Venture capital as male-lens investing

Abstract Venture capital (VC) is fuelling the boom in artificial intelligence (AI). Yet analysis of a UK dataset reveals that VC is dominated by men, both as investors and the AI start-ups they fund. Gender disparities are identified in VC decision-makers, the composition of founders and the average capital raised by predominantly male, compared to female, teams. This is particularly pronounced in AI software start-ups, the sector that attracts most investment. Whether and how this gender gap shapes the innovation process itself is a further question explored here. Drawing on feminist science and technology studies, we argue that the homogeneity of the VC ecosystem is key to perpetuating the gender gap in innovation. On this basis, we conceptualise venture capital as effectively a form of ‘male-lens investing’, illustrating the limitations of the male-dominated and profit-driven VC investment model. We believe this theoretical framing contributes to contextualising debates about the need for inclusive innovation systems.