IDC European Woman in Venture Capital

EUROPEAN WOMEN IN VC IDC #EUR148997722 © IDC 2022 65 Source: IDC Research European Women in VC; n=303 VCs AuM >€25M, n=822 GP’s Work — 4 stars Money — 4 stars Knowledge — 3 stars Time — 4.5 stars Power — 4.5 stars The starting position of women in Finland is high, and it scores above the European average in all areas. Compared to the other Nordic countries, Finland scores relatively low on the Knowledge domain, due to segregation and the number of tertiary students in education, health and welfare, humanities and arts. GP Balance — Finland Finland Firepower Male 92% Female 8% 93% 7% Diversity from a Funding Perspective • Finland has one of the lowest scores when it comes to female general partners. Considering the starting position in gender equality it is a disappointing result. The Finnish Venture Capital Association (FVCA) has launched several initiatives to turn this around. • It supports student initiatives such as Aalto University Private Equity Club and Women’s Career Society, a network for female business students looking for support and inspiration for their careers. • It arranges training for its members about diversity in recruiting and started measuring the number of female partners and managers at VCs, and perhaps most importantly, it publishes the results. • At the same time, the FVCA has seen that cooperation with students benefits diversity overall. Efforts are therefore also largely focused on educating and creating awareness among students on the VC profession. It does so with mentoring programs, an annual master’s thesis competition and webinar series. • Specific VC initiatives that stand out: Voima Ventures and its CEO Inka Mero have been active in finding female board members for its portfolio companies. EVLI Growth Partners initiatives on ESG, and Maki.vc has made its trainee recruitment open and inclusive; as a result it attracts a great variety of applications. Startup Perspective • The largest female-led startups currently are Enfuce and Redhill Games. A notable investment in 2021 with a female founder was Pixieray, which received $4.4M.  • TESI (Finnish Industry Investment) publishes its annual Diversity Review which covers its in-house organisation as well as the composition of the Boards of Directors of TESI’s direct investments. FINLAND #of startups from >=2010 that that received funding Source: Dealroom Startup Data Male Female Mix 2017 2018 2019 2020 2021 81 % 8 % 11 % 82 % 85 % 85 % 78 % 9 % 6 % 6 % 10 % 12 % 9 % 9 % 9 %