Beginning in 2026, each covered venture capital company with a nexus to California must survey and report demographic data voluntarily provided by founding team members of businesses invested in during the prior calendar year.                

• Commencing March 1, 2026, a covered venture capital company primarily engaged in the business of investing in or providing financing to startup, early-stage or emerging growth companies, and with a business nexus to California (Covered Entity) must register with the DFPI.
• On an annual basis, a Covered Entity must provide to each founding team member of each business the Covered Entity invested in during the prior calendar year the Survey for voluntary completion to gather anonymized demographic information.
• By April 1, 2026 (and annually thereafter), a Covered Entity must aggregate the demographic information voluntarily returned by founding team members in the Surveys and submit the anonymized data and other statutorily required information in a report to the DFPI.
• After April 1, 2026, Reports will be made publicly available on this website.