March 3, 2026 - In a world marked by growing inequality and deepening divides, more and more people find themselves excluded from opportunity, voice, and agency. These shifts are not incidental - they are the result of systems that no longer serve the many.

A lever for change, starting from within

We believe that real change starts from within. As a family office committed to an impact-first strategy, we place justice, diversity, equality, and inclusion at the heart of how we operate – both as an employer and as an investor. Diversity is not a compliance goal or a PR line. It’s a lens through which we see opportunity, unlock innovation, and aim to contribute to shifting the system.

Within our own organisation, we’re creating an inclusive culture where people feel safe, heard, and valued. This means ensuring that every employee – regardless of background, gender identity, age, or ability – has equal access to opportunity, development, and growth. We aim for transparency in decision-making, a 50/50 gender balance in leadership, and a culture that actively discourages discrimination or bias in any form. From equal pay assessments and inclusive recruitment to regular reviews of internal policies and inclusive language guidelines, we continuously reflect on how to do better – and hold ourselves accountable. We are far from finished, but we are serious about the journey.

For the Netherlands, the inaugural Code-V Data Report (2025) represents a landmark effort to systematically assess gender disparities in entrepreneurial finance. Despite women entrepreneurs comprising 38% of the total entrepreneurial population in the Netherlands (Netherlands Chamber of Commerce, 2025), significant structural barriers persist. A total of €28.1 billion in funding was approved by Code-V participating financiers. Women entrepreneurs received only 13.7% (€3.86 billion) of this. When only considering funding in which the gender of the applicant is known, the share allocated to women rises to 22.4%. In other words, only 22 cents of every euro goes to women, while 78 cents goes to other entrepreneurs.

Women entrepreneurs are statistically (data from Code-V data report 2025):

• Less likely to secure funding: Women request 52% less capital per loan application and ultimately receive only 41% of the requested amount, while others are awarded 43.5% of what they request. On average, women receive €126,445 (10%) less per bank loan and €20,320 (22%) less per application from alternative financiers. When engaging with investors, women request on average €205,075 (52%) less and receive less than half (41%) of that amount. These findings show that women not only submit fewer funding applications, but also consistently receive less funding, even when they are successful or demonstrate stronger growth performance.

• Less likely to apply for external financing despite similar or higher approval rates: Banks: Women are 37% of clients but submit only 25% of applications; approval rates are 74% vs. 68% for others. Alternative financiers: Women represent 28% of clients but only 20% of applicants; approval rates are 24% vs. 19%.

• More likely to match or outperform on business fundamentals , while more often delivering sustainable, shared value. So, this is a system design issue, not a talent issue. The gap is driven by bias in funding processes, decision-making structures, and dominant evaluation metrics focused on short-term ROI and hypergrowth.

• More likely to encounter structural barriers, highlighting the need for systemic reform. Closing the gap requires gender-disaggregated data, bias-aware evaluation frameworks, greater diversity among decision-makers (only 6% of partners in Dutch VC companies are women), targeted funds and tax incentives, and coordinated action across public stakeholders, banks, alternative finance providers, and investors.

This isn’t just a matter of fairness – it’s a missed opportunity. Research shows that companies with women in leadership are 25% more likely to achieve above-average profitability, while women-led companies generate 2.5x more revenue per euro invested. In other words, inclusion and performance go hand in hand.

Closing the gender gap in entrepreneurship is not only equitable, it’s economically catalytic. Pan-EU modelling suggests that gender parity could generate 10.5 million jobs across the EU by 2050 and contribute between €1.95 and €3.15 trillion to the European economy based on the projected increase in EU GDP per capita from 6.1% to 9.6% (EIGA, 2025). In the Netherlands alone, eliminating the barriers faced by women entrepreneurs has the potential to add €139 billion in annual economic value (McKinsey & Company, 2020).

Measuring what matters

Inclusion is not something we can improve without measuring its impact. That’s why we analyse our full investment portfolio annually across three key dimensions: biodiversity, climate, and social equality. Diversity and inclusion are essential parts of this analysis.

We collect data from our portfolio companies on the composition of their teams and leadership, and we use these insights to understand how inclusive our capital truly is. This helps us identify opportunities for engagement, co-learning, and improvement.

In parallel, we continue to explore concrete ways to encourage greater diversity and inclusion – not only within VP Capital but also across our investments. This includes dialogue with our portfolio companies, participation in ecosystem initiatives, and a growing focus on inclusive governance and decision-making.

Our philanthropic contributions also play a role here. Through targeted donations and support for system-change initiatives, we aim to address structural inequalities and promote social equality more broadly. By supporting programmes that empower underrepresented groups, we extend our commitment to inclusion beyond finance alone and towards long-term societal impact.

At VP Capital, inclusion is not a box to tick but a guiding lens that shapes how we lead, invest, and partner – expanding opportunity by actively challenging systemic barriers and helping build more equitable, meaningful, and sustainable futures for people and communities.