Press Release - 12 JULY 2017

Crowdfunding campaigns led by women reach their target more often than campaigns led by men, according to new research published today.

The analysis of over 450,000 seed-crowdfunding campaigns shows that women-led campaigns reached their funding target more often than male-led campaigns.

Campaigns led by women across the world in 2015 and 2016 were 32% more successful than those led by men across a wide range of sectors, geography and cultures.

Furthermore many female-led projects achieve a greater than average pledge than male-led projects: on average each individual backer contributes $87 to women and $83 to men.

The figures, which include worldwide data and data broken down by sector and geographical area, have been published today by PwC and The Crowdfunding Centre in the “Women Unbound: Crowdfunding – Unleashing Female Entrepreneurial Potential” report.

The report contrasts female entrepreneurs’ success rates in seed (aka rewards) crowdfunding with the continued barriers to funding which many women entrepreneurs face, and come shortly after a report found that just 2.19% of global venture capital funding goes to women.

Barry James, CEO of The CrowdFunding Centre, said: “It’s time to adjust our assumptions and so our perception. These findings pose a serious challenge to current entrepreneurial and business norms, and especially decision making, pointing to a deep-rooted and destructive bias, albeit unconscious.

“Until now who would have known that when the middle-men decision-makers are removed, and women and men entrepreneurs get equal and direct access to the market not only would this historical and vertiginous bias be removed at a stroke - but when the field was so levelled it would turn out that women would immediately and decisively outperform men across the board?

“So it's time to readjust not just our perceptions but our attitudes, institutions, behaviours – and how we make these decisions.

“This report not only provides the hard data but recommendations and actions for governments, education investors and businesses of all sizes to right this historic injustice and greatly benefit themselves, and us all, in the process."

The report also highlights how seed crowdfunding unlocks a multitude of opportunities beyond finance including market validation, a positive effect on cashflow, an increased likelihood of forging partnerships with other organisations and a greater ability to attract and retain good employees.

It considers why women-led crowdfunding campaigns outperform those led by men, and looks at the success rates of crowdfunded businesses across sectors and the globe.

Manoj Kashyap, PwC Global FinTech Leader, says: “The findings of our Women unbound report pose a strong challenge to existing entrepreneurial and business norms by seriously questioning whether there are deep-rooted biases that are preventing greater access to funding by female entrepreneurs. It is extremely positive to see that the growth and global reach of seed crowdfunding presents several major opportunities, each with the potential for major social and economic impact. Including the understanding and acceptance that seed crowdfunding is now a well-established environment through which women can thrive.”

The Women Unbound report proposes practical actions, in light of the data, for governments, financial institutions, banks, and venture capital firms, female entrepreneurs, and education and business support organisations.

Kay Klug, co-founder, The Crowdfunding Centre, said “Eradicating barriers provides opportunities that will benefit women and men, business, and society. In light of this report’s findings we call on governments, funders, business advisors, educators, entrepreneurs and women and men to seize this opportunity to identify, quantify and remove the grey-suit-factor.”

The report is published today, along with additional tools including a data explorer providing insights by country or sector (or both) and tools to support women to understand and access this level playingfield, both available via

This will include a new book, ‘New Routes to Funding’, also published this week to coincide with the report, and dubbed a “business support gamechanger” by ‘Micro Business Champion’ Tony Robinson OBE which seeks to make seed crowdfunding widely available by equipping business advisers with the professional level information and insights they need and entrepreneurs with the necessary tools and know-how.

Get The Report

Additional Tools and Materials

The Women Unbound report having established that women can (and do) outperform men, and more importantly, take charge of their own destiny we wanted to provide some tools and a focus of support for exactly that.

We are all now in the process of adjusting out assumptions and so perceptions, not least of ourselves and what we're capable of. Building confidence is key to this. So we are kicking off here with hearing from an expert on the subject as well as two other women, from the USA and UK, with insights and vast experience of both crowdfunding - and of help others succeed. We'' add to this a raft of the tools that we know work for crowdfunders, whether men or women.

Tools recommended and created by...

Yvonne Bignall,
Chief Confidence OfficeR, UK

Kathleen Minogue,
Crowdfund Better, LA, USA

Michelle Rodger,
Crowdfunding Pioneer, UK

Tools for Women



Plus more General Tools, useful to Women and other Crowdfunders

Go To The Tools

Where Did It Come From?

Read the briefing document


Press Coverage