Global venture funding to female-founded companies fell significantly in 2020, according to Crunchbase data. Although investors and entrepreneurs say it’s not clear if the decline is entirely due to COVID-19, the pandemic has disproportionately impacted women in the workforce.
“I think COVID has a complex impact on female founders,” Pocket Sun, founder of New York-based SoGal Ventures, told Crunchbase News. “I saw women being disproportionately burdened by unpaid labor during COVID, and women starting or pivoting their businesses due to the destructive nature of COVID, but I also saw women growing their businesses like crazy because their companies serve real, important needs and they are more agile and capital efficient to adapt.”