Now, more than ever before, there are women-founded and female-led companies making their mark on the world, but their numbers are still a small fraction of the total. In every country around the world, including the United States, male tech founders outnumber female tech founders, according to Statista.
In the tech space, in particular, the numbers tell a story. A report from early-stage venture capital firm Work-Bench finds that just 1.9% of venture investment goes to enterprise software companies with female founders, as reported by TechCrunch.
When you consider that female-led teams generate 35% higher return on investment than those led by all men, according to the Work-Bench report, it boggles the mind to think there aren’t more women in tech getting funding. Some may attribute the low numbers of female founders to a lack of interest in technology among women.
However, despite the funding gap, there are still quite a few notable success stories among women who are launching and leading technology companies. In no particular order, the following sampling of female-founded tech startups proves that there’s plenty of room for women in tech—and plenty of women who are up for the challenge.
1. Affectiva
With a mission to “humanize technology,” Affectiva was co-founded straight out of the MIT Media Lab by scientists Rana el Kaliouby and Rosalind Picard. The AI-driven technology detects and measures human emotions via facial cues and other markers, with a focus primarily in the media analytics and automotive spaces.
Affectiva has gained a number of awards and accolades over the years, including recognition among the Forbes AI 50 and Fortune Top 50 Companies leading the way in artificial intelligence. In May 2021, Affectiva merged with Smart Eye in a $73.5 million acquisition to further their research in both automotive interior sensing research and development, as well as in the media analytics and research markets.
2. Canva
Co-founded by Australian-born Melanie Perkins, along with now-husband Cliff Obrecht and Cameron Adams, Canva started out as an online design business for school yearbooks. Eventually, that business became Canva, now valued at $40 billion as of September 2021.
If you haven’t heard of or used Canva, you’re missing out on one of the world’s biggest innovations in online graphic design and publishing. The platform’s easy-to-use tools and drag-and-drop technology enable even design novices to create social media posts, business cards, logos, email headers, and other graphics, using professionally designed templates—for free (paid accounts offer additional template and design options).
With the ability to work in teams and download designs in a variety of formats, Canva makes it easy for businesses, students, and sole proprietors to create and share branded assets across the web.
3. Cake
Another MIT alum, Cake founder Suelin Chen is the former director of the Lab@Harvard, a Fortune 40 under 40 rankee, and one of the Most Influential People in Care on the Care 100 list. Chen earned both her bachelor of science and doctorate from MIT, where she engineered new medical technologies supporting doctors and patients.
With a nod to the celebration of life’s milestones in its name, Cake provides a platform where users can access end-of-life planning tools such as estate planning, memorial and legacy wishes, and healthcare directives. For those who have lost a loved one, Cake also provides much-needed support and checklists to navigate the loss. According to Crunchbase, Cake has raised more than $7 million in 11 rounds.
4. Full Harvest
Founded by Christine Moseley, Full Harvest is an online marketplace connecting buyers and sellers of surplus and imperfect produce. A self-described serial entrepreneur, food-waste fighter, and Wharton MBA, Moseley has founded several startups in her lifetime, beginning with the music education nonprofit Musical Empowerment.
Moseley applied her skills, education, and diverse experience at Fortune 100 companies and high-growth startups to the founding of Full Harvest. By digitizing the process of buying and selling excess food, Moseley is solving a $2.6 trillion global food-waste problem and keeping food out of landfills. In December 2021, Full Harvest gained $23 million in Series B funding, with Telus Ventures leading the round.
5. Promise
With two female co-founders, Phaedra Ellis-Lamkins and Diana Frappier, Promise helps to bridge the gap between government and municipal entities and individuals who are unable to pay their utilities, taxes, tickets, and other bills or fees.
“We have found that people struggling to pay their bills want to pay and will pay at extremely high rates if you offer them reminders, accessible payment options and flexibility. The systems are the problem — they are not designed for people who don’t always have a surplus of money in their bank accounts,” Ellis-Lamkins told TechCrunch.
In these uncertain times where many people are unemployed or underemployed, they may be faced with the choice to put food on their table or pay their electricity bill. Promise provides another (better) option by integrating with official payment systems and offering more flexible payment options. In February 2021, the company announced a $20 million round of capital, bringing its total raised to over $30 million.
Female Tech Founders Are Just Getting Started
As Ruth Bader-Ginsburg put it, “Women belong in all places where decisions are being made. It shouldn’t be that women are the exception.” The above examples represent just a handful of the number of women in tech who are defying the status quo and paving the way for female entrepreneurship among tech start-ups.
They’re also demonstrating that female tech founders aren’t content to stay in the shadows. They’re creating change, generating jobs, and applying their knowledge and expertise to solve real-world problems.
Moving forward, we expect to see a shift as more young women become interested in STEM careers from a young age. Tech Jury reports that among Gen Z women, those interested in a STEM career typically start coding before age 16—and 60% of Gen Z women started coding between ages 16 to 21.
These women first entered the workforce in 2019. Undoubtedly, we’ll see many of these women become female tech founders at some point in the near or not-too-distant future.