Mapped: The Top Female Founder in Each Country
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Mapped: The Top Female Founder in Each Country

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Mapped: The Top Female Founder in Each Country

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Companies with at least one female founder generate 78 cents of revenue for every dollar of venture funding, while male-led startups generate roughly 31 cents.

Yet, startups with only female founders receive just 3% of total invested dollars globally.

The above infographic from Business Financing explores the global landscape of female-led startups. It shows the top female founders according to the highest amount of capital raised, in each country profiled.

Global Rankings: The Top 10 Female Founders

Which female founders have received the most funding worldwide?

Based on data from Crunchbase, individuals were selected across 102 countries if they were a founder or co-founder of an active company as of May 21, 2020. Companies were selected depending on their status in seed, early stage venture, or late stage venture funding.

With $22 billion in funding, Lucy Peng, co-founder of Ant Group and Alibaba tops the list. Peng taught economics for five years before co-founding Alibaba with 18 others in 1999. Today, she is worth over $1 billion.

Peng’s 2.1% stake in Ant Group is estimated to be worth roughly $4.8 billion. Ant Group filed for an IPO worth an estimated $225 billion valuation in August 2020.

Female FounderFundingCompanyIndustryCountry
Lucy Peng$22BAnt FinancialChina
Rebekah Neumann$19.5BThe We CompanyReal EstateU.S.
Tan Hooi Ling$9.9BGrabTransportationSingapore
Kate Keenan$1.4BJudo BankFinTechAustralia
Victoria van Lennep$1.2BLendableFinTechUnited Kingdom
Cristina Junqueira$1.1BNubankFinTechBrazil
Frances Kang$581MWeLabFinTechHong Kong
Sophie Kim$282MMarket KurlyAgro & FoodSouth Korea
Ilise Lombardo$278MArvelle TherapeuticsBiotech & HealthSwitzerland
Milda Mitkute$260MVintedEcommerceLithuania

Following Peng is Rebekah Neumann, who has raised $19.5 billion with The We Company. Neumann studied business with a minor in Buddhism at Cornell, and later co-founded the gig-focused firm in 2010 with her husband Adam Neumann and Miguel McKelvey. Following the notoriously disastrous IPO of WeWork, she and her husband have since left the company.

Coming in third is Tan Hooi Ling who founded Grab in Singapore. The ride-hailing app is a major competitor of Uber in Asian markets.

Cristina Junqueira, who co-founded digital banking firm NuBank, also makes it into the top 10 list. Currently, NuBank operates as the largest fintech firm in South America, with over 20 million users. Meanwhile, Lithuania’s first tech unicorn, Vinted was co-founded by Milda Mitkute and serves as the largest secondhand clothing platform worldwide.

Unicorns Bucking the Trend

While funding for female-led startups has been disproportionately low over the years, the number of unicorns—private companies valued in excess of $1 billion—headed by women has grown over fivefold.

Since 2013, women-led unicorns have jumped from just four to 21 in 2019. While these numbers are still objectively quite small, they continue to climb.

Among the newly minted unicorns in 2019 was Airwallex, a company that allows businesses to track cross-border revenues. In April, the startup raised $160 million, valuing it at $1.8 billion.

Along with Airwallex, Scale, Glossier and The RealReal are also found on the list.

New Waves of Venture Capital

In 2019, 2,300 venture deal rounds included startups with at least one female founder. Of these, a number of startups raised over $100 million in funding in 2019 on a worldwide level.

StartupFunding AmountCountry
Guild Education$157 millionU.S.
Luckin Coffee$150 millionChina
Northern Arc$130 millionIndia
Kuaikan Manhua$125 millionChina
SpringWorks Therapeutics$125 millionU.S.
Rent the Runway$125 millionU.S.
Genera Energy$118 millionU.S.
Tala$110 millionU.S.
Kronos Bio$105 millionU.S.
Insitro$100 millionU.S.
Talaris$100 millionU.S.
Away$100 millionU.S.
Glossier$100 millionU.S.

Interestingly, funding data shows that women VCs are three times more likely than men to invest in women. This, coupled with the growing number of female partners at venture capital firms, is bringing a new perspective to tech financing.

At the same time, it’s opening up new markets. For instance, the $57 billion child care industry is largely overlooked by the VC world. San Francisco-based Winnie raised $9 million in funding in 2019, capitalizing on a marketplace specifically for parents.

Consumer products and markets focusing on solutions for women present areas of significant growth, particularly on a global level.

What’s Next For Female Founders?

While just a fraction of all venture funding is allocated to women-led companies, trends illustrate clear resilience.

Female-founded firms continually outperform—and shareholder returns are only getting better every year. As both startup and venture capital ecosystems continue to evolve, the future of women-led entrepreneurship is as bright as ever.

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The Cost of Mining Bitcoin in 198 Different Countries

Mining bitcoin is costly. But the exact price fluctuates, depending on the location and the cost of electricity in the area.

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Cost of Mining Bitcoin in 198 Different Countries

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It takes an estimated 1,449 kilowatt hours (kWh) of energy to mine a single bitcoin. That’s the same amount of energy an average U.S. household consumes in approximately 13 years.

Given the high amount of energy needed to mine bitcoin, it can be a costly venture to get into. But exact prices fluctuate, depending on the location and the cost of electricity in the area.

Where are the cheapest and most expensive places to mine this popular cryptocurrency? This graphic by 911 Metallurgist provides a snapshot of the estimated cost of mining bitcoin around the world, using pricing and relative costs from March 23, 2022.

How Does Bitcoin Mining Work?

Before diving in, it’s worth briefly explaining the basics of bitcoin mining, and why it requires so much energy.

When someone mines for bitcoin, what they’re really doing is adding and verifying a new transaction record to the blockchain—the decentralized bank ledger where bitcoin is traded and distributed.

To create this new record, crypto miners need to crack a complex equation that’s been generated by the blockchain system.

Potentially tens of thousands of miners are racing to crack the same code at any given time. Only the first person to solve the equation gets rewarded (unless you’re part of a mining pool, which is essentially a group of miners who agree to combine efforts to increase their chances of solving the equation).

The faster your computing power is, the better your chances are of winning, so solving the equation first requires powerful equipment that takes up a lot of energy.

The Costs and Profits of Mining Bitcoin in 198 Countries

Across the 198 countries included in the dataset, the average cost to mine bitcoin sat at $35,404.03, more than bitcoin’s value of $20,863.69 on July 15, 2022. Though it’s important to note that fluctuating energy prices, and more or less miners on the bitcoin network, constantly change the necessary energy and final cost.

Here’s a breakdown of what the cost to mine one bitcoin in each country was in March 23, 2022, along with the potential profit after accounting for mining costs:

#CountryCost to mine 1 bitcoinProfit (July 15, 2022)
1🇰🇼 Kuwait$1,393.95$18,362.58
2🇩🇿 Algeria$4,181.86$15,574.67
3🇸🇩 Sudan$4,779.27$14,977.26
4🇾🇪 Yemen$7,161.77$12,594.76
5🇪🇹 Ethiopia$7,168.91$12,587.62
6🇰🇬 Kyrgyzstan$7,168.91$12,587.62
7🇦🇴 Angola$7,368.04$12,388.49
8🇶🇦 Qatar$7,368.04$12,388.49
9🇰🇵 North Korea$7,744.32$12,012.21
10🇰🇿 Kazakhstan$8,762.00$10,994.53
11🇿🇲 Zambia$9,160.27$10,596.26
12🇦🇿 Azerbaijan$9,558.54$10,197.99
13🇧🇳 Brunei$9,956.81$9,799.72
14🇮🇷 Iran$10,355.09$9,401.44
15🇺🇿 Uzbekistan$10,355.09$9,401.44
16🇽🇰 Kosovo$10,560.17$9,196.36
17🇸🇬 Singapore$10,952.50$8,804.03
18🇲🇳 Mongolia$11,151.63$8,604.90
19🇧🇹 Bhutan$11,749.04$8,007.49
20🇧🇭 Bahrain$11,948.18$7,808.35
21🇴🇲 Oman$11,948.18$7,808.35
22🇹🇯 Tajikistan$12,545.59$7,210.94
23🇺🇦 Ukraine$12,744.72$7,011.81
24🇬🇪 Georgia$13,143.00$6,613.53
25🇦🇬 Paraguay$13,143.00$6,613.53
26🇹🇹 Trinidad and Tobago$13,143.00$6,613.53
27🇸🇷 Suriname$14,337.81$5,418.72
28🇸🇦 Saudi Arabia$14,736.09$5,020.44
29🇦🇲 Armenia$15,333.50$4,423.03
30🇹🇳 Tunisia$15,333.50$4,423.03
31🇸🇾 Syria$15,532.63$4,223.90
32🇨🇬 Congo (Republic Of The)$16,130.04$3,626.49
33🇲🇲 Myanmar$16,130.04$3,626.49
34🇷🇺 Russia$16,130.04$3,626.49
35🇮🇶 Iraq$16,926.59$2,829.94
36🇲🇩 Moldova$16,926.59$2,829.94
37🇹🇷 Turkey$17,723.13$2,033.40
38🇷🇴 Romania$18,320.54$1,435.99
39🇦🇱 Albania$18,718.81$1,037.72
40🇧🇩 Bangladesh$18,718.81$1,037.72
41🇱🇮 Liechtenstein$18,917.95$838.58
42🇱🇹 Lithuania$18,917.95$838.58
43🇲🇿 Mozambique$19,117.08$639.45
44🇪🇬 Egypt$19,316.22$440.31
45🇨🇩 Congo (Democratic Republic Of The)$19,913.63-$157.10
46🇳🇴 Norway$20,112.77-$356.24
47🇦🇹 Austria$20,311.90-$555.37
48🇨🇱 Chile$20,311.90-$555.37
49🇪🇪 Estonia$20,511.04-$754.51
50🇸🇪 Sweden$20,710.18-$953.65
51🇨🇫 Central African Republic$20,909.31-$1,152.78
52🇺🇸 United States$21,088.53-$1,332.00
53🇧🇬 Bulgaria$21,307.58-$1,551.05
54🇮🇩 Indonesia$21,307.58-$1,551.05
55🇷🇸 Serbia$21,307.58-$1,551.05
56🇦🇷 Argentina$21,506.72-$1,750.19
57🇦🇪 United Arab Emirates$21,705.86-$1,949.33
58🇳🇬 Nigeria$22,303.27-$2,546.74
59🇲🇬 Madagascar$22,502.40-$2,745.87
60🇱🇻 Latvia$22,701.54-$2,945.01
61🇰🇷 South Korea$22,701.54-$2,945.01
62🇧🇦 Bosnia and Herzegovina$23,099.81-$3,343.28
63🇹🇼 Taiwan$23,298.95-$3,542.42
64🇮🇱 Israel$23,498.08-$3,741.55
65🇪🇨 Ecuador$23,697.22-$3,940.69
66🇲🇾 Malaysia$23,896.36-$4,139.83
67🇳🇵 Nepal$23,896.36-$4,139.83
68🇳🇿 New Zealand$23,896.36-$4,139.83
69🇱🇺 Luxembourg$24,095.49-$4,338.96
70🇮🇸 Iceland$24,294.63-$4,538.10
71🇨🇦 Canada$24,493.76-$4,737.23
72🇲🇦 Morocco$24,692.90-$4,936.37
73🇿🇼 Zimbabwe$24,692.90-$4,936.37
74🇻🇳 Vietnam$24,892.04-$5,135.51
75🇨🇮 Côte D’Ivoire (Ivory Coast)$25,091.17-$5,334.64
76🇱🇾 Libya$25,091.17-$5,334.64
77🇹🇿 Tanzania$25,091.17-$5,334.64
78🇦🇩 Andorra$25,276.27-$5,519.74
79🇨🇳 China$25,489.45-$5,732.92
80🇱🇧 Lebanon$25,887.72-$6,131.19
81🇱🇦 Laos$26,285.99-$6,529.46
82🇫🇮 Finland$26,485.13-$6,728.60
83🇫🇷 France$27,082.54-$7,326.01
84🇨🇭 Switzerland$27,082.54-$7,326.01
85🇵🇱 Poland$27,281.67-$7,525.14
86🇷🇼 Rwanda$27,281.67-$7,525.14
87🇹🇭 Thailand$27,281.67-$7,525.14
88🇨🇿 Czech Republic$27,480.81-$7,724.28
89🇱🇸 Lesotho$27,679.95-$7,923.42
90🇲🇪 Montenegro$28,078.22-$8,321.69
91🇲🇱 Mali$28,277.35-$8,520.82
92🇨🇷 Costa Rica$28,675.63-$8,919.10
93🇳🇱 Netherlands$28,675.63-$8,919.10
94🇧🇾 Belarus$29,273.04-$9,516.51
95🇳🇦 Namibia$30,069.58-$10,313.05
96🇲🇰 Macedonia, North$30,866.13-$11,109.60
97🇸🇲 San Marino$30,866.13-$11,109.60
98🇸🇰 Slovakia$31,065.26-$11,308.73
99🇿🇦 South Africa$32,060.94-$12,304.41
100🇧🇼 Botswana$32,459.22-$12,702.69
101🇸🇿 Swaziland$32,857.49-$13,100.96
102🇧🇪 Belgium$33,255.76-$13,499.23
103🇺🇾 Uruguay$33,255.76-$13,499.23
104🇧🇷 Brazil$33,454.90-$13,698.37
105🇭🇷 Croatia$33,454.90-$13,698.37
106🇮🇹 Italy$33,454.90-$13,698.37
107🇺🇬 Uganda$33,654.03-$13,897.50
108🇨🇲 Cameroon$33,853.17-$14,096.64
109🇲🇽 Mexico$33,853.17-$14,096.64
110🇲🇼 Malawi$34,251.44-$14,494.91
111🇧🇮 Burundi$34,450.58-$14,694.05
112🇱🇰 Sri Lanka$34,450.58-$14,694.05
113🇬🇶 Equatorial Guinea$34,649.72-$14,893.19
114🇧🇴 Bolivia$34,848.85-$15,092.32
115🇲🇷 Mauritania$35,047.99-$15,291.46
116🇵🇸 Palestine$35,047.99-$15,291.46
117🇹🇬 Togo$35,047.99-$15,291.46
118🇦🇫 Afghanistan$35,844.53-$16,088.00
119🇭🇺 Hungary$35,844.53-$16,088.00
120🇸🇱 Sierra Leone$35,844.53-$16,088.00
121🇲🇨 Monaco$35,922.73-$16,166.20
122🇵🇭 Philippines$36,043.67-$16,287.14
123🇰🇭 Cambodia$36,242.81-$16,486.28
124🇸🇳 Senegal$36,242.81-$16,486.28
125🇸🇹 São Tomé and Príncipe$36,441.94-$16,685.41
126🇮🇪 Ireland (Republic Of)$37,835.90-$18,079.37
127🇲🇹 Malta$37,835.90-$18,079.37
128🇨🇾 Cyprus$38,035.03-$18,278.50
129🇬🇦 Gabon$38,035.03-$18,278.50
130🇸🇻 El Salvador$38,831.58-$19,075.05
131🇵🇪 Peru$38,831.58-$19,075.05
132🇨🇴 Colombia$39,628.12-$19,871.59
133🇩🇴 Dominican Republic$40,026.40-$20,269.87
134🇬🇹 Guatemala$40,026.40-$20,269.87
135🇬🇲 The Gambia$40,225.53-$20,469.00
136🇬🇳 Guinea$40,424.67-$20,668.14
137🇮🇳 India$40,424.67-$20,668.14
138🇦🇺 Australia$40,623.81-$20,867.28
139🇬🇷 Greece$40,623.81-$20,867.28
140🇲🇺 Mauritius$40,822.94-$21,066.41
141🇧🇯 Benin$41,221.21-$21,464.68
142🇭🇳 Honduras$41,420.35-$21,663.82
143🇭🇹 Haiti$42,017.76-$22,261.23
144🇹🇩 Chad$42,216.90-$22,460.37
145🇳🇪 Niger$42,416.03-$22,659.50
146🇰🇪 Kenya$43,212.58-$23,456.05
147🇫🇯 Fiji$43,411.71-$23,655.18
148🇪🇷 Eritrea$43,610.85-$23,854.32
149🇸🇸 South Sudan$43,809.99-$24,053.46
150🇵🇰 Pakistan$44,208.26-$24,451.73
151🇵🇹 Portugal$44,208.26-$24,451.73
152🇧🇿 Belize$45,004.80-$25,248.27
153🇳🇷 Nauru$45,378.54-$25,622.01
154🇹🇱 Timor-Leste$46,597.89-$26,841.36
155🇬🇭 Ghana$46,996.17-$27,239.64
156🇯🇵 Japan$47,195.30-$27,438.77
157🇧🇫 Burkina Faso$47,394.44-$27,637.91
158🇩🇰 Denmark$48,190.98-$28,434.45
159🇯🇴 Jordan$48,987.53-$29,231.00
160🏴󠁧󠁢󠁥󠁮󠁧󠁿 England$49,301.82-$29,545.29
161🏴󠁧󠁢󠁳󠁣󠁴󠁿 Scotland$50,090.64-$30,334.11
162🇵🇦 Panama$50,580.62-$30,824.09
163🇩🇪 Germany$50,978.89-$31,222.36
164🇬🇧 Ireland (Northern)$51,536.83-$31,780.30
165🇪🇸 Spain$51,775.44-$32,018.91
166🇩🇯 Djibouti$52,173.71-$32,417.18
167🏴󠁧󠁢󠁷󠁬󠁳󠁿 Wales$52,194.19-$32,437.66
168🇨🇻 Cape Verde$52,372.85-$32,616.32
169🇯🇲 Jamaica$52,571.98-$32,815.45
170🇧🇧 Barbados$52,970.26-$33,213.73
171🇸🇮 Slovenia$52,970.26-$33,213.73
172🇹🇻 Tuvalu$53,887.02-$34,130.49
173🇬🇼 Guinea-Bissau$54,364.21-$34,607.68
174🇰🇲 Comoros$55,957.30-$36,200.77
175🇧🇸 Bahamas$56,753.85-$36,997.32
176🇵🇬 Papua New Guinea$57,550.39-$37,793.86
177🇰🇳 Saint Kitts and Nevis$60,935.71-$41,179.18
178🇬🇩 Grenada$61,533.12-$41,776.59
179🇵🇼 Palau$63,922.75-$44,166.22
180🇱🇨 Saint Lucia$63,922.75-$44,166.22
181🇸🇨 Seychelles$63,922.75-$44,166.22
182🇬🇾 Guyana$65,316.71-$45,560.18
183🇳🇮 Nicaragua$66,511.52-$46,754.99
184🇻🇨 Saint Vincent and Grenadines$68,901.16-$49,144.63
185🇹🇴 Tonga$72,087.34-$52,330.81
186🇩🇲 Dominica$73,282.16-$53,525.63
187​🇻🇺​ Vanuatu$76,070.07-$56,313.54
188🇼🇸​ Samoa$76,667.48-$56,910.95
189​🇨🇺​ Cuba$76,946.27-$57,189.74
190🇱🇷 Liberia$77,663.16-$57,906.63
191​🇲🇻​ Maldives$78,459.70-$58,703.17
192🇲🇭 Marshall Islands$80,849.34-$61,092.81
193🇸🇴 Somalia$82,044.16-$62,287.63
194🇰🇮 Kiribati$82,243.29-$62,486.76
195🇫🇲 Micronesia, Federated States Of$82,442.43-$62,685.90
196🇦🇬 Antigua and Barbuda$89,412.20-$69,655.67
197🇸🇧 Solomon Islands$142,581.59-$122,825.06
198🇻🇪 Venezuela$246,530.74-$226,774.21

Venezuela ranks as the number one most expensive country to mine bitcoin. It costs a whooping $246,530.74 to mine a single bitcoin in the South American country, meaning the process is far from profitable. Energy costs are so expensive in the country that miners would be out $225,667.05 for just one bitcoin.

On the opposite end of the spectrum, the cheapest place to mine bitcoin is in Kuwait. It costs $1,393.95 to mine a single bitcoin in Kuwait, meaning miners could gain $19,469.74 in profits.

The Middle Eastern country has some of the cheapest electricity in the world, with one kWh costing an average of just 3 cents. For context, the average cost of one kWh in North America is 21 cents.

The Race is On

Despite the steep costs of bitcoin mining, many people believe it’s worth the upfront investment.

One thing that makes bitcoin particularly appealing is its finite supply—there are only 21 million coins available for mining, and as of this article’s publication, more than 19 million bitcoin have already been mined.

While the price of bitcoin (BTC) is notorious for its volatility, its value has still grown significantly over the last decade. And if cryptocurrencies become mainstream as many people believe they will, this could boost the price of bitcoin even further.

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Animation: The Rise and Fall of Popular Web Browsers Since 1994

This animation shows the evolution of web browser market share since 1994, showing the rise and fall of various internet portals.

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Evolution of web browsers

Animation: The Rise and Fall of Popular Web Browsers Since 1994

In its early stages, the internet was a highly technical interface that most people had difficulty navigating. But that all changed when the Mosaic web browser entered the scene in 1993.

Mosaic was one of the first “user-friendly” internet portals—although by today’s standards, the browser was actually quite difficult to access. Comparatively, modern browsers in high use today have changed exponentially.

This animated graphic by James Eagle chronicles the evolution of the web browser market, showing the rise and fall of various internet portals from January 1994 to March 2022.

The 1990s: From Mosaic to Netscape

In the early 90s, Mosaic was by far the most dominant web browser. At the time, about 97% of all internet searches were done through this popular web portal.

Web browser% Share (January 1994)
Mosaic97.0%
Other3.0%

Mosaic was the first web browser to display images directly on a page in line with text. Earlier browsers loaded pictures as separate files, which meant users have to click, download, and open a new file in order to view them.

The pioneering portal was created by a team of university undergrads at the University of Illinois, led by 21-year-old Marc Andreessen. When Andreessen graduated, he went on to be the co-founder of Mosaic Communications Corporation, which evolved into Netscape Communications Corporation, the company that created Netscape Navigator.

Netscape was essentially a new and improved version of Mosaic, but since the University of Illinois owned the rights to Mosaic, Andreessen’s new company couldn’t actually use any of the original code.

Netscape became a nearly instant success, and as a result, Mosaic’s market share began to fall. By the late 90s, Netscape had captured 89% of the web browser market.

Web browser% Share (April 1996)
Netscape88.9%
Mosaic7.2%
Internet Explorer3.9%

Netscape dominated the market for a few more years. However, in the new millennium, a new tech giant started to take over—Internet Explorer.

The 2000s: Internet Explorer Enters the Chat, Followed by Firefox

In 1995, Microsoft launched Internet Explorer as part of an add-on package for its operating system, Microsoft Windows 95.

Given the popularity of the Windows franchise at the time, Internet Explorer was quickly adopted. By the early 2000s, it had captured over 90% of the market, reflecting Microsoft’s hold on the personal computing market.

Web browser% Share (January 2000)
Internet Explorer76.6%
Netscape18.4%
Opera0.7%
Other4.3%

Netscape was mostly phased out of the market by then, which meant Internet Explorer didn’t have much competition until Mozilla entered the arena.

Founded by members of Netscape, Mozilla began in 1998 as a project for fostering innovation in the web browser market. They shared Netscape’s source code with the public, and over time built a community of programmers around the world that helped make the product even better.

By 2004, Mozilla launched Firefox, and by 2006, the free, open-source browser had captured nearly 30% of the market. Firefox and Internet Explorer battled it out for a few more years, but by the mid-2010s, both browsers started to get leapfrogged by Google Chrome.

Present Day: Google Chrome is King of the Web Browsers

When Google’s co-founders Larry Page and Sergey Brin pitched the idea of starting a Google web browser to CEO Larry Schmidt in 2003, he was worried that they couldn’t keep up with the fierce competition. Eventually, the co-founders convinced Schmidt, and in 2008, Google Chrome was released to the public.

One of Chrome’s distinguishing features was (and still is) the fact that each tab operated separately. This meant that if one tab froze, it wouldn’t stall or crash the others, at the cost of higher memory and CPU usage.

By 2013, Chrome had swallowed up half the market. And with Android emerging as the most popular mobile OS on the global market, there were even more Chrome installations (and of course, searches on Google) as a result.

Notes on Data and Methodology

It’s important to note that the dataset in this animation uses visitor log files from web development site and resource W3Schools from 1999 onwards. Despite getting more than 60 million monthly visits, its userbase is likely slanted towards PC over mobile users.

Further, though Google’s Android platform has a sizable lead over Apple’s iOS in the global mobile sector, this likely slant also impacts the representation of iOS and therefore Safari browsers in the animation and dataset.

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