The Funding Gap Remains Stubborn

The venture capital industry has made progress in some areas, but the numbers remain difficult to ignore.

Research from Harvard Kennedy School found that over a 30-year period, all-female founding teams received an average of just 2.4% of venture capital funding. The study also found that nearly three-quarters of U.S. venture capital firms had no female investing partner.

Even as female-founded companies have attracted record levels of funding in recent years, much of that capital has been concentrated in a small number of large deals. According to PitchBook, female-founded companies captured a record share of venture capital deal value in 2025, but capital remained heavily concentrated among a handful of high-profile companies.

For Joyner, these statistics point to a larger issue. "The best way to raise capital is to get introduced to other investors," she said. "And the pool is already so small for women."

Without access to investor networks, many founders struggle to evaluate multiple funding options, negotiate favorable terms or find investors whose values align with their vision.

Why Relationships Matter More Than Ever

Joyner knows the challenge firsthand. Before becoming an entrepreneur, she spent 15 years in commercial real estate and earned a degree from Columbia Business School. Yet even with an established professional network, she found fundraising difficult. "If I found it challenging, I can't imagine how hard it is for founders who don't have those networks already," she said.

Research consistently shows that social capital plays a significant role in entrepreneurial success. Harvard Business Review notes that professional networks are critical to advancement and access to opportunities, while entrepreneurship research has found that social networks help founders access financing, knowledge and business relationships that contribute to growth.

This is the problem Fund Her Network aims to solve. Through AI-powered matchmaking, founders will be connected with investors whose investment thesis aligns with their businesses while investors gain access to curated deal flow.

Fundraising Starts Before You Need Money

One of the most common mistakes Joyner sees is waiting until capital becomes urgent.

Too many founders focus on fundraising only after they need money, rather than building relationships months in advance. "An investor-founder relationship is based on trust," she said. "You have to build up that trust."

That means networking before a raise, researching potential investors and creating opportunities for ongoing conversations. Investors are often evaluating founders long before a formal pitch takes place.

Preparation matters as well. Joyner advises founders to understand their market, refine their pitch and identify investors whose goals align with the company's growth strategy.

Are Women Thinking Too Small?

Joyner also challenges a piece of fundraising advice that many founders hear repeatedly: only raise what you need.

While she acknowledges the importance of managing dilution and maintaining ownership, she believes women may sometimes underestimate the amount of capital required to capture larger opportunities.

"Men will go out and say, 'I'm going to raise $10 million,'" she said. "Women are like, 'I'm going to raise $1 million because that will give me 18 months of runway.'"

Her concern is that limiting capital raises to immediate needs may prevent founders from moving aggressively when opportunities arise.

What Investors Want

When speaking with investors, Joyner says three factors matter most:

• Credibility
• Influence
• Traction

Investors want to understand why a founder is uniquely qualified to solve a problem. They also want evidence that customers trust the company and that the business is generating momentum.

In a short investor meeting, founders should lead with measurable accomplishments.

For early-stage businesses, that could include revenue growth, customer acquisition, waitlist demand or progress toward profitability.

"It's all about building excitement," Joyner said.

The Bottom Line

For women founders, the challenge is not simply finding capital. It is gaining access to the networks, introductions and relationships that make capital possible.

Money may be the visible outcome of fundraising, but access is often the deciding factor. As more women founders launch businesses and pursue growth capital, closing the access gap may prove just as important as closing the funding gap itself.