Investing in the Next Generation of Women-Led Startups

At Pembroke, I split my time between backing new founders and supporting the businesses already in our portfolio. I’ve always been drawn to early-stage ventures where you can really see the difference great leadership makes. One area I’m especially passionate about is helping more businesses with women founders and leadership teams secure the funding they need to scale. There’s huge, untapped potential there, and I want to make sure it’s being seen and supported. Where are the gaps? Despite growing awareness, female founders continue to receive a disproportionately small share of venture funding compared to their male counterparts. One way to change this is to see more women on the other side of the table – as investors – and more capital being raised and deployed by women. Today, around 30% of our portfolio companies are women-led – an encouraging outcome of focusing on talent wherever it comes from, but there is still room to grow, particularly in technology. Tech remains heavily male-dominated, and that imbalance risks creating homogeneity – and homogeneity is rarely where breakthrough innovation comes from. What makes the difference? Funding decisions are shaped by the people in the room. Having a mix of perspectives around an investment table changes how you interpret a pitch and what questions get asked. At Pembroke, we try to find that balance. Yes, the numbers matter, but so do the founder’s resilience, ambition, and ability to lead through change. Every investment decision is driven by fundamentals, ambition and return potential – broadening who gets funded simply strengthens the pipeline of great businesses we get to back . In my experiences, the best founders I’ve met combine vision with discipline. They dream big but execute with focus. That balance – conviction grounded in discipline – is something we work hard to reinforce across our investment team. Advice for women aspiring to get into VC For women looking to work in venture capital, it’s important to know that there is no single “right” background. You don’t need a traditional finance degree to succeed – some of the most perceptive and effective investors I’ve worked with have come from diverse academic and professional paths. What truly matters in VC is curiosity, empathy, and a genuine desire to understand how founders build products, teams, and businesses that create real value. The ability to ask thoughtful questions, listen carefully, and earn the trust of founders is often far more important than technical credentials alone. If you’re willing to learn continuously and build strong relationships, venture capital can be a deeply rewarding and impactful career. A human lens I’ve always believed that emotional intelligence is every bit as important as analytical skill when it comes to investing. Often, it’s the softer observations – spotting when a team dynamic isn’t quite working or recognising when a founder needs a trusted sounding board – that make the real difference. Those observations help build stronger portfolio companies and, in turn, a stronger fund. Diversity of thought isn’t a “nice-to-have” either, it’s a business advantage. The more voices we bring to the table, as investors and founders, the stronger the decisions we make. And as more women continue to take on leadership roles in venture capital and entrepreneurship, I’m optimistic about what’s ahead. There’s still work to do, but the momentum is growing, and that’s exciting to be part of. Liz Lazell, Investment Manager, Pembroke VCT