While crowdfunding is often heralded as a democratized funding avenue that empowers women with higher success rates, this study reveals a more nuanced picture of gender dynamics. The Stereotype Content Model suggests that women are often perceived as warmer but less competent. Using a large dataset from Kickstarter, we find that female-led projects can attract more backers, likely due to warmth-driven appeal, but receive smaller average contributions, potentially due to concerns about risk linked to lower perceived competence. However, the total funding raised by female-led campaigns is comparable to that of male-led ones, showing no clear advantage or disadvantage. This trade-off challenges the widely cited “female advantage” in crowdfunding. Further analyses offer actionable insights: female entrepreneurs should target new backers to increase engagement and emphasize prior fundraising experience to boost pledge size. This study offers theoretical and practical insights into improving women’s crowdfunding outcomes by accounting for stereotype-based perceptions.