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One of the main challenges of startups is to raise capital from investors.For startup founders, it is therefore crucial to know whether investors have abias against women as startup founders and in which way startups facedisadvantages due to gender bias. Existing works on gender studies have mainlyanalyzed the US market. In this paper, we aim to give a more comprehensivepicture of gender bias in early-stage startup funding. We examine Europeanstartups listed on Crunchbase using Semantic Web technologies and analyze howthe share of female founders in a founding team affects the funding amount. Wefind that the relative amount of female founders has a negative impact on thefunding raised. Furthermore, we observe that founder characteristics have aneffect on the funding raised based on the founders' gender. Moreover, we findthat gender bias in early-stage funding is less prevalent for serial founderswith entrepreneurial experience as female founders benefit three times morethan male founders from already having founded a startup. Overall, our studysuggests that gender bias exists and is worth to be considered in the contextof startup funding.

Are Investors Biased Against Women? Analyzing How Gender Affects Startup Funding in Europe