Our Next Billion Momentum Report marks a defining milestone: over $1 billion has been deployed by our partner funds into women-founded companies.
Six years ago, Beyond The Billion began as a bold pledge with an audacious goal. Today, it has become a global platform uniting GPs, LPs, and capital allocators committed to driving systemic change.
We are proud to share key insights from 64% of our fund partners—what’s worked, what’s needed, and what’s next. From data to case studies, this report captures a movement in motion—with #MeritInMotion as our compass toward the next billion.
What is #MeritInMotion?
It’s the belief that investing in women isn’t a favor—it’s a smart, returns-driven strategy. True merit doesn’t just rise on its own—it must be intentionally surfaced and backed with capital that sees beyond the status quo.
What We Measured & What It Means
This is not an exhaustive report, but a snapshot of progress within a $1 billion capital pool. For context, global VC investment in all-female founding teams reached $6.7B in 2024, just 2.3% of the $289B deployed. Despite some gains, the share of capital to women-led ventures remains stubbornly low.
The sharp fluctuations in these figures (2019-2025) over time highlight how progress for female founders remains precarious—often among the first casualties in times of market stress. Researchers at the World Economic Forum have aptly described this pattern as “dispensable diversity.” That’s why intentional, coordinated efforts like Beyond The Billion are still essential.
Tracking Momentum and Accountability
While the gender venture investment gap has been increasingly documented—through efforts like PitchBook’s Women in VC and DealStreetAsia’s Women in Startups in Southeast Asia—this report offers a focused lens on capital actually deployed by 122 funds that pledged through Beyond The Billion’s capital campaign. It analyzes both quantitative outcomes and qualitative strategies to answer:
Out of 122 pledged funds, 78 funds self-reported their data — bringing our response rate to 64%.
This group of 122 funds represents a significant sample in gender-lens VC, especially when compared to the 138 gender-lens funds globally identified in Project Sage 3.0.
Our partner funds collectively pledged nearly $1.8 billion to be deployed into women-founded companies:
- $1.04B from the original TBDF cohort (2018–2020)
- $745M from the Beyond The Billion pledge campaign (2020–2027)
As of this report, close to $1.05 billion has been deployed—representing 58.66% of total pledged capital. These investments have reached 1,302 women-founded companies, with approximately 65% going to diverse founding teams, 30% to all-female founding teams, and 5% unclassified.
Preview: Our Next Billion Momentum Report
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