Two universities soar above the competition when it comes to producing venture capital-backed female founders.
According to new data released Thursday from PitchBook, a venture capital and private equity research firm, Stanford’s undergraduate program and Harvard Business School have graduated the most venture-capital backed female entrepreneurs out of the top 20 schools for women founders that were analyzed in the study.
Although the data reflects which universities have graduated the largest numbers of VC-backed female founders, it also reports how much venture capital these women’s startups have raised. Analysts broke down the rankings into both undergraduate and MBA alumnae.
To qualify for inclusion, a company must have at least one female founder who is an alum of the school’s undergrad or b-school program.
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Undergraduate
When it comes to undergrad, Stanford University is No. 1. The NoCal school also held the top spot from last year, and has now produced a total of 125 venture-backed women founders throughout 119 different companies.
The University of Pennsylvania and UC Berkeley tied for No. 2—both producing 104 VC-backed female entrepreneurs. Harvard graduated 100.
Since 2010, 430 female alumnae from those four universities have started 418 companies, including Gilt, Rent the Runway, and Mic, and have raised more than $5.3 billion in total venture capital, the study found.
However, when the report shifts focus from total founders to total money raised, different schools rise to the top.
Of same top 20, Yale University boasts the largest amount of capital raised at $977 million—despite having produced only 66 VC-backed female founders. Massachusetts Institute of Technology came in second, with $751 million.
Interestingly, Stanford’s 125 female founder alumnae raised a relatively modest $1.4 million in VC capital.
Business school
Harvard Business School—which came in at No. 1 spot on the business school list in 2015—maintained its dominance to repeat this year. The Stanford Graduate School of Business comes in just behind at No. 2, and Columbia University—which was only was No. 12 on the undergraduate list—creeps in at No. 3. The University of Pennsylvania’s b-school takes the No. 4 slot.
Those schools produced 181, 102, 69 and 63 VC-backed female entrepreneurs, respectively.
INSEAD, the only international school on the list in the top 10, came in at No. 8, falling three spots from its No. 5 spot last year.
When it comes to the largest amount of capital raised by alums, Penn is No. 1 at $657 million, followed by the University of Chicago’s $596 million.
Overall outlook
It’s important to note that all of the schools in PitchBook’s analysis still show a massive gender gap, producing more male founders than female founders—an issue that was addressed in Fortune’s analysis of the report last year. Some context: Harvard’s undergraduate school has graduated a total of 1,069 founders, only 100 of whom are women.
So, while some schools are certainly faring better than others when it comes to fostering women’s entrepreneurship, they all have a lot of work left to do.
