Abstract
Prior research suggests that women entrepreneurs are at disadvantage when seeking external funding. It is unknown if such disadvantage also exists in the selection of venture capital (VC) syndicate partners. In this paper, we propose that the gender impact can be on both sides. Women entrepreneurs’ ventures are more likely to be invested by syndicates of VC partners who have older funds and who are geographically distant from each other; but they are also more likely to obtain syndicated investments from VC firms who have better track records. Using a unique dataset of Internet-specific ventures that received VC investments, we found general support to our hypotheses. By examining gender influence on syndicate composition, this paper makes important contributions to our understanding of gender equality and entrepreneur-investor relationships.
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