Ultimately, venture capital at the early stages is a people thing, I’m betting on you. People are just more comfortable betting on somebody that is more like them, looks like them, talks like them, went to the same schools, eats the same food, goes to the same restaurant, drinks the same wine, goes to the same country club, all these little things. They’re not overtly racist or overtly discriminatory, it’s just comfort. Ultimately it’s a comfort thing.

— Interview with a male investor, August 2015

Venture capital is a man’s game. Women are massively under-represented among both venture-backed entrepreneurs and VC investors, with companies founded solely by women receiving less than 3% of all venture capital investments and women accounting for less than 15% of check-writers. It’s a vicious cycle: If VCs are more comfortable “betting on somebody that looks like them,” it’s hardly surprising that investors — who are majority male — are much more likely to bet on startups led by men.