A recent study conducted by UK Virtual Business Assistant firm SpareMyTime has unveiled a significant 83 percent increase in the number of female CEOs and women on boards within UK-based FTSE companies since 2018.
SpareMyTime’s comprehensive analysis, utilising both current data and a five-year retrospective of government data, indicates substantial growth in gender diversity within corporate leadership roles.
The study reveals the most substantial upticks occurred in 2021 and 2022, reflecting a positive trend towards greater gender inclusivity at the upper echelons of corporate management.
The release of this report aligns with a surge in public interest, as evidenced by a 1,850 percent increase in searches for ‘female founders’ in the last 12 months alone.
Additionally, searches for ‘female founders initiative’ saw a 320 percent rise, while those exploring ‘female founders program’ increased by 300 percent.
Femtech’s Striking Growth and Impact
The study also sheds light on the remarkable growth of femtech, with a staggering 1300 percent increase in femtech companies over the past decade. According to Beauhurst data, there was only one active femtech company in 2014, a number that has now grown to 14 in 2023.
SpareMyTime has further identified and ranked the top five fastest-growing female-founded companies in the UK, based on their total funding amounts. Notably, four out of the top five spots are occupied by femtech and sustainability startups.
Top 5 Fastest-Growing Female-Founded Companies in the UK
Elvie
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- Founder: Tania Boler
- Industry: Femtech
- Location: London
- Total Funding: £124M
Loop Technology
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- Founder: Samantha Reece
- Industry: Robotics
- Location: Dorset
- Total Funding: £12.7M
NovaBiotics
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- Founder: Deborah O’Neil
- Industry: Biotech
- Location: Aberdeen
- Total Funding: £10.9M
Mooncup
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- Founder: Su Hardy
- Industry: Sustainable Menstrual Products
- Location: Wirral
- Total Funding: £10
Opna
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- Founder: Shilpika Gautam
- Industry: Climate Fintech
- Location: London
- Total Funding: £5.2M
Elvie, leading the pack with £124M in total funding, stands out as the UK’s fastest-growing tech company, underscoring the prominence of femtech in the country’s entrepreneurial landscape.
Melissa Gauge, Founder of SpareMyTime, expressed enthusiasm, stating, “The success of these female-founded companies is a testament to the growing strength of the UK tech scene and the increasing importance of diversity and inclusion in the industry.”
Regional Insights into Female Founders
Examining female-founded businesses on a regional scale, the study identified London as the leader with 174 female-founded businesses. However, regions outside the capital are also making substantial contributions. Yorkshire and the Humber, for instance, has contributed to a £3.5 billion turnover and employs 28,525 individuals. The East of England stands out for receiving the highest investment at £213.6 million.
The findings reinforce the notion that female-founded start-ups are increasingly focused on addressing real-world problems, utilising technology to make a positive impact on society. As the UK tech industry continues to evolve, these trends signify a promising future for diversity and innovation within corporate leadership and entrepreneurship.
