S&S Capital · Open Research · 2025 Snapshot

Utah Startup
Funding 2025

$1.86 billion deployed. Less than one percent to women.

Vertical infographic · Mobile-friendly · Subject to revision

01 · The Ecosystem

A high-volume, early-stage ecosystem.

169
Utah deals in 2025 (all stages)
$1.86B
Total capital deployed

Source: PitchBook · Utah Business 2026 Deal Dispatch

Deal-size distribution

70%
25%
5%
Under $5MThe volume of the market: founders raising their first institutional check.
$5M to $25MSeries A territory. A meaningful step-up, but a much narrower aperture.
$25M+The headline rounds. Five percent of deals, a majority of the dollars.
A small number of large rounds drive most of the capital. Most companies in Utah are competing at the early stage, where the playing field is widest and the network advantage matters most.

02 · Female Founder Representation

Early stage, where the numbers begin to thin.

~5to9
Startups with a woman on the founding team (estimated)
~5%
Estimated share of funded startups with a female founder

Three publicly identified companies

Faye
Funded · May 2025
$2.5MPre-seed
Trace AQ
Funded · May 2025
$1.25MSeed
Rebel Medicine
Funded · June 2025
$6MSeries A
~5%
A small fraction of Utah's funded companies have a woman on the founding team. This is the early-stage baseline, and it is the widest the aperture gets.

03 · 2025 by the Numbers

From 169, to 1.

169 100%
Utah deals in 2025
~5 to 9 ~5%
Estimated with a woman on the founding team
3 ~2%
Publicly identified founding teams
1 < 1%
Publicly identified female CEO

Utah · 2025 · Source: PitchBook

04 · The Capital Gap

How much capital actually reaches women?

The capital share

< 1%

Combined publicly identified funding to women-founded teams totals ~$9.75M (Faye + Trace AQ + Rebel Medicine). Of $1.86B deployed across Utah's 2025 startup ecosystem, that is roughly 0.5%.

$1.86B
Total capital deployed in Utah, 2025
~$9.75M
Known to publicly identified women-founded teams

Source: PitchBook · Utah Business 2026 Deal Dispatch · Founder funding from individual press releases (linked in §02)

05 · The Insight

The math is simple.

Read the data again

If we want more than 1% of women leading,
we need to unlock more than 1% of available capital for women.