Only 2% of global venture capital funding currently goes to women-led businesses. The number is well-known. The question is: what are we doing about it?
At IVS, we brought together a diverse panel of investors, founders, and ecosystem builders from across Asia and Europe to explore the systemic causes behind this funding gap and the real solutions beginning to take shape.
Moderated by Rebecca Takada of Women in Tech Japan Chapter, the panel featured:
- Winnie Leung, Managing Partner, Transcend Capital Partners
- Elena Enache, Marketing CTO, Cegeka
- Yuki Aizawa, APAC Director, WOMEN IN TECH ® Global
- Shiho W, CEO, Shibuya Startups KK
Together, they brought honesty, urgency, and actionable thinking to a conversation that has too often remained stuck in awareness mode.
The Problem Is Known. The Solutions Are Taking Shape.
“98% to me is basically 100%,” said Winnie Leung, whose Hong Kong-based firm, Transcend Capital, was the first in the region to launch a fund focused on women-led startups. “That number alone was the reason we started.”
Still, panelists agreed that awareness without accountability doesn't lead to real change. As Elena Enache of Cegeka put it, “A lot of the time, this conversation turns fluffy. What really drives progress is data and action.” She highlighted her work with Bravva Angels, a community of business angels that invests in early-stage startups led by female founders and mixed-gender teams. Startups with at least 30 percent female ownership, she noted, have consistently delivered above-market returns. “The performance is there. It’s not a pipeline problem. It’s a mindset problem.”
Why Language Matters and Who’s Listening
In Asia, gender expectations often show up in subtle ways, including how founders pitch. As Yuki Aizawa pointed out, “Female founders tend to use softer language, which can be misread as a lack of ambition. But the ideas aren’t smaller—the pitch just sounds different from what many VCs are trained to hear.”
To help shift those norms, we’re working with Women in Tech to support and train the next generation of women investors. Through Headline Asia School, a free program for aspiring VCs, we're focused on building a more inclusive pipeline of general partners.
When Ecosystems Are Built to Reflect the Market
In Japan, Shiho Watabe is seeing a different story unfold. As CEO of Shibuya Startups, she leads a program where more than 50% of the startups are led by women—a rarity not just in Japan but globally.
Why the difference? “We focus on sectors like care economy and fandom economy, areas where women drive both the insight and the demand,” said Watabe. She also credits Shibuya’s mayor, a vocal supporter of inclusion, and her own presence as a female CEO. “When women are in positions of decision-making, it changes who gets funded. That matters.”
The Role of Policy and Pressure
Governments can also help move the needle. From Hong Kong’s board diversity policies to Malaysia’s 30% women-in-leadership goal, smart regulation can accelerate progress.
“We need pressure,” said Yuki Aizawa. “Most companies wouldn’t report gender pay gaps if they weren’t required to. But once the data is public, expectations shift.”
Shiho Watabe added that in Japan, cities like Shibuya are starting to embed diversity into their long-term strategies. “It’s not just a campaign, it’s a sustainable commitment.”
What Success Looks Like
For Winnie Leung, success isn’t just measured in revenue and ROI. “If a Series A team has no women in leadership, that’s a red flag for groupthink,” she said. “We look for diversity of thought because it leads to better decisions and stronger outcomes.”
Elena Enache agreed, emphasizing that the strength of the team is often more important than the initial idea. “Execution is everything. And who you’re executing with your team, matters the most.”
Yuki Aizawa added that real success also means making sure women have the tools and opportunities to grow. “We’re building platforms that give women founders better access to capital, mentorship, and community, especially in those early, high-risk stages where support can make the biggest difference.”
Where the Opportunities Are Now
Looking ahead, panelists pointed to fast-moving sectors where women are poised to lead innovation:
- Care economy: From elder care to childcare, women-led startups are closest to the problem and the solutions.
- Creator and fandom economy: In Japan and Korea, women are driving consumer demand and revenue in K-pop, anime, and influencer platforms.
- AI and frontier tech: As Yuki Aizawa put it, “AI is a level playing field. If you’ve got a good idea, you can build something and investors like Headline Asia and Winnie are ready to back you.”
Takeaways: What Needs to Change Now
- Funders must track what they fund: Publish and act on data around diversity on cap tables and founding teams.
- Governments must apply pressure: Incentives, mandates, and reporting requirements matter.
- Founders need more than capital: Visibility, mentorship, and community shape who survives and thrives.
At Headline Asia, we believe the future of innovation is inclusive by design, not by exception. Closing the funding gap for women-led startups isn’t just the right thing to do. It’s one of the smartest bets on where the next decade of growth is going.
It’s time to move from awareness to action.