When Oriana Papin-Zoghbi was looking for venture capital funding to develop a new type of test for ovarian cancer, she found her pitch did best with women investors. “They were able to resonate with the problem we are trying to solve,” she said.

Avestria Ventures, a fund focused on women-founded start-ups, led an early investment of $5 million in Ms. Papin-Zoghbi’s company, AOA Dx. And two years later, Good Growth Capital, a firm founded by women, led an additional $17 million investment.

Ms. Papin-Zoghbi expects raising the next round of funding to be more difficult. Medical devices are expensive to develop, and AOA Dx is looking for an additional $30 million to bring its first product to market. “Most women-led funds cannot lead a round that size,” she said.

More than 100 women-led venture capital funds, many specifically focused on investing in companies started by women, have been founded in the last decade, a trend that has contributed to a gain in fund-raising by women who are just starting their businesses. Female-founded start-ups received 7 percent of pre-seed and seed funding, the earliest funding a start-up raises, in 2023, up from 5 percent in 2015, according to the data platform Crunchbase.

But women-led funds tend to be small, limiting their influence to early funding rounds. More mature companies led by women have not seen the same increase in funding. For women-founded businesses seeking investments past a Series B round, typically the third funding round, the share of venture capital dollars contracted to 1 percent from 2 percent over the same period, according to Crunchbase.

Founders like Ms. Papin-Zoghbi are hitting — or fear hitting — a funding wall, an obstacle they say has been heightened by a rollback in diversity, equity and inclusion efforts and a general downturn in start-up investing.