Using an experimental approach, we examine how gender and feminine adornments impact stakeholders’ spontaneous perceptions of entrepreneurs. Although previous research shows that female entrepreneurs face negative stereotypes and prejudice, we find that compared to their male counterparts, female entrepreneurs and their ventures are no longer viewed less favourably and are even generating more positive perceptions and funding decisions. Yet when their feminine appearance is accentuated by feminine adornments (i.e. makeup, jewellery, nail polish), perceptions are less favourable. The negative effect of feminine adornments is less pronounced among professionals with investment experience. Our findings contribute to research on occupational gender roles and on the impact of appearance by highlighting the importance of going beyond a dichotomous gender perspective. Gender in and of itself does not necessarily convey lower evaluations, and in addition to gender, the degree of femininity should also be considered.