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Women VCs don't fare better at smaller firms

Earlier this week we detailed the pathetic paucity of women decision-makers at U.S. venture capital firm, which stands at just 7%. That data was calculated by examining hundreds of VC firms that had raised funds of at least $100 million over the past five years, prompting many readers to suggest that we also take a look at smaller funds. Apparently there is an anecdote-fueled theory that women decision-makers would be more prevalent at <$100 million funds.

So we looked. And the numbers are virtually identical.

PitchBook sent us over a list of 168 U.S.-based VC firms that raised funds sized at between $15 million and $99 million between 2012 and 2016 (it actually sent us a few more, but we removed any dupes with the prior list). Then we went to the firm websites, sometimes using SEC filings for supplemental information. The percentage of female decision-makers within that sample worked out to just 6.89%.