Female founders had a record year. But a wave of ‘zombie unicorns' is looming [Fortune]
PepsiCo, Inc. (PEP)
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Source: Fortune
by Anthropic and Scale AI last year made 2025 a record year in funding for female founders, according to PitchBook, even as deal count fell. Recommended Video A new analysis from Female Founders Fund, out this morning, adds some additional context to that data. What stands out to me is a new category the fund is calling “zombie unicorns.” In 2025, there were 20 new female-founded unicorns, and the aggregate valuation of female-founded unicorns reached a record high of $481 billion. Amazing! Except there is also a growing cohort of companies with unicorn valuations that are “still operating, but are unable to raise an up round, not on a clear path to IPO, and not attracting acquisition offers that match their last private valuation.” Female Founders Fund doesn't name check any companies that fall into this category, but a few come to mind. The fertility network Kindbody was valued at $1.8 billion in 2023, and earlier this year it was reported the company's valuation had fallen
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