Now in its fifth year, the Investing in Women Code (IWC) continues to drive progress in improving women entrepreneurs’ access to finance, transparency, and best practices across the UK financial sector. The 2025 annual report, backed by data from 290 signatories, highlights encouraging strides in backing female founders while spotlighting the funding gaps that still demand urgent attention.

⭐Key Highlights

1. Signatory Growth: The IWC now has 290 signatories - a 40-organisation increase year-on-year.  Beyond the UK, the Code’s principles are influencing global policy: the World Bank’s We Finance Code, inspired by the UK model, has now been adopted by 29 countries, including the Netherlands, Nigeria, and the Dominican Republic.

2. More Deals for Women Founders: In 2024, 31% of venture capital deals from Code signatories went to companies with at least one female founder, beating the UK market average of 27%. Within that, 9% of deals went to all-female founding teams, which secured 5% of total investment value - more than double the national rate of 2%.

3. Debt Finance Parity: Loan approval rates for women-led businesses are now on par with male-led firms, with roughly two-thirds of applications approved for both. Measured by value, around 90% of the loan amounts requested were approved in each case, despite women-led firms typically applying for loans that were one-third smaller than those sought by mixed-gender businesses.

4. Powerful CDFI Impact: Community Development Finance Institutions provided a significant boost for female entrepreneurs in 2024, with 38% of their business loans and 44% of microenterprise loans going to women-led businesses. It also reached underserved areas - 46% of loans went to the UK’s most deprived communities, with 17% to ethnic minority entrepreneurs.

5. Angel Investor Diversity: Women now make up 25% of angel investors in Code signatory groups, up from 15% in 2022.

6. More Women at the Table: Investment Committees with 50%+ female members allocated 36% of deals to teams with at least one female founder, compared to 30% in less diverse committees.

 🔐The Gap We Still Haven't Closed

Despite the progress, the road to equality is far from complete:

• Women-led businesses still receive just 5% of equity investment value from Code signatories and only 2% across the wider market.

• All-female teams account for just 11% of pitch decks, and many rely heavily on cold introductions, which have much lower success rates than warm referrals.

• Closing the gap for viable female and ethnic minority-led businesses could add 13% to the UK equity market, yet many remain unfunded due to network barriers and systemic bias.

🎯What Needs to Change in 2025 and Beyond

• Grow LP Membership – Double the number of Limited Partners adhering to the Code to influence capital flow from the top.

• Expand Warm Networks – Create structured pathways for women founders to connect with investors, reducing reliance on cold approaches.

• Spotlight Best Practice – Share proven strategies across the ecosystem, from transparent feedback processes to targeted mentoring.

• Intersectional Data – Track funding outcomes across gender, ethnicity, and region to ensure no group is left behind.

The 2025 report makes one thing clear: backing women works. Women-led businesses deliver 35% higher returns than male-led ones, and when given fair access to capital, they fuel jobs, innovation, and inclusive growth. The Investing in Women Code is showing the way—now it’s about scaling impact so every female founder can realise her vision.

Read the full Investing in Women Code Annual Report 2025