JP Morgan study shows Scotland’s women-led businesses setting a new record
“We must also address the persistent challenges in accessing funding and building networks” – Gillian Murray, JP Morgan Private Bank
Female-powered businesses in Scotland received a record level of investment in 2024, bucking the UK-wide trend, a new report today reveals.
Some £214 million was invested in women-led businesses north of the Border last year, marking a 10.5 per cent increase on the year before, according to the fifth annual Top 200 Women-Powered Businesses study by JP Morgan Private Bank. The increase in Scotland came despite overall investment in UK women-powered businesses tumbling 29.1 per cent, from £6.36 billion to £4.51bn, over the same period.
Over the last decade, total equity investment in Scotland’s female-powered companies has topped £1.15bn, accounting for nearly a fifth (19.7 per cent) of total investment in the country’s high-growth businesses. JP Morgan said this was reflective of a wider trend across the country of women-powered businesses playing a more prominent role in the UK’s high growth landscape.
The study, produced using Beauhurst’s data, analyses high-growth businesses founded, led, owned or managed by women in the UK. It explores the role women play in Britain’s high-growth business ecosystem, including the prospects and barriers they face in realising their entrepreneurial ambitions.
Scotland now has the third highest proportion of women powered businesses (32.1 per cent), after Wales and Northern Ireland. This is up from 30.1 per cent a year earlier. Businesses in the Top 200 include Edinburgh-based luxury bag company Strathberry (ranked 12th), and Oh Polly (at 140th), a digital fashion brand with a combined social media following exceeding 11 million.
Gillian Murray, team lead for Scotland at JP Morgan Private Bank, said: “This year’s report highlights how Scotland’s women-led enterprises such as Oh Polly and Strathberry are not just participants but are crucial in shaping the UK’s economic future as they scale and bring their ideas to the global stage. The record investment in Scotland’s women-powered businesses, even amid a broader decline, underscores the significant contributions.”
She added: “While we celebrate the achievements of women-founded businesses, we must also address the persistent challenges in accessing funding and building networks. By exposing these structural and systemic barriers, we can play a vital role in advancing women-owned and led businesses.”
Across the UK, the value of exits among female-powered businesses is one of the closest on record to male-led ventures. Looking at the volume of deals, JP Morgan said exit activity among women-powered businesses had followed a “clear upward trajectory” over the past decade. Last year delivered both 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 in the UK declined to £731m - 2024 witnessed a significant recovery, reaching £5.23bn across a record number of exits among women-powered businesses. That total was shy of male-led companies at £6.74bn but marked one of the closest value splits on record.
Charlotte Bobroff, head of UK women and wealth at JP Morgan Private Bank, added: “Although the gap still exists, the rising exit value among women-powered businesses is notable.”
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