The Seat at the Table 2025 report dives into who really holds power in venture capital and what still needs to change.

The Seat at the Table 2025 report is out and it tells a story that’s becoming all too familiar. There’s been progress in bringing more women into Europe’s venture capital (VC) landscape. But when you look a little closer, the real picture is more complicated, and there’s still a long way to go before we see genuine equality.

Published by female founders in collaboration with BCG, KPMG, and other partners, the report dives deep into gender diversity in VC, providing a thorough, data-driven snapshot of where things stand today.

Progress?

One of the headline stats from the report is that women now make up 20% of decision-making roles in European VC firms, up from 17% in 2022. It’s a move in the right direction, but it still means that 4 out of 5 key investment decisions are being made by men.

It’s also clear that while more women are entering the industry, they’re often placed in junior roles without a clear pathway to leadership. This creates a bottleneck where female talent is present but rarely empowered. Seniority and influence are still heavily male-dominated.

Why representation at the top matters

The importance of having women in decision-making roles goes far beyond fairness. The report found that funds led by female General Partners are up to three times more likely to invest in startups with at least one female founder. That kind of data reinforces a bigger truth: diversity among investors directly impacts diversity among the entrepreneurs who receive funding.

When women are included at the top, the industry gets access to a broader range of ideas, experiences, and innovations, many of which are currently overlooked or undervalued. A more balanced VC ecosystem means more inclusive growth, more creative solutions, and a stronger economy overall.

The regional picture

Not all parts of Europe are progressing at the same pace. Countries in Northern Europe, particularly Sweden and the Netherlands, are leading in terms of gender representation within VC. In Western Europe, places like the UK and France show moderate gains, while Southern and Eastern Europe continue to struggle with very low numbers of women in leadership positions.

Interestingly, the report points out that newer and smaller VC firms are often doing better than their more established counterparts. These firms tend to bake inclusivity into their culture from the start, proving that change is possible when it’s intentional.

The power of limited partners

One of the most powerful takeaways from the report is the role of Limited Partners (LPs), the institutions that invest in VC funds. These include pension funds, endowments, family offices, and government entities. Right now, only about 23% of LPs in Europe ask for data on gender diversity from the VC firms they fund, and even fewer use that data to make investment decisions.

This represents a huge missed opportunity. LPs have the power to push for change across the entire industry simply by making diversity a condition of their capital. If more LPs start prioritizing inclusive investing, it would send a powerful signal and hopefully create real momentum.

What needs to change

The report doesn’t just point out the problems, it also offers a clear path forward. To create lasting change, diversity can’t be an afterthought. It needs to be built into recruitment processes, promotion pathways, and investment strategies. VC firms need to set clear goals for improving representation, track their progress, and hold themselves accountable.

At the same time, LPs need to step up by asking tough questions and rewarding inclusive practices. Policymakers can also play a role by introducing incentives, funding diverse initiatives, and tracking data at a national level.

Building a future that looks different

There’s growing recognition across the VC world that diversity and inclusion aren’t just moral imperatives, they’re also business advantages. The challenge now is to turn that recognition into real, structural change.The Seat at the Table 2025 report shows that we’re making progress, but we’re not done yet. And for the future of innovation, entrepreneurship, and economic growth, getting this right is more important than ever.

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