Men traditionally hold leadership roles in tech, and tech leads most of the startups rounds. Some of those companies succeed and those leaders exit and start VCs. Those new VC leaders think that they are special, that they are the only reason their company succeeded, and only people like them can do things that they did so they invest in tech founders that look like them i.e. men. There are funds that are changing that dynamic. POC & women & LGBTQ focused funds are increasing in number (so that's great) but I have found that those funds focus not only on POC & women & LGBTQ founders but also startups that focus on POC or women's or LGBTQ issues (which is also great - if you have money, investing in the POC, women or LGBTQ founders who work in the POC, women or LGBTQ issues is a great double-dip) but many POC, woman or LGBTQ focused startups aren't bound for unicorn status. They are great profitable companies with great ideas making a difference at every turn, but not unicorns. The tide is turning but it would be nice if it was a high-tide that was turning.