Sterling Road’s 4th Annual Diversity Report: 2024

Ash Rust
2 min readJun 4, 2024


Today, Sterling Road is releasing our 4th annual diversity report.

Fund III — 2024

  • Female Founders: 35%
  • Black Founders: 24%
  • LatinX Founders: 11%
  • Outside of Silicon Valley: 73%

Across Fund III, we see over 50% of our investments are in founders from overlooked backgrounds.

Comparison with Previous Reports

We recognize there is a lot more work to be done around diversity, and it is ongoing. In Fund III we’ve seen a slight increase in Female and LatinX founders, with Female Founders rising from 33% to 35% and LatinX Founders from 8% to 11%, year over year. While there’s been a small decrease in Black founders, from 25% to 24%.

Silicon Valley is Back

Sterling Road remains more focused than ever on founders coming from the UK who want to build their business in Silicon Valley. Sterling Road will continue to expand outside of Silicon Valley’s traditional tech hub to find entrepreneurs who want to build here, but are from places like the UK and Europe.

The Future

Sterling Road has been very fortunate to find incredible teams from overlooked backgrounds and locations, and we plan to continue this approach.

Previous Diversity Reports: 2023, 2022, 2021

Sterling Road invests in idea stage and pre-seed B2B startups based in the US, Canada and UK.

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