From stalled funding to soaring burnout, 180 women open up about building startups in today’s climate
Today, the Female Founders Alliance (operated by Graham & Walker) released “Forged in Fire”, a groundbreaking new report offering rare, unfiltered insights into what it’s really like to build a startup as a woman in 2025.
The survey captures the experiences of 180 anonymous early-stage female founders across North America working on VC-scalable startups in sectors like SaaS, Health Tech, AI/ML, FinTech, and more.
“The findings are sobering but they’re not surprising,” said Leslie Feinzaig, founder of the Female Founders Alliance and GP at Graham & Walker. “PitchBook data shows that funding to female founders has not budged in the better part of a decade. This survey shows what that looks like on the ground—founders pushing through funding droughts, instability, and burnout to keep building.”
👉 Download the full Forged in Fire report.
Key findings include:
- Fundraising is brutally difficult. 71% said their last round was harder than expected, with gender cited as the top barrier. Even founders with over $1M in revenue reported struggling to raise.
- Economic and political uncertainty are squeezing startups. Nearly half reported negative impacts from the current U.S. administration, and 57% said diversity has been deprioritized by VCs in 2025.
- AI is a bright spot. 86% of founders are already using AI in their companies. All-female founding teams were especially optimistic, seeing it as a way to reduce reliance on outside capital.
- Burnout is widespread. 75% of female founders reported burnout, with caregiver founders hit hardest—often sacrificing sleep, health, and relationships to keep their companies alive.
- Gender remains a double-edged sword. While many cited bias, others drew strength from being underestimated, pointing to resilience, grit, and sharper decision-making.
- Optimism persists. 72% feel confident they’ll hit their next milestone, driven by strong team belief and tailwinds in their markets.
While the challenges are significant, the report also reveals a remarkable level of resilience and forward motion.
“We have to be 10X better to prove we’re worthy,” one founder shared. Another said, “There’s a huge amount of money to be made out of taking women seriously.”
The report draws from detailed responses collected between February and March 2025. All 180 participants are North America-based female founders of VC-scalable startups, representing a wide range of sectors and stages. Nearly 90% are CEOs; 64% are first-time founders; and 95% are building and selling software products. Team sizes, business models, and funding status vary—but what unites them is a shared ambition to build durable, high-impact companies against the odds.
👉 Download the full Forged in Fire report.
Graham & Walker is an early-stage VC fund rooted in a powerful founder community, backing bold founders that, at first glance, don’t fit the VC mold.
