Women's representation is not automatically improved by increasing the size of the overall pie. One clear sign is that, looking across European countries, gender parity and total funding are not correlated. Some countries that rank highly for total investment - like Sweden, Ireland and Finland - also lead in the number of rounds raised by teams with women founders, as a proportion of their female population.
On the other hand, France and Germany are among the top three most VC funded countries on the continent, but see far fewer funding rounds going to women, per capita. Respectively, they see 23 and 18 rounds per one million working women - which is only 31% and 25% of Sweden's figure.
Looking at the ratios of rounds going to all-men vs. all-women and mixed-gender teams, the gap is steepest in the Czech Republic where there are more than 9x as many funding rounds per working men than per working women. The average across Europe stands at 4.3x, and stands best in Ireland, Spain, and Portugal.