“At Ada Ventures, we passionately believe that more inclusion in venture capital will help us find better breakthrough ideas for the hardest problems we face,” said Check Warner, co-founding partner of Ada Ventures. “Inclusive strategies lead to better returns … having diverse investors at the VC level leads to funding more diverse teams and founders.”

And the figures get worse, the more you drill down into who actually owns the VC. Even if, as a woman, you sport a leadership title (founding partner, managing partner or partner), just 17.7 per cent of women have “significant ownership” compared with 27 per cent of men.

“The difference between individuals with senior titles and those with ownership of the management company highlights the need for genuine representation and inclusion in VC firms,” said Oksana Stowe, UK&I head of VC and startup ecosystem at report sponsor Google Cloud.

And all-male-owned venture capital firms also pushed female-only firms out of the way when it came to raising investment capital.

All-male-owned VC funds were ten times the size of all-woman owned funds over the period. All-female-owned funds closed just one fund in the time it took for all-male-owned funds to raise eight.

And that was the equivalent of 7p in every pound raised going to all-woman funds compared with 76p going to all-male-owned VCs.

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