For women and minorities pursuing fundraising, 2020 was one step forward, two steps back. While we saw progress in the ability of teams with minorities to fundraise, all-female teams have fallen behind.

In our second year tracking these biases, we found that this year’s research sheds light on how industry bias is manifested through VC interactions with pitch decks. We hope this drives transparency into the fundraising process, as well as brings about candid conversations.