What the latest data tells us about women Angel Investors in the UK

A growing presence in early-stage investment

A new report on women angel investors provides an updated picture of how women are participating in early-stage investment in the UK, and how that participation is shaping the flow of capital to founders.

Published three years after the first national study of women angel investors, the Women Angel Investors Report tracks changes in participation, investment patterns and outcomes across the angel market . It shows clear growth in the number of women entering angel investing, alongside persistent imbalances that continue to influence where capital is deployed.

Since 2022, more than 3,000 additional women have joined the angel market, taking the total number of women angels to over 8,000. This represents growth of more than 60% in a relatively short period. Despite this increase, women still account for just over 14% of the UK’s angel investor population, highlighting the gap between participation growth and overall representation.

Where women angels are backing businesses

The report also highlights the distinctive role women angels play in backing female-founded businesses. Over the past decade, women angel investors have participated in more than 40% of investment into female-founded companies, a level of involvement that far exceeds their share of the investor base. This pattern is visible across a range of sectors, from consumer health to legal technology and advanced materials.

How investment patterns shift in tighter markets

However, the data also shows how uneven this progress can be. Between 2019 and 2024, overall angel investment in the UK increased slightly, while investment into female-founded businesses declined by more than 20%. During periods of market contraction, funding into women-led businesses tends to fall faster than funding overall, reinforcing the sensitivity of early-stage capital flows.

Several structural factors sit behind these trends. While participation has increased, women remain underrepresented among the most active angels, particularly those holding larger portfolios and participating in multiple deals. This affects the scale and consistency of capital available to founders as they move from early traction to growth.

Regional growth and the role of syndicates

Geography also continues to shape access. Nearly half of women angel-backed companies are based in London, reflecting the concentration of wealth and investor networks. At the same time, the report points to growing regional activity, with increases in women angel-backed businesses in areas such as the North West, Scotland and Wales. Examples referenced in the report include Leeds-based BindEthics, founded by Victoria Garcia, and Scottish legal technology business Valla, both of which secured early backing through women-led angel syndicates operating beyond London-centric networks.

A recurring theme throughout the report is the role of angel syndicates, particularly those led by women. These groups provide structured routes into investing, enabling shared due diligence, smaller individual commitments and access to peer learning. They also broaden the range of founders who are able to access early-stage funding. The report highlights businesses across different sectors supported through this model, including Jude, a women-led health brand that scaled its community and revenues following backing from women angel investors.

The impact of women angel investment extends beyond the first cheque. Companies backed by women angels are more likely to attract follow-on funding, expand their teams and build commercial momentum. According to the report, women angel-backed companies now collectively employ over 500,000 people and generate more than £80 billion in turnover.

Taken together, the findings provide a current evidence base on the scale, distribution and influence of women angel investment in the UK. The full report explores these trends in greater depth, including sector focus, regional distribution and the contribution of specific angel networks and syndicates.