Venture capitalists would have an extra year to prepare for a new California law requiring them to report on the diversity of the startups they fund under a proposal from Gov. Gavin Newsom’s (D) administration.
The legislative language released May 14 would also narrow the law to counter objections it would cover a wider range of financial professionals and not just venture capital firms.
Backers proposed the law (SB 54) to prod the venture capital sector to extend more funding to female entrepreneurs. Companies founded by women received 2.1% of the capital invested in venture-backed startups in the ...
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