VC firms have a diversity problem
It is undeniable that venture capital has an enormous impact on the economy and society. These investors can transform a small and unknown company into a household name, with the likes of Uber, Deliveroo and Airbnb all benefiting from early investments. And in Europe, the UK is leading the way as the continent’s largest VC market and home to most of its unicorns. Despite their reputation for disrupting the status quo, British VCs have a massive problem: diversity.
Homogenous is the word that comes to mind as a damning report from nonprofit Diversity VC and OneTech shows that the UK’s venture capital firms are overwhelmingly white, male and Ivy League-educated. Less than a third (29%) of London’s VC workforce are women, compared with 46% for the city’s working population. A staggering 65% of firms in the capital had not even one woman as a senior member of their investment teams, and nearly 40% had no representation at all.