The literature on angel investors’ decision-making criteria highlights a great screening of candidates for financing by the angels’ group throughout the appraisal process (Clark, 2008; Mason and Harrison, 2003; Carpentier and Suret, 2015; Maxwell et al., 2011; Huang and Pearce, 2015). Some studies on gender differences in risk aversion showed that women were more risk averse than men (Barber and Odean, 2001; Deo and Sundar, 2015). However, some experiments also showed that individuals’ risk preferences were affected by the gender composition of the appraisal group to which they belonged (Booth and Nolen, 2012) or that a stereotype threat increased risk aversion in women when negative stereotypes about their abilities were relevant (Carr and Steele, 2010). Using the stereotype threat theory and the angel investors’ decision-making process, we analyze the risk aversion differences between female angels and their male counterparts.