Male Investors and Female-Oriented Ventures: Experimental Evidence on Pitch Strategies in Equity Crowdfunding

Abstract

Addressing funding gaps in women’s health ventures requires engaging male investors, yet little research explores which pitch strategies resonate with them. We present results from a field experiment on an equity crowdfunding platform, testing moral appeal-based pitches. When a benchmark pitch focused on financial returns was supplemented with a personal moral appeal—encouraging investors to consider the women in their lives—male investors showed less interest than in the benchmark. In contrast, a broader social responsibility appeal—highlighting environmental impact—had no significant effect on male investor interest. Women investors, however, showed no differences in investment interest across pitches and were significantly more interested in investing than men. These findings underscore the importance of keeping pitches return-focused to engage male investors and increasing female investor participation.