This study examines whether and when angel group gender diversity influences investment return. Drawing on the information processing perspective and social role theory, we argue that gender diversity will provide information and social benefits for angel groups, facilitating superior return. We further examine two sets of contingencies in this relationship: task contexts (angel group structure and geographic scope) and social contexts (co-working experience and men vs. women-dominated industries). Using a longitudinal sample of 201 angel groups from 2010 to 2020, we find that angel group gender diversity is positively related to investment performance. Moreover, this relationship is stronger when the angel group structure is loosely structured, angel groups have a broad geographic scope of investments, and angel groups have a higher percentage of portfolio ventures in men-dominated industries. Our study contributes to angel research and the field of entrepreneurship by being one of the first studies to link angel group gender diversity to investment return.
