Climbing the Venture Ladder: A Study on Gender Equity in the Danish Venture Capital Ecosystem

Abstract

This thesis investigates the gender disparities in the Danish venture capital ecosystem by identifying key barriers to women’s representation and examining potential opportunities for increasing gender equity. Adopting a qualitative, exploratory research design, the study draws on ten semi-structured interviews with venture capital investors and applies a multi-level theoretical framework that combines institutional theory with interaction-based perspectives. This integrated lens enables a holistic analysis of how gendered norms and practices are embedded within the structures, practices, and informal expectations of the venture capital industry. The empirical findings of this thesis reveal a complex interplay between structural, organizational, and interpersonal barriers that reinforce gender inequity and exclusionary dynamics. These include the underrepresentation of women in STEM fields, reliance on male-dominated networks, implicit bias in founder evaluation, and persistent cultural assumptions about who fits the archetype of a ‘successful’ entrepreneur. In response, the study identifies emerging opportunities for change, including broadening the founder pipeline through inclusive education, increasing female representation in investment roles, leveraging the influence of limited partners, and promoting relatable role models to challenge dominant gender norms and assumptions in the Danish venture capital industry. The study extends existing literature by providing a grounded, context-specific understanding of how gender inequity is sustained in Danish venture capital. Further, it explores how it can be addressed through potential opportunities for change, thus addressing a key gap in the literature. Ultimately, the thesis underscores that fostering gender equity in the venture capital industry is not merely a matter of awareness or intention, it requires sustained, systemic change across institutional structures and everyday practices. The findings not only deepen academic understanding of gender dynamics within venture capital but also offer practical guidance for investors, limited partners, and policymakers committed to building a more inclusive entrepreneurial ecosystem.