This study adopts a gender perspective to analyze funding decisions made by an investment fund that invests equity stakes in new ventures. Prior research has indicated that there is gender skewness in risk capital investments resulting from a combination of demand‐ and supply‐side issues. We apply signaling theory to examine the interface between demand and supply to understand gender biases related to risk capital investments. In‐depth analyses of decision documents from four investment cases show that gender plays a role in the signals that are communicated in the prefunding entrepreneur–investor relationship.