This study takes a gender perspective to analyze funding decisions made by a venture capital fund. Prior research has indicated that there is gender skewness related to risk capital investments, and that this skewness should be understood as a result of a combination of demand and supply side issues. By applying a signaling theory approach, this study look at the interface between demand and supply side to understand gender biases related to risk capital investments. To examine these issues, the study uses decision documents from a regional investment fund in Norway. For the purpose of this study, documents related to four investment cases are analyzed. We show that gender play a role in the signals that is communicated in an investor-entrepreneur relationship prior to funding, and that this may influence the investment decision.