partnership with the IWC to accelerate momentum and unlock the full potential of female entrepreneurs across the UK.”
David Raw, Managing Director, Commercial Finance, UK Finance, said:
“UK Finance is proud to continue being a delivery partner of the Investing in Women Code. Our member signatories are committed to enabling better support for female-founded businesses, through targeted funds, mentoring schemes, peer networking, and business support and advice. We will continue working alongside government, businesses, and lenders to help ensure that female entrepreneurs can succeed.”
Michael Moore, Chief Executive, BVCA, said:
“This year’s report highlights encouraging progress, with Investing in Women Code signatories continuing to back female founders at levels above the wider market. Sustaining this momentum is essential as the data also underscores how far we still have to go.”
“As the BVCA deepens its role as a Code partner, including leading data collection for Limited Partners, we recognise the crucial influence LPs have in advancing equity across the investment landscape.”
Download the ‘Investing in Women Code’ Annual Report 2025 now
