From Bias to Backing: Navigating Series A as a Female Founder

By Lisa Powis, Entrepreneur, Fintech enthusiast, Charity founder, and ScaleUp Group Partner

Securing Series A funding is a significant milestone for any start-up. It represents a transition from early-stage operations to scaling a business with substantial investor backing. However, for female founders in the UK, this journey often comes with unique challenges. Despite making great strides, women-led start-ups still face disparities in investment amounts and biases in the fundraising world. Yet, the outlook remains promising, with record-breaking increases in funding and inspiring success stories paving the way for future female entrepreneurs.

Encouragingly, progress is being made. In 2023, Europe saw a record-breaking 36.2% year-on-year increase in investment in female-founded companies. Globally, female-led businesses accounted for 20% of VC deal value, demonstrating a shift in investor mindset towards greater diversity. Yet, the numbers tell a complex story—on average, UK-based women-led firms received just £1.3 million per deal compared to £8.6 million for all-male teams. These disparities underscore the need for targeted strategies to bridge the funding gap.

This blog explores the key approaches female entrepreneurs can take to navigate the Series A fundraising process, focusing on overcoming unconscious bias, finding the right investors, and mastering the pitch process.

Overcoming Unconscious Bias: Reframing the Narrative

One of the most cited challenges for female entrepreneurs is the presence of unconscious bias within the investment community. Studies indicate that women are often asked different types of questions in pitch meetings, with a focus on risk mitigation rather than growth potential. This can subtly disadvantage female founders by shifting the conversation away from scalability and vision.

To counteract this, it’s essential to take control of the narrative. Successful female entrepreneurs emphasise shifting discussions toward growth, profitability, and market opportunities. Rather than responding cautiously to risk-focused inquiries, they proactively steer conversations toward business strengths and traction.

Investors also respond to solid data. Melanie Goward, Partner at Maven Capital Partners, highlights the importance of being prepared:

“Having your financial model ready, maintaining an up-to-date data room, and keeping paperwork organised can prevent delays and distractions. It sounds simple, but many businesses overlook these basics, leading to setbacks.”

Presenting clear traction, revenue growth, and customer acquisition metrics can help counteract biases, instilling confidence in investors and positioning the business as a strong investment opportunity.

Finding the Right Investors: A Strategic Approach

Not all investors have the same approach to funding. While some firms actively seek to back diverse founding teams, others may be less aware of the benefits of investing in female-led businesses. Identifying and targeting investors who align with a company’s values and growth vision can make a substantial difference in securing funding.

Clare Elford, CEO and Founder, Clue, shares her experience:

“We weren’t just looking for money; we were looking for an investment partner who would help us grow and become market leaders. We didn’t want a silent partner or someone too involved. Transparency was key—being open about the business and its challenges helped us build trust and find the right fit. We struck the right balance; I think with a bit of luck in there.”

Choosing the right investor goes beyond the cheque—it’s about forging a long-term relationship with someone who understands your vision and can offer strategic value. This might include access to relevant networks, sector-specific expertise, or mentorship that accelerates growth.

Maven Capital Partners, for instance, actively supports female founders through regional funding workshops and online investment readiness clinics. Goward explains that these initiatives help women entrepreneurs navigate the funding landscape, refine their investment strategies, and position their businesses for success.

It’s also worth researching an investor’s track record. Have they previously backed diverse founders? Do they provide portfolio support or founder communities?

Consider reversing the dynamic by creating a “reverse pitch” checklist—what you are looking for in an investor. Think about cultural fit, communication style, level of involvement, and alignment on long-term goals. Shifting the mindset from “trying to impress” to “finding the right partner” can be empowering—and often leads to more productive, values-aligned relationships.

Mastering the Pitch Process: Building a Compelling Case

A strong pitch can be the difference between securing Series A funding and missing out on a transformative opportunity. Given the funding disparities female founders face, ensuring the pitch is compelling, data-driven, and investor-ready is crucial.

A well-structured pitch should tell a clear, engaging story that outlines the company’s mission, traction, and growth potential. Elford recalls the importance of refining messaging and seeking expert guidance:

“We were relatively unknown in the investment community, so getting the right support was crucial. ScaleUp Group helped us put together our teaser—a two-page document that clearly outlined Clue’s vision and potential. It was our first time pitching to people outside our industry, so there was a steep learning curve. We had to refine our language, simplify our messaging, and present our numbers in a way that resonated with investors.

Throughout the process, ScaleUp Group guided us in navigating investor conversations and avoiding common pitfalls in deal negotiations. Looking back, their support was invaluable, and I would absolutely recommend it to others going through the same journey.”

Investors seek founders who exude confidence in their vision and execution capabilities. Goward stresses the importance of preparation:

“Ensure there’s dedicated resource within the business to manage the fundraising process without compromising daily operations. Investors want to see founders who ‘do as they say’—delivering on promises builds trust.”

Additionally, investors prioritise startups with strong market demand. Clearly articulating the total addressable market, competitive advantage, and revenue potential strengthens the investment case.

Finally, flexibility is key. While some investors prefer formal presentations, others may opt for informal discussions or Q&A sessions. Being adaptable and tailoring the approach based on investor preferences can improve engagement and increase the likelihood of securing funding.

Looking Ahead: A Positive Future for Female Entrepreneurs

Despite the persistent funding gap, the trajectory for female entrepreneurs is increasingly positive. Overcoming unconscious bias, targeting the right investors, and perfecting the pitch process are all critical steps in securing Series A funding.

Series A fundraising is undeniably demanding, but with the right preparation and support, the process can be significantly smoother. Surrounding oneself with experienced advisors (especially one that co-invests alongside institutional funds) and maintaining a strategic approach can lead to a successful outcome.

By addressing these challenges head-on, female founders can not only secure the investment they need but also contribute to reshaping the fundraising landscape—creating more opportunities for the next generation of women-led startups.

---