> If the industry was gender-biased, then that would mean you would see more female founders, not less.
No, because the base population is not uniformly distributed to begin with. I've participated in interview rounds for software engineer positions where the volume of candidates was already showing a gender ratio of around 20-to-1 male/female ratio, where half the male candidates never had a single CS lesson in their whole life. If in the end you get only 1 female-led startup for each 20 male-led startups that doesn't mean the VC world is biased.