Progress or pinkwashing: who benefits from digital women-focused capital funds?

Abstract This paper examines the positioning of gender within women-focused capital funds (WFCFs) to consider the extent to which these digitally enabled sources of finance reflect the tenets of entrepreneurial feminism. Content analysis of 27 funds situated in Canada and the USA informs about fund mandates, rationales, types of capital, and anticipated outcomes. Our findings reveal that a minority of WFCFs examined sought to enhance equity and counter structural barriers associated with women entrepreneurs’ access to financial capital. Alternatively, the majority of WFCFs were positioned as vehicles to facilitate individual wealth creation. Eligibility ranged from multiple gender identities of the business owner to “women-led” businesses—defined as at least one woman executive, board or steering committee member. The latter of these criteria has the effect of diverting attention away from firms that are launched by women entrepreneurs. Pinkwashing was more likely to occur when WFCFs were created as add-ons to mainstream programs and services, rather than as a central element of the organization’s mission of supporting women and non-binary femmes. The findings support arguments that technology can both challenge or reinforce structural constraints that impede women entrepreneurs in the digital era.