Young people have a greater percent of their experience on the most modern platforms and are unlikely to "write FORTRAN in any language" (JS, Ruby, etc).
We've also discussed how homogeneity is valuable to an early startup. Having everyone be culturally similar may allow faster pivoting and interpersonal comprehension.
Finally, tech startups today are largely focused on the "exit": it's not about building and maintaining a product in the long term. Older employees have the planning, analysis, and maintenance experience to establish a product vision for the next decade. But the startup founder (by and large) doesn't want to think of a product over a decade; it's all about MVP, pivots, and fast exits.
Not that any of that is bad, it just doesn't fit well with the average older employee.
I'll admit when hiring I have a little bit of the opposite bias. Very young employees can sometimes be too aggressive about "what is this legacy garbage? we should rewrite it all in RoR and JS". Hey man, we're still maintaining COBOL apps here, slow your roll. It's all about long term planning and maintenance for us.