Why We Built FIPVCC.com, and Why It's Free

California's Fair Investment Practices by Venture Capital Companies law was enacted in June 2024 with a goal of providing better visibility into venture funding outcomes. The first annual filing deadline is April 1, 2026 which a few months away now.

This rule imposed a burden upon the funds we help administer on behalf of customers, but it also introduced an awkward interaction for our customers to go to founders and ask for this information. Many of us are former founders. From conversations with founders across many backgrounds, we understand why people can feel uncomfortable sharing highly personal information, including sexual orientation or disability status, directly with investors. While the law includes opt-out choices, and while helpful, it's incomplete.

In practice the law still pushes sensitive-data collection into organizations that were not designed to handle it at this level. Most funds and fund administrators are not staffed like sensitive-data processors. Yet they now need repeatable collection, control, and reporting workflows under enforcement risk.

That creates avoidable exposure for everyone involved.

It also creates a broad compliance net for firms with California exposure, adding process overhead in an already high-friction environment. There is also a government-imposed filing fee (at least $175 per report), alongside the internal systems and legal/compliance work required to file correctly.

Even small burdens compound: slower workflows, more uncertainty, and more room for inconsistent handling.

Our position is simple: if this reporting is required, compliance should be possible without forcing each VC firm to become a mini sensitive-data processor.

AngelList supports over 25,000 funds and GPs with infrastructure to run their fund, so naturally we built a tool for our customers to comply that also keeps founder responses private. Firms can simply share one link or provide founder emails to invite them to complete the form.

Any VC firm or fund administrator can use this tool for free. The product is built to reduce sensitive-data exposure by design: firms can complete filing workflows without viewing individual founder responses, and reporting is oriented around the aggregate outputs required by the law.

Law firms and other fund administrators are also welcome to use the product, with opportunities for customizing the branding on the Enterprise plan.

If you have questions about the product, you can email us at [email protected].