Principal Topics Angel investors lack the fundamental information needed to make informed investment decisions, and, in the presence of asymmetric or hidden information, signals help to fill that gap. We are interested in exploring the effect of the lead entrepreneur’s sex on early stage angel investments. Drawing from role congruity and gender stereotype theory, we argue that signals sent by men and women entrepreneurs and received by angel investors may be influenced by the widely shared beliefs about characteristics attributed to men and women, and the appropriateness of their behavior in the investment setting (Fiske, 2000; Heilman, 2001).