Investing in Women Code Annual Report 2026: Progress to Celebrate, Barriers Still to Break

For many female entrepreneurs, access to funding remains one of the biggest challenges. The latest Investing in Women Code Annual Report 2026 (“Report”) offers a chance to assess how far the market has come – and where gaps remain.

Since its 2019 launch, the Investing in Women Code has grown from just 12 founding signatories to more than 330 organisations spanning lenders, venture capital firms, angel groups, community development finance institutions (CDFIs), grant-giving bodies and institutional investors.

Key findings of the Report include:

• organisations that are actively focusing on improving outcomes for female entrepreneurs are achieving measurably better results than the wider market; but
• female founders are still receiving a disproportionately small share of funding across much of the investment landscape.
• The Report is both encouraging and a reminder that success may still require persistence, preparation and strategic networking.

The Report is both encouraging and a reminder that success may still require persistence, preparation and strategic networking.

Debt finance: access is improving, but demand remains lower

One of the most encouraging findings is that women-led businesses are now just as likely as male-led businesses to have loan and overdraft applications approved – challenging the perception that women face lower approval rates.

That said, women-led businesses apply for debt finance less often (37%) than their male-led counterparts (49%) and, when they do, typically request smaller amounts.

Key takeaway:

Lenders appear increasingly willing to lend, but many female entrepreneurs may still be underusing the funding options available.

Venture capital: a more positive story

The venture capital findings are perhaps the Report’s most encouraging finding.

The value of investment flowing to female-founded businesses has increased, with signatories directing 32% of their investment value to teams with at least one female founder – more than double the wider market’s proportion – while all-female founding teams received 6% of total investment value from signatories, compared with just 2% in the wider market.

Key takeaways:

1. Targeted efforts to improve diversity are working.
2. Founders seeking equity investment should not assume all investors behave the same way – the choice of investor can materially affect outcomes.

Choosing the source of finance

Remarkably, the Report noted that:

• angel investor groups with more than 30% female investors directed 98% of their investments to women-led or mixed-gender founding teams; and
• CDFIs lent 37% of their business loans to women-led businesses, with particularly strong support for women-led social enterprises and businesses previously declined by traditional lenders.

Key takeaway:

When preparing fundraising plans, researching potential investors can unlock alternative sources of funding which may be better suited to your business.

The power of networks

One consistent theme is the importance of networks. The most successful investments originate from warm introductions, affirming that fundraising is rarely just about the strength of the business plan – relationships matter.

Key takeaway:

Building networks with investors, advisers, accelerators and fellow founders should be treated as a core business activity. The earlier those relationships are built, the stronger the fundraising position when capital is needed.

What should female founders take from this?

The overall message from the Report is encouraging.

There is now clear evidence that organisations who consciously focus on female entrepreneurship are delivering better outcomes. The funding ecosystem has become more sophisticated, more transparent and more accountable than it was six years ago.

However, the Report also identifies an important distinction between securing investment and securing it at scale. Female entrepreneurs are increasingly gaining access to early-stage funding, but a gap remains at larger investment rounds.

For female entrepreneurs, the practical lessons are clear:

• Do not assume finance is unavailable.
• Invest time in building networks before you need funding.
• Research investors carefully and seek those with proven track records of supporting diverse founders.
• Consider the full range of funding options, including debt finance, angel investment, venture capital and CDFIs.