There are many reasons why this might be. Fewer than 13% of VC decision-makers are women, and less than 3% of all VC dollars flow to companies led only by women.
In 2019, women only made up 21% of executives. And women are underrepresented at every level, not just the top tiers.
In a basket of 600 European stocks, companies with more female leadership saw their share price outperform on average by 2.5% a year.