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Women are starkly under-represented in the Canadian venture capital (VC) industry, according to new research from Female Funders and Highline Beta.

The research, which examines the makeup of 55 venture funds and 26 angel investor groups, finds that women make up just 15.2% of partners at Canadian VC firms, 11.8% of managing partners and 10.3% of venture partners at Canadian firms.

The report notes that, within the Canadian VC industry, female representation declines with seniority.

While over half of the sector’s analysts are women (51.9%), this drops to less than one-third (29.7%) of principals, 22.4% of associates and 15.2% of partners.

The lack of women in VC leadership, in turn, may impact which firms get funded, the report notes.

“Venture firms are twice as likely to invest in women-led startups if they have at least one female partner on their team,” the report says.

“By investing in diverse perspectives, LP’s and firms benefit from a broader range of networks and experience that will allow them to build differentiated deal flow and make smarter investments,” it says.

The firms also estimate that 85% of the venture capital invested in 2018 was done by VC funds with no female partners in Canada.

They also find that 16.7% of the members of angel investor groups in Canada are women.

“Recruiting more women as venture partners – particularly technology and corporate executives – represents an immense opportunity to build paths into venture for more women,” the report suggests.