In analysing the research funding and gender nexus, research funding organisations are key actors to investigate. Research funding organisations in Europe and other nations and international supranational funding agencies increasingly engaged with gender equality in the 2000s. The Nordic countries, specifically Norway and Sweden, have been pioneers in this respect since the 1980s. This chapter explores the role research funding organisations play as change agents in advancing gender equality in the scientific community, including universities. Drawing on recent empirical research in one major Swedish research funding organisation, including document analysis and interviews with employees, panel members and reviewers, the authors critically explore policies and practices related to gender equality in research funding and dilemmas and paradoxes faced in implementation. The Swedish context provides an interesting setting for the study, being characterised by high research intensity, high overall societal gender equality and political will to promote gender equality, on the one hand, but persistent gender inequalities in academic careers, on the other hand.