Women in venture capital: Stories from around the globe
The world of venture capital (VC) has made strides in gender diversity, but much work remains. At the forefront of change are inspiring women driving progress for female founders and investors. We spoke to three trailblazing women reshaping the VC landscape around the world.
The world of venture capital (VC) has made strides in gender diversity, but much work remains. At the forefront of change are inspiring women driving progress for female founders and investors. We spoke to three trailblazing women reshaping the VC landscape. This article celebrates their journeys, examines the challenges, and shares their advice for building a more inclusive future in venture capital.
Interviewees
Why Diversity in VC Matters
In an industry with the power to shape innovation, diversity, equity, inclusion, and belonging (DEIB) are essential. As Michiko Kato, a partner at Toyota-backed Woven Capital, explains, “VC has a lot of power. If it doesn’t reflect society’s diversity, it risks investing in ideas that fail to represent different perspectives.”
Investing in Finland’s VC future
Mari Luukkainen is a prominent voice for women in Finnish VC. After scaling a Nordic cleaning startup’s revenue from €1M to €13M in two years, Mari joined Icebreaker.vc in 2019. At the time, there were few women in VC, but the industry has evolved rapidly.
The diversity of VCs is developing faster than founding teams. At Icebreaker, we focus on Finland, Sweden, and Estonia, and it’s the same issue everywhere: women are not part of the founding teams.
-Mari
Principal at Icebreaker.vc
One reason fewer women start companies in Finland is the emphasis on technical backgrounds.
Caroline Hughes, a UK startup founder and 90-Day Finn, noticed this bias: “You don’t have to be a technical founder to build a tech business. Investors need to back commercial talent, regardless of gender or technical expertise.”
Mari encourages women to step into tech roles, even if they feel unqualified. “Am I relevant? Am I good enough? You’ll never know if you don’t even try,” she urges.
Mari co-founded Herizon, a non-profit providing growth hacking training for immigrant women in Finland. “Herizon has trained over 200 immigrant women and has a pipeline of 1,000 more. Many didn’t consider tech careers before,” she shares.
Redefining Success in Japanese VC
As one of the few women in Japanese VC, Michiko Kato has faced significant hurdles. “Being different wasn’t easy,” she recalls. “At some point, I stopped caring. I’m different—so what? That mentality helped me keep pushing.”
This mindset allowed Michiko to embrace her uniqueness, stand out to clients, and spot opportunities male counterparts often missed. She advises women:
Embrace your uniqueness and have the courage to make a difference. I hope women entering VC now help each other to create change.
-Michiko
Partner at Woven Capital, Japan
Michiko champions supportive networks like Tokyo Women in VC, which connect women in male-dominated spaces. “It’s about community. We can’t learn from the past because expectations were so different. We need today’s women to share values, coping strategies, and support.”
Beating the Odds in UK VC
In the UK, only 3% of VC funding goes to women-led businesses. Despite this, Caroline Hughes has raised funding for her fintech startup Lifetise, co-founded Hive Founders, and launched Womankind Ventures to empower the next generation of female founders.
Caroline highlights a systemic bias: “Women aren’t backed on potential but on proof. We have to be further along to even be considered. If you know this, you can prepare better.”
Through Hive Founders, Caroline has trained 60 founders in the past year, helping them secure millions in funding. “We’ve beaten the statistics, and now it’s our mission to help others do the same,” she explains.
Matters
Representation
Women in venture capital pioneering a diverse future
For Caroline, Finland’s startup ecosystem stands out for its accessibility and support. “You don’t have to be wealthy or already know angel investors to get started. Government-backed funding like Business Finland levels the playing field.”
Finland is the world’s R&D lab. They’re building transformative climate, life sciences, and deep tech solutions, but they need global capital to scale. If these innovations stay in Finland, it’s a loss for everyone.
Still, Finnish startups need greater ambition to compete globally. “Finland is the world’s R&D lab. They’re building transformative climate, life sciences, and deep tech solutions, but they need global capital to scale. If these innovations stay in Finland, it’s a loss for everyone,” Caroline points out.
Key takeaways for aspiring founders and VCs
Representation matters
More women in decision-making roles will catalyze systemic change
Your differences are your strength
Unique perspectives solve unique problems.
Build community
Change happens when people collaborate and uplift one another.
Challenge the status quo
Allies—male or female—can accelerate diversity in VC.
