A recently published article on DI Digital Pengainflödet står stilla shows that the investment sum to female-led and mixed teams did not increase in 2019. VC-investments boomed in Sweden but the lion-share of the money is still mainly going to male-only founded companies. A meager 1 % of the 2019 investments went to female-founded companies which is about the same share as the previous 3 years. Mixed teams got 6 % of the pie, a decrease compared to the previous year and male-only teams got 93 %.
When it comes to the number of investments, more female-led teams got investments compared to 2018 but the big money goes elsewhere. There are some glimpses of light in e.g. the FemTech sector but without any doubt – we have a problem. We have read it before, but what really is annoying is the second to none development.
So here is some positive news: It is possible to change!
Minc’s co-investment scheme Fast Track Capital has performed better than average. We have made 23 investments in 2019 until the end of June 2020. 57 % of the investments and 59% of the capital went to 13 female and mixed founded companies.
What do we do differently? Firstly, out of the 47 business angels behind Fast Track Capital, 1/3 are women. The investment committee and the board are gender-equal. The investment decisions are based on a more diverse set of criteria. Secondly, we have held Nordic Female Investor Meetup since 2016, proving to women that they do belong in the investor and entrepreneurship space. The pitching event Pinc Capital with 100 TSEK in prize money attracts the best female-led startups in the Nordics.
Finally, Minc has set targets clearly: By the end of 2020, 50 % of the companies in our programs and 50% of the companies raising venture capital shall be led by women. The road ahead for reaching those targets is not clear but without bold ambitions, it will take ages to get the development we want.
As we all know, gender is only one part of diversity and Malmö is one of the most international cities in the world with over 170 nationalities. In our daily work, we are continuously looking for ways to reach more entrepreneurs from different backgrounds and it is something we want to improve.
One day we hope that Malmö will take the position of “the most diverse startup city in the world”.
Want to join the movement? Join us at Minc!
Startuphuset Minc i Malmö hjälper entreprenörer att bygga snabbväxande, internationella bolag. Minc blev nyligen framröstat som Sveriges bästa coworking space och rymmer i dagsläget Minc Incubator, den prisbelönade acceleratorn Fast Track Malmö, samt Startup Labs, en förinkubator där alla med en innovativ och skalbar affärsidé kan jobba gratis i upp till sex månader. Huset rymmer också Scaleup Workspace, kontorsplatser för växande startups, och Minc Lounge, ett kombinerat café och workspace.