She has experienced firsthand the obstacles female founders face when trying to secure financing. This issue was highlighted in a report earlier this year, which revealed that only 2% of equity investment in the UK goes to female founders
Kate Prince, the founder of Ancient + Brave, one of the UK’s fastest-growing companies and a rising wellness brand, has criticised the finance sector for its sexism and the challenges faced by female entrepreneurs.
Ancient + Brave, based in East Sussex and founded by Prince in 2018, sells collagen and dietary supplements. It was ranked fifth on the Sunday Times 100 list of fastest-growing firms after sales skyrocketed to over £10million in 2023, up from £1.3million in 2022.
The 51-year-old former media lawyer secured £7million in venture capital funding last year from consumer investor Piper to aid the company’s expansion. She plans to launch in Germany by September as she targets international markets.
Ancient + Brave has attracted a host of celebrity fans, including sportswoman Dame Kelly Holmes and pop star Ellie Goulding. The company employs 55 staff members, all women except for one, and is led by a board headed by former Wagamama chief executive Emma Woods.
However, Ms Prince has experienced firsthand the obstacles female founders face when trying to secure financing. This issue was highlighted in a government-commissioned report earlier this year, which revealed that only 2% of equity investment in the UK goes to female founders.
The study, released in February, discovered that for every £1 of equity investment in the UK, just 2p went to businesses fully founded by women, marking “representing no improvement in the past decade”. The report revealed the disparity that “fewer women apply for funding and when they do, they are less likely to receive it, and tend to receive significantly less than men”.
Ms Prince believes a fundamental “cultural shift” is necessary to enhance funding for female-led ventures and stimulate more women to launch their own enterprises. She highlighted the next government’s crucial role in extending support and funds to ambitious female business founders.
Underlining the gaps in education, she stated: “Schools aren’t talking about the moment for female entrepreneurs. We need a cultural shift and hopefully the next government may be interested in helping with this.”
Highlighting the impact of governmental aid, she asserted that such finances are integral for numerous women in kick-starting their businesses. We need great female support for these women they may have elderly relatives and young children. We need to direct some funding towards them.”
The most recent Sunday Times 100, published earlier this week, found that only one quarter of firms on the list were initiated or co-initiated by female entrepreneurs, plunging from 28% in 2023. Ms Prince also indicated women still face abundant “draconian views” and “cultural barriers” within the industry.
Recounting a conversation where a renowned start-up investor justified the lower proportion of female founders gaining access to funding, she quoted him saying, “he said it’s because only 2% of women deserve funding”. Ms Prince added: “That person has a platform and a voice,” before painting a clear picture of the current state, saying, “There’s a lot of grey suits out there and boards dominated by 50/60-year-old men.”
Fresh off the back of joining the league of the UK’s fastest-growing companies, Ancient + Brave is now aiming to double its revenue to £20million, with this year’s trading figures indicating that the company is well on its way to hitting that target.
Following success in Germany, Ms Prince has her sights set on expanding into other European territories such as Spain and Italy, while also preparing for a potential future foray into the US market. She acknowledges that breaking into the American market is a serious undertaking, stating there’s no fixed timeline for this move as it’s “not to be taken lightly”.
Having reaped the benefits of angel investment during the initial growth phase of her business, Ms Prince expressed her desire to pay it forward by becoming an angel investor herself, particularly to support female entrepreneurs. She added: “If I’m fortunate enough in the future to have the cash to do that … that, to me, would be a very proud moment.”
