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Illustration: Rebecca Zisser / Axios

It's well known that startups founded by women struggle to raise venture capital, but even the rare exceptions struggle to keep pace with male peers. Since 2008, less than half of all-female founding teams have secured follow-on capital for their startups, compared more than half of all-male founding teams, according to PitchBook.

Why it matters: Follow-on fundraising difficulties contribute to an unvirtuous cycle, dissuading some early-stage investors from backing female founders.

A tweet previously embedded here has been deleted or was tweeted from an account that has been suspended or deleted.

Only 39% of all-female founder teams raise follow-on funding for their startups, compared to 52% for all-male teams. Moreover, follow-on rounds for all-female teams comprise just 1.57% of all VC rounds since 2008.

  • A smaller percentage of all-female founder teams (30%) raise a second round of funding than do all-male teams (38.8%), according to data from PitchBook.
  • Third rounds are an exception, with slightly higher rate of all-female teams raising a third round than all-male teams (45.7% vs. 43.3%).
  • Last year, startups founded by all-female teams raised only 6% of all seed capital and just 3% of all VC dollars beyond that stage, according to Crunchbase.

Since 2012, mixed-gender founder teams have raised between 11% and 13% of seed capital (compared to less than half of that for all-female teams), according to Crunchbase.

But, but, but, BBG Ventures' Susan Lyne, whose firm exclusively invests in teams with a least one female founders, tells Axios: "Of companies that went out to raise a series A, most have been successful—and often in less time than it took them to raise their seed rounds.”

  • Female Founders Fund partner Anu Duggal adds that while seed investing is mostly about backing a team and an idea, subsequent stages become more about the business and its numbers. "In some ways the Series A has leveled the playing field,” she says.
  • So it's hard to generalize for all female founders, and securing well-respected investors can help with future signaling.

Go deeper

3 hours ago - World

Over 170 Palestinians injured in clashes with Israeli police in Jerusalem

An injured man is carried away as Israeli security forces clash with Palestinian protesters at the al-Aqsa mosque compound in Jerusalem. Photo: Ahmad Gharabli/AFP via Getty Images

At least 178 Palestinians have been injured in clashes with Israeli police in Jerusalem, Reuters reported late Friday.

The big picture: The clashes come amid growing anger over the threatened eviction of Palestinians from their homes on land claimed by Jewish settlers in East Jerusalem. Tensions have also escalated in the occupied West Bank in recent weeks.

Updated 5 hours ago - Politics & Policy

Coronavirus dashboard

Illustration: Annelise Capossela/Axios

  1. Health: Coronavirus cases hit a seven-month low — Majority back vaccine proof requirements for travel, schools and work — The race to avoid a possible "monster" COVID variant.
  2. Politics: Oklahoma secures $2.6 million refund for hydroxychloroquine purchase — Why Biden's latest vaccine goal is his hardest yet.
  3. Vaccines: Pfizer begins application for full FDA approval of COVID-19 vaccine — Moderna says its COVID booster shot shows promise against variants.
  4. Economy: U.S. adds just 266,000 jobs in April, far below expectations — Americans' return to the skies could benefit smaller airlines.
  5. World: WHO authorizes China's Sinopharm COVID-19 vaccine for emergency use — Mixed response in Europe to Biden's vaccine patents bombshell.
  6. Variant tracker: Where different strains are spreading.

Ohio GOP censures Rep. Anthony Gonzalez over Trump impeachment vote

Photo: Bill Clark/CQ-Roll Call, Inc via Getty Images

The Ohio Republican Party on Friday censured Rep. Anthony Gonzalez (R-Ohio) and called for him to resign for voting to impeach former President Trump in January, Reuters reports.

The big picture: Gonzalez is the latest Republican lawmaker to be punished for voting to impeach the former president on a charge of inciting the deadly Jan. 6 insurrection.