June 24, 2024
Female-Led Blockchain Startups Lag Behind with 8.2% Funding Share

Women-Led Web3 Startups Secure Only 6.43% of $27.85 Billion Investments

In the past two years, startups founded or led by women secured only 6.43% of the total Web3 venture capital (VC) investments amounting to $27.85 billion. A report by Bitget Research, dated January 11, revealed that from Q1 2022 to Q3 2023, female-led Web3 startups received $1.77 billion, leaving $26.08 billion for male-led startups. Interestingly, female-led Web3 startups constituted just under 9% of all startups within the sector. For the study’s purposes, a “female-led blockchain startup” was defined as a blockchain startup where at least 50% of its executives were women.

Regardless of gender, VC funding for blockchain firms experienced a significant downturn from around $6.4 billion in Q1 2022 to a low of $2 billion in Q2 2023, followed by a modest recovery in the subsequent quarter. Despite this rebound, researchers emphasized that 8.2% of funding for female-led blockchain startups as of Q3 2023 is 2.5 times lower than the overall figure for startups in various fields (20.3%), highlighting the necessity for comprehensive measures to enhance inclusiveness and accessibility for women in the blockchain industry.

Bridget Greenwood, the founder of The Bigger Pie, a U.K.-based networking organization supporting women in blockchain globally, underscored the disparity in VC funding allocation to women in the country. She pointed out, “I stumbled over the appalling statistic that of all VC funding in the U.K., only 3% goes to female founders, 8% goes to mixed teams, and the rest goes to all-male teams.”

In a revealing experiment, a team of Canadian and American researchers found evidence of bias among predominantly male venture capitalists against displays of feminine-stereotyped behaviors by entrepreneurs.

Image by freepik

Disclosure Statement: Miami Crypto does not take any external funding, or support to bring crypto news to the readers. We do not have any conflicts of interest while writing news stories on Miami Crypto.

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