Earlier versions of this paper circulated under the title “Be Careful What You Ask for: Fundraising Strategies in Equity Crowdfunding” and “Gender in Start-up Financing: Evidence from Equity Crowdfunding.” The authors thank Jeff Lynn from SEEDRS for generously offering the data; Abelardo De Anda Casas for outstanding research support; Samuel Gibb, Chris Johnson, Paul Schmidt-Engelbertz, Julia Selgrad, Shayna Servillas, Laura Smith, Chris Nottingham, Serge-Raymond Nzabandora, and Charlotte Winter for excellent research assistance; and Renee Adams, Thomas Åstebro, Gary Dushnitsky, Daniel Fehder, Genevieve Gauthier, Hans Hvide, Adair Morse, Petra Moser, Justin Tumlinson, Mungo Wilson, and seminar participants at Aalto University, Dartmouth College (Tuck), HEC Montreal, Imperial College, INSEAD, London Business School, NBER Entrepreneurship Group, University of Alberta, University of Bergen, University of Cambridge (Cambridge Centre for Alternative Finance), University of Loughborough, University of Oxford (Saïd), University of Rome, and The European Conference on Alternative Finance (Utrecht) for feedback. All errors are ours.
