When people talk about the gender funding gap, they often focus on what's missing. We want to talk about what's being built.

In 2025, Even Founders tracked 219 Nordic companies with women in founding or leadership roles. Here's what the sector data showed.

BioTech: the broadest pipeline in the dataset

29 BioTech companies raised a combined €159.5M in 2025 — making it both the largest sector by deal count and the second largest by capital. 6 of those 29 companies are women-only founded, giving BioTech the strongest women-only representation of any capital-intensive sector in the dataset.

Sweden leads by company count (13 companies, €82M). Denmark delivers strong capital efficiency — 10 Danish BioTech companies raised €51.4M, averaging €5.1M per deal.

BioTech is the one major sector where you can see what inclusive capital access looks like at scale. It's not perfect, but it's the closest thing to a model in the 2025 data.

ClimateTech: high conviction, high capital

6 companies. €61.8M. An average deal size of €12.4M — the second highest of any sector in the dataset.

Hycamite, co-founded and led by Laura Rahikka, anchors the sector with a €44M Series A — the largest ClimateTech round in the Nordic women-founded dataset. The company produces low-carbon hydrogen through a proprietary thermal catalytic process. It is the kind of deep science company that takes years to build and represents exactly the kind of bet that patient capital should be making.

ClimateTech's combination of capital intensity and strong Nordic policy support makes it one of the most significant opportunities for pipeline development in the coming years.

FemTech: the clearest founder-market fit in the dataset

10 FemTech companies raised in 2025. 8 of them have women-only founding teams — the highest concentration of any sector. These are founders building in healthcare, reproductive health, and women's wellness — markets that affect billions of people and have been historically underfunded.

FemTech raised €9.3M in total across the Nordic dataset in 2025. The founder-market fit is the strongest in the data. The capital has not caught up with the opportunity.

DeepTech: the gap that matters

One finding that stood out: DeepTech, which raised more capital than any other sector in 2025, has zero women-only founding teams in the dataset. This is not about individual companies, it's about the early pipeline. The science and engineering pathways that feed DeepTech need earlier attention if the sector's future is going to look different from its present.

The companies leading the way

Einride (Sweden, €132M, DeepTech/Mobility), MATR foods (Denmark, €40M, FoodTech), Hycamite (Finland, €44M, ClimateTech) and Alotta (Norway, €5.7M, EnergyTech) are the standout rounds of the year, each representing a different country, a different sector, and a different stage of growth.

These companies are not stories about diversity. They are stories about building something exceptional.

The Funded 2025 report covers all 219 companies, with full country breakdowns, investor data, and sector analysis. Available at evenfounders.com.