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Unpicking the first Annual Investing in Women Code report


HM Treasury’s first Annual Investing in Women Code report, published in April 2021, states that “The government’s ambition is that the UK should be the best place in the world to start and run a business. To achieve this ambition, opportunities should be available to everyone.” The report is one of the outcomes of the 2019 Alison Rose Review of Female Entrepreneurship, analysing the funding received by female entrepreneurs and setting out what can be done to help female entrepreneurs continue to build and grow their businesses. 

The report can be read in full here – read on for our key takeaways from this important publication. 

Bank financing applications

The report reveals that applications for bank financing are lower in number – and value – for female entrepreneurs, although success rates for loan and overdraft applications were similar for both sexes. Loan values tend to be lower for women, although qualitative data reveals that women are significantly less likely than men to need finance, and also less likely to be happy to use finance for business growth. 

Venture capital and angel investment

Of all pitchdecks that make it to signatory firms, just 10% come from all-female teams, and 24% from mixed gender teams. The all-female figure drops further to 6% between submitting a pitchdeck and receiving funding, which the report’s authors suggest could spell disproportionate rejection. 

Similarly, just 16% of pitchdeck submissions to angel groups during the reporting period were from all-female teams, with the highest proportion (42%) from all-male teams. All-female teams also, on average, sought less than half (47%) the mean investment: this could be down to a lower need for funding, less confidence, or a lack of access to advice and support. 

Investments achieved

Only 10% of the total investments made were in all-female teams, with 47% made in all-male teams – understandable, given the lower number of all-female teams entering the investment pipeline. 

The results of the report reinforce the fact that female entrepreneurs are underrepresented in receiving finance, both from venture capital firms and angel investors. For more on the plans to tackle these discrepancies, read the report in full here.


“Stable Rise Limited is not authorised or registered by the Financial Conduct Authority. The marketing materials are not intended to provide financial advice nor promote any individual financial products.”

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