Women and startups: the state of play of a growing ecosystem

The number of startups (co-)founded by women in Luxembourg has steadily increased over the last decade, reflecting a progressively stronger presence of women entrepreneurs in the national innovation landscape. This is evident from research conducted by Luxinnovation's Market Intelligence team, based on data collected from the Dealroom platform until early February 2026. This database, accessible via the Startup Luxembourg portal, provides real-time updates on startup activity and venture capital trends in Luxembourg.

Luxinnovation’s analysis identified 98 startups active in Luxembourg that were (co-)founded by women, representing 12% of the Luxembourg startup ecosystem, which comprises over 820 entities. Among these, 74 startups are headquartered in Luxembourg. "This growth has accelerated significantly over the past three years with the creation of 35 new startups founded or co-founded by women," comments Mathilde Hampert, Market Intelligence Analyst at Luxinnovation. "This expansion is encouraging and demonstrates a positive trajectory that should be maintained and strengthened in the coming years."

More difficulties in raising significant funds

In terms of investment, these startups raised a total of €617 million, accounting for 8% of the total funding raised by startups in Luxembourg. However, in terms of the number of rounds, startups (co-)created by women represent 21% of the total. This gap suggests that, while women entrepreneurs attract investors, they often struggle to secure substantial financing for growth.

Indeed, although 51% of (co-)founded by women startups in Luxembourg secure fundraising, the average amounts are around €3 million, compared to an average of €8 million for all startups in the country. "Even if women attract capital, they find it more difficult to raise significant sums," says Tiffany Devresse, Market Intelligence Analyst at Luxinnovation. This reflects a global trend among (co-)founded startups by women, particularly in deep tech, as highlighted by a report from Supernovas in 2024 and a 2025 study by Founders Forum Group.

The distribution of round sizes illustrates this dynamic. The gap widens with the size of the ticket: up to Series B (usually between €10 and €40 million), startups (co-)founded by women maintain a consistent share of 18 to 21% of the rounds. However, their stake in Series C is halved (up to €100 million) and falls to 0% above €100 million.

Funding sources also vary significantly. Women-led (co-)founded startups in Luxembourg rely more on grants and support programmes than the overall ecosystem. Thus, 47% of all funds raised by (co-)founded startups by women come from public instruments or support schemes, compared to only 36% for all startups.

A strong ecosystem

These (co-)founded startups by women in Luxembourg are active in several key sectors, particularly healthcare (Hale-X, AutiHD), enterprise software (Elora, Karimi), and fintech. In fintech, for example, Moniflo’s creator Ala Presenti received the "Startup Award" at the Women in Tech® Europe Awards 2025 (photo).

"The most significant support was not a single programme or a cheque. It's the ecosystem that works as a system," says Sam Staincliffe, co-founder and CEO of Uplift360, a deeptech company developing advanced material regeneration technologies to strengthen European supply chains. In early 2026, the company secured an initial financing round of €7.4 million, bringing its total funding to €9.4 million. This amount illustrates the strong recognition of its scientific foundations, commercial potential, and strategic relevance for Europe's industrial resilience. "We are building something new for Luxembourg: advanced chemical engineering and circular materials at a strategic level. This requires more than just funding; it requires conviction, coordination, and long-term partnerships. The great thing is that these relationships are neither transactional nor one-off. They are durable, strengthen over time, and allow us to build something bigger than we could achieve on our own."

Luxembourg actively promotes women's entrepreneurship through a wide range of dedicated initiatives: PE4W (Private Equity for Women, initiated by the Luxembourg Private Equity Association), the Fédération des Femmes Cheffes d'Entreprise du Luxembourg (FFCEL), and the Ministry of Equality and Diversity offer mentorship, advocacy, and structural support to strengthen women's leadership and entrepreneurship pathways. In technology and cybersecurity, Women in Digital Empowerment (WIDE) and Women Cyber Force work to enhance gender balance through training, skills development, and awareness initiatives.

Note: The analysis was conducted using the Startup Luxembourg directory powered by Dealroom data. Any missing startup is encouraged to create and complete their profile and add the tag "women founder" if applicable.