Top 15 States Where Female Entrepreneurs Are Likely To Win Investments

Venture funding in the U.S. reached $332.8 billion in 2021; however, only 2.4% of this funding went to female founders.

Female Entrepreneurs and Investments

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Venture capital (VC) funding is raised when a startup asks investors, investment banks, or VC firms for capital in exchange for equity in the company. Using data from PitchBook, Propel(x) ranked the top 15 states based on the total amount of VC funding that went to startups founded by at least one woman since 2018. They also noted that a quarter of VC deals since 2018 went to startups founded solely by women. The other 75% were co-founded by men and women.

Investors in these areas are paving the way for women to rise to the top of the entrepreneurship game!

15. Virginia

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  • VC funding for women-led startups since 2018: $958 million
  • Number of deals with women-led startups since 2018: 200
  • Share of female and male co-founders: 74.5%
  • Share of women-only founders: 25.5%

14. Maryland

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  • VC funding for women-led startups since 2018: $969 million
  • Number of deals with women-led startups since 2018: 191
  • Share of female and male co-founders: 75.4%
  • Share of women-only founders: 24.6%

13. Minnesota

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  • VC funding for women-led startups since 2018: $1.0 billion
  • Number of deals with women-led startups since 2018: 154
  • Share of female and male co-founders: 68.2%
  • Share of women-only founders: 31.8%

12. Connecticut

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  • VC funding for women-led startups since 2018: $1.1 billion
  • Number of deals with women-led startups since 2018: 136
  • Share of female and male co-founders: 64.7%
  • Share of women-only founders: 35.3%

11. Illinois

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  • VC funding for women-led startups since 2018: $1.7 billion
  • Number of deals with women-led startups since 2018: 371
  • Share of female and male co-founders: 72.8%
  • Share of women-only founders: 27.2%

11. North Carolina

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  • VC funding for women-led startups since 2018: $1.7 billion
  • Number of deals with women-led startups since 2018: 242
  • Share of female and male co-founders: 74.4%
  • Share of women-only founders: 25.6%

9. Pennsylvania

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  • VC funding for women-led startups since 2018: $2.0 billion
  • Number of deals with women-led startups since 2018: 336
  • Share of female and male co-founders: 70.8%
  • Share of women-only founders: 29.2%

8. New Jersey

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  • VC funding for women-led startups since 2018: $2.4 billion
  • Number of deals with women-led startups since 2018: 178
  • Share of female and male co-founders: 79.8%
  • Share of women-only founders: 20.2%

7. Florida

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  • VC funding for women-led startups since 2018: $2.5 billion
  • Number of deals with women-led startups since 2018: 398
  • Share of female and male co-founders: 74.9%
  • Share of women-only founders: 25.1%

6. Colorado

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  • VC funding for women-led startups since 2018: $2.9 billion
  • Number of deals with women-led startups since 2018: 449
  • Share of female and male co-founders: 75.5%
  • Share of women-only founders: 24.5%

5. Washington

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  • VC funding for women-led startups since 2018: $4.0 billion
  • Number of deals with women-led startups since 2018: 556
  • Share of female and male co-founders: 77.0%
  • Share of women-only founders: 23.0%

4. Texas

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  • VC funding for women-led startups since 2018: $5.6 billion
  • Number of deals with women-led startups since 2018: 672
  • Share of female and male co-founders: 76.0%
  • Share of women-only founders: 24.0%

3. Massachusetts

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  • VC funding for women-led startups since 2018: $19.6 billion
  • Number of deals with women-led startups since 2018: 1,067
  • Share of female and male co-founders: 83.0%
  • Share of women-only founders: 17.0%

2. New York

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  • VC funding for women-led startups since 2018: $21.5 billion
  • Number of deals with women-led startups since 2018: 2,366
  • Share of female and male co-founders: 68.8%
  • Share of women-only founders: 31.2%

1. California

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  • VC funding for women-led startups since 2018: $69.3 billion
  • Number of deals with women-led startups since 2018: 5,091
  • Share of female and male co-founders: 77.0%
  • Share of women-only founders: 23.0%

Final Thoughts

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The road to success for any entrepreneur is tough, and female-led businesses especially have difficulty finding support. The VC investors in these states are not only paving the way for a new norm but also supporting female-led teams and ideas which benefit all of us!

Related Articles From The Wealth of Geeks Network:

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This story originally appeared on Propel(x), was distributed in partnership with Stacker Studio to The Female Professional, and syndicated by Wealth of Geeks.


Sanjana is a physician anesthesiologist, avid traveler, and entrepreneur. She founded The Female Professional in order to give women a voice, a community, and provide resources to help them overcome hurdles and achieve success.

With her experiences as a physician, as a CEO of a startup, and as a writer, she understands the struggles and frustrations that women face. She also understands what it takes to move past those things and come out on top.

Through this platform, Sanjana aims to empower women to be their best, authentic, selves, achieve work/life balance, and live life to the fullest.