This research explores the relationship between the gender composition of founding teams and the gender composition of accelerator cohorts on the financial outcomes one year after the acceleration process. Using tokenism theory, we argue that the experiences of female founders in accelerators differ from those of male founders, and the relationship is further shaped by the cohort’s gender composition. Through an analysis of pre- and post-acceleration data for startups in the United States, our findings indicate that all-female teams receive significantly less equity after the acceleration process. We also find a negative association between the proportion of all-female teams in an accelerator and the levels of equity and philanthropic support received by the startups. Furthermore, all-male teams experience enhanced equity, philanthropic support, and debt outcomes when they operate within accelerator cohorts that have a higher representation of female founders. These benefits are not seen in all-female or mixed-gender teams.