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One's Company, Two's a Crowd: Female Representation and the Value of Diversity in Startup Fundraising

Author

Listed:
  • Ivana Vitanova

    (EM - EMLyon Business School)

  • Gael Leboeuf

    (AMU - Aix Marseille Université)

  • Laurent Vilanova

    (UL2 - Université Lumière - Lyon 2)

  • Valentina Dolce

    (UL2 - Université Lumière - Lyon 2)

Abstract

This study examines how female representation within founding teams and the presence of a female CEO shape early-stage fundraising outcomes. Using a large sample of European seed and Series A startups, we find that mixed-gender teams raise more funding than all-female teams, but not more than all-male teams. Consistent with this asymmetric pattern, the relationship between female representation and funding amount is inverted U-shaped, with funding peaking at low levels of female representation. Having a female CEO is associated with a lower funding amount, both directly and by weakening the fundraising advantage associated with mixed-gender teams. These disparities persist even when the investor pool includes female investors. Overall, our findings suggest that investors reward gender diversity only within narrow bounds: once female representation exceeds a relatively low threshold, or extends to the venture's most prominent leadership role, it becomes a liability rather than an asset.

Suggested Citation

  • Ivana Vitanova & Gael Leboeuf & Laurent Vilanova & Valentina Dolce, 2026. "One's Company, Two's a Crowd: Female Representation and the Value of Diversity in Startup Fundraising," Post-Print hal-05690313, HAL.
    • Handle: RePEc:hal:journl:hal-05690313
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