While I tend to agree (My experience has been that the desire to make money is stronger than the desire to be ageist)...it's still an area that is highly subjective.

I would think bias is more likely to get eliminated the further up the funding ladder you go (i.e. sure this person might not look like me, but the numbers prove he knows what he/she knows what their doing).

However at the angel stage, there's so much room for subjectivity that I can't believe bias doesn't play a role.