This week, JP Morgan Private Bank celebrated the fifth anniversary of its “Top 200 Women-Powered Businesses Report” – analysing high-growth businesses founded, led, owned or managed by women in the UK – which shows that the value of exits among these businesses is one of the closest on record to male-led companies.

JP Morgan Private Bank's latest Top 200 Women-Powered Businesses report reveals that businesses founded, led, owned or managed by women are closing the gap in exit value of male-led firms and making their mark in Femtech.

The report, produced using data from data provider Beauhurst, shows that in 2024 there was a record number of deals and the second-highest total value in five years, second only to 2021.

Following a contraction in 2023 – when disclosed exit values declined to £731 million ($994 million) – 2024 witnessed a recovery, reaching £5.23 billion across a record number of exits among women-powered businesses. This was just shy of male-led companies at £6.74 billion – marking one of the closest value splits on record.

JP Morgan’s list of the top 200 women-powered businesses identifies the fastest-growing companies within the wider cohort. Companies must have a minimum headcount of five and have reported a minimum turnover of £5 million and a maximum of £1 billion in their latest financial accounts (filed between January 2023 and December 2024) to have qualified for this list.  

With wealth management remaining an area where there are gaps and a need to improve services for women, a number of wealth managers such as JP Morgan Private Bank and UBS, are aware that they need to address this disparity – see more commentary here.

The report also found that while exit values remain strong, women-powered businesses experienced a greater drop in investment in 2024 as the wider market contracted. In 2024, total equity investment across the broader high-growth ecosystem fell by 13.6 per cent, from £21.2 billion to £18.3 billion. Women-powered businesses, however, were impacted with a 29.1 per cent decline in funding between 2023 and 2024.

An analysis of historic data on the proportion of equity investment received by women-powered businesses, revealed that in 2024 they secured 24.6 per cent of the total value of equity investment into high-growth UK companies – a decline from the record 30 per cent secured in 2018 and 2023.

Despite the overall decline in funding, 2024 levels remain higher than the amount invested in any year prior to 2021. Women-powered businesses have also shown resilience with a consistent share of total funding by deal count, maintaining over 33 per cent since 2020, the firm said in a statement.

Other findings show that Venture Capital (VC) played an increasingly prominent role in 2024, accounting for 21.9 per cent of all equity deals – its highest share to date. Crucially, women-powered businesses matched this rate, with 22.3 per cent of fundraising deals involving a VC, the firm continued.

Femtech emerged as the leading sector for women-powered businesses, featuring the highest proportion of such businesses compared with other sectors (85.3 per cent) and generating a combined turnover of £88 million. Since 2020, the proportion and number of women-powered business in femtech has more than doubled, the report shows.

“Women-powered businesses continue to be a driving force behind innovation and growth across the UK economy,” Maricé Brown, region head of the UK, Channel Islands and Ireland at JP Morgan Private Bank, said. “We’re passionate about championing them but we also recognise the challenges they continue to face in accessing funding and building their networks. By shedding light on the structural and systemic challenges they face, we can play a pivotal role in advancing women-owned and led businesses, and fuel the next wave of women ambition.”

The report identifies high-growth women-powered businesses and the role women play in British businesses. Throughout the report, women-powered businesses are defined as high-growth companies that are founded, led by, have 50 per cent female management team, or are majority owned by women. High-growth businesses are those that have met one of Beauhurst’s tracking triggers, such as securing equity investment or spinning out of an academic institution, which often indicates a company’s growth potential. All report data provided by Beauhurst was as of March 2025.