The network of women business angels multiplies by 3.2 every euro invested in startups led by entrepreneurs in the STEAM field
WA4STEAM (Women Angels for STEAM), the international association of women business angels that promotes female entrepreneurship in science, technology, engineering, arts and mathematics (STEAM), has presented its first Impact Report titled "The regenerative power of a network". The report, a pioneer in its field by applying the international methodology of Social Return on Investment (SROI) together with a listening process with more than 90 interviews and surveys of ecosystem stakeholders, quantifies for the first time the real value generated by the organization since its creation: 12,034,414 euros of consolidated socioeconomic impact.
The main conclusion of the study is the multiplier effect of its smart capital model: for each euro invested directly by WA4STEAM’s partners in startups in early stages (3.78 million euros in 2026), the network generates 3.2 euros of socioeconomic value for the entrepreneurs, the investors themselves, and the innovation ecosystem.
The report is based on a structural anomaly in the market: although international evidence shows that founding teams with women generate 2.5 times more revenue per unit of capital received and have lower failure rates, the startups led by women capture only 1% of the total available capital.
"The imbalance that keeps women out of technology and financial decision-making centers is not only a matter of equity; it is a deep systemic inefficiency that leaves out science, talent and vital solutions for the future," says Patricia Acosta Soler, partner and leader of WA4STEAM’s impact working group. "With this first Impact Report, we move from counting our activity to measuring with rigor what transformations we generate. The data show that when women invest in women, the economic, innovative and human return multiplies".
Since its founding in 2018 by 34 women under the leadership of its honorary president, Regina Llopis, WA4STEAM has multiplied its membership base by five, reaching 170 active members in 9 countries at the beginning of 2026. In total, more than 275 women have trained as technology investors within the network, and more than 80% say they have developed key skills to lead investment operations and join boards of directors.
The impact model breaks down the 12.03 million euros into three major groups. First, the female entrepreneurs and startups STEAM receive 6.23 million euros (51.8% of the impact), adding to the direct investment (3.78 M€) an induced social return in R&D of 1.13 million euros and a "seal effect" valued at close to 1 million euros. Second, the partners obtain 3.81 million euros (31.6% of the impact), with a positive net profitability of 2.24 million euros and more than 1 million euros in investor professionalization. Finally, the innovation and society ecosystem receives 2.00 million euros (16.6% of the impact).
With this first report, the association, chaired since this year by Eli Abad, opens a new stage of growth toward a ScaleUp model. "Our challenge now is to scale this impact: attract more investment opportunities in science and technology, create an Advisory Council, and continue expanding our institutional reach so that no major innovation led by women is left behind for lack of capital," concludes Eli Abad, president of WA4STEAM.
Link to the complete Impact Report: https://wa4steam.com/wp-content/uploads/2026/10/WA4STEAM-MEMORIA-DE-IMPACTO_vdef.pdf