DFX Intelligence
Venture Capital Intelligence
Firms, funds, partners, companies and rounds from sworn filings, firm sites and announcements, kept as a graph with a date and a source on every edge. Facts, inferences and estimates are labelled as such. A fund target is never a close, GAV is never dry powder, and a round size is never an investor’s check.
Firms / Sterling Road
Sterling Road
name or self-description says seed
Importance
33
moderate
Active deployment
55
elevated
Emerging
0
low
Completeness
56
elevated
Freshness
100
high
Research priority
21
moderate
Identity and regulatory footprint
- Headquarters
- unknown
- Office address
- unknown
- Business phone
- 415-496-6935adviserinfo.sec.gov
- SEC adviser type
- exempt reporting adviseradviserinfo.sec.gov
- SEC exemption claimed
- unknown
- Latest Form ADV
- Feb 13, 2024
- Private funds reported
- 7 (7 venture capital funds)adviserinfo.sec.gov
- Private fund gross assets
- $23.4Madviserinfo.sec.govreported GAV of the funds, the adviser's own number; not fund size, not dry powder
- business phone
- 415-496-6935adviserinfo.sec.govpublished by the subject
Stated thesis versus observed behaviour
89 observed deals
Stated (the firm’s website)
- Sectors
- fintech, hardware, robotics, space
- Stages
- not stated or not yet read
- Geography
- not stated
- Check size
- not stated; DFX does not estimate checks from round sizes
- Self-described
- seed
Observed (from deals on record)
Stage at participation: no observed deals yet
Stage at first entry: no observed deals yet
Sectors
unknown 97%Other Technology 3%
lead rate n/afollow-on rate n/anew logos, 12 months 89
Funds and vehicles
10 reported, 1 no longer reported
| Vehicle | Type | Vintage | Lifecycle | Reported GAV | Owners | Form D sold | Latest Form D |
|---|---|---|---|---|---|---|---|
| Strling Rd Snt Spv I, LLC | SPV or co-invest vehicle | 2025 form d first sale | Newly closed | unknown | unknown | $150,000 of $150,000 | Oct 3, 2025 |
| Sterling Road 4, L.P. | Fund | 2025 form d first sale | Fundraising | unknown | unknown | $9.0M of $10.0M | May 19, 2025 |
| Strlng Rd Srv 1, LLC | Fund | 2024 form d first sale | Early deployment | unknown | unknown | $250,000 of $250,000 | May 21, 2024 |
| Sterling Road 3, LP | Fund | 2022 form d first sale | Active deployment | $7.8M Feb 13, 2024 | 40 | $8.3M of $20.0M | May 22, 2023 |
| Strlng Rd Hydr 1, LLC | Fund | 2022 form d first sale | Active deployment | $575,264 Feb 13, 2024 | 7 | $1.2M of $1.2M | Feb 24, 2026 |
| Strlng Rd Kte 1, LLC | Fund | 2021 form d first sale | Mature | $531,998 Feb 13, 2024 | 7 | $400,000 of $400,000 | Aug 24, 2022 |
| Strlng Rd Puzzl, LLC | Fund | 2021 form d first sale | Mature | $253,207 Feb 13, 2024 | 7 | $240,001 of $240,001 | Aug 22, 2022 |
| SR Gldn Spv I, LLC | SPV or co-invest vehicle | 2019 form d first sale | Mature | $734,063 Feb 13, 2024 | 3 | $324,500 of $324,500 | Jun 24, 2019 |
| Sterling Road 2, LP | Fund | 2018 form d first sale | Harvest | $9.2M Feb 13, 2024 | 38 | $6.5M of $15.0M | Jan 9, 2020 |
| Sterling Road I, LP | Fund | unknown | Unknown | $4.3M Feb 13, 2024 | 27 | $0 of $3.0M | Apr 7, 2017 |
| Strlng Rd Brnbse 1, LLC | Fund | unknown | Wound down | $311,427 Sep 14, 2022 | 4 | unknown | unknown |
GAV is the gross asset value the adviser reported on Form ADV for the vehicle, never the fund’s committed size and never dry powder. Form D sold is the amount sold as of the latest filing, never a final close.
Investment team
1 current, 0 departed
Ashley Rust
Managing partnerManaging Partner · since Mar 1, 2017
Investments on record
89 edges, 89 companies, 0 partner-attributed
“This investor” is the amount disclosed for this investor alone; it is unknown unless a source said it. The round size is the whole round.
Co-investors
40 relationships from shared deals, counted for the whole firm
Lobster Capital, LLC 2 shared · recurringFika Ventures 2 shared · recurringFelicis Ventures 2 shared · recurringBlackbird Ventures Pty Ltd. 2 shared · recurringActivant Capital Group LLC 1 shared · one timeOWL Ventures 1 shared · one timeSempervirens Ventures LLC 1 shared · one timeBling Capital LLC 1 shared · one timeNyca Management LLC 1 shared · one timeStillmark Management LLC 1 shared · one timeCore Venture Capital 1 shared · one timeGlasswing Ventures, LLC 1 shared · one timeK50 Ventures 1 shared · one timeSJW Investments, LLC 1 shared · one timeXYZ Venture Capital 1 shared · one timeTranslink Capital 1 shared · one timeMenlo Ventures 1 shared · one timeMighty Capital Management LLC 1 shared · one timeDenver Angels 1 shared · one timeProfounders Capital Partners LLP 1 shared · one timeDorm Room Fund 1 shared · one timeAngular Ventures 1 shared · one timeFlyover Capital Partners, LLC 1 shared · one timeTwelve Below 1 shared · one timeFlair Ventures, Inc. 1 shared · one time14peaks Capital Ag 1 shared · one timeRetv Management, LLC 1 shared · one timeCorazon Group LLC 1 shared · one timeGrdnt LLC 1 shared · one timeFoundersx Ventures, LLC 1 shared · one timeSpero Management Company, LLC 1 shared · one timeAIX Ventures LLC 1 shared · one timeTrue Ventures 1 shared · one timeCongruent Management, LLC 1 shared · one timeVitalizevc Management, LLC 1 shared · one timePHX Manco 1 shared · one timeMatchstick Ventures, LLC 1 shared · one timeGreatpoint Investment Management, LLC 1 shared · one timeTAU Ventures, LLC 1 shared · one timeDaft Capital Management, LLC 1 shared · one time
Limited partners
0 disclosed
No LP commitment on record. An LP edge needs a public disclosure with a quote: a pension report (see Limited partners for the plans read), a fund announcement naming the LP, or a Form ADV owner. The fund page carries the LP’s reported performance.
Timeline
11 dated events
- Sep 15, 2026Sterling Road: MICRO_VC -> SEED_FUND_MANAGER (name or self-description says seed)Classification changedClassificationInferenceno URL
- Mar 21, 2023Strlng Rd Brnbse 1, LLC no longer reported on Form ADV by Sterling RoadFund no longer reportedFundsInferenceStrlng Rd Brnbse 1, LLCSEC Form ADV filing data 2011 to 2024 (every filing, Schedule D 7.B.(1) private funds, Schedules A/B)
- Sep 14, 2022Sterling Road I, LP first reported on Form ADV by Sterling Road (Venture Capital Fund), GAV $4,123,911Fund first reported on Form ADVFundsFactSterling Road I, LPSEC Form ADV filing data 2011 to 2024 (every filing, Schedule D 7.B.(1) private funds, Schedules A/B)
- Sep 14, 2022SR Gldn Spv I, LLC first reported on Form ADV by Sterling Road (Venture Capital Fund), GAV $734,725Fund first reported on Form ADVFundsFactSR Gldn Spv I, LLCSEC Form ADV filing data 2011 to 2024 (every filing, Schedule D 7.B.(1) private funds, Schedules A/B)
- Sep 14, 2022Sterling Road 3, LP first reported on Form ADV by Sterling Road (Venture Capital Fund), GAV $7,855,000Fund first reported on Form ADVFundsFactSterling Road 3, LPSEC Form ADV filing data 2011 to 2024 (every filing, Schedule D 7.B.(1) private funds, Schedules A/B)
- Sep 14, 2022Sterling Road first filed Form ADV (ERA, venture capital fund adviser exemption)First SEC adviser filingOrganizationFactSEC Form ADV filing data 2011 to 2024 (every filing, Schedule D 7.B.(1) private funds, Schedules A/B)
- Sep 14, 2022Strlng Rd Hydr 1, LLC first reported on Form ADV by Sterling Road (Venture Capital Fund), GAV $578,999Fund first reported on Form ADVFundsFactStrlng Rd Hydr 1, LLCSEC Form ADV filing data 2011 to 2024 (every filing, Schedule D 7.B.(1) private funds, Schedules A/B)
- Sep 14, 2022Strlng Rd Kte 1, LLC first reported on Form ADV by Sterling Road (Venture Capital Fund), GAV $412,500Fund first reported on Form ADVFundsFactStrlng Rd Kte 1, LLCSEC Form ADV filing data 2011 to 2024 (every filing, Schedule D 7.B.(1) private funds, Schedules A/B)
- Sep 14, 2022Strlng Rd Puzzl, LLC first reported on Form ADV by Sterling Road (Venture Capital Fund), GAV $262,000Fund first reported on Form ADVFundsFactStrlng Rd Puzzl, LLCSEC Form ADV filing data 2011 to 2024 (every filing, Schedule D 7.B.(1) private funds, Schedules A/B)
- Sep 14, 2022Strlng Rd Brnbse 1, LLC first reported on Form ADV by Sterling Road (Venture Capital Fund), GAV $311,427Fund first reported on Form ADVFundsFactStrlng Rd Brnbse 1, LLCSEC Form ADV filing data 2011 to 2024 (every filing, Schedule D 7.B.(1) private funds, Schedules A/B)
- Sep 14, 2022Sterling Road 2, LP first reported on Form ADV by Sterling Road (Venture Capital Fund), GAV $8,765,277Fund first reported on Form ADVFundsFactSterling Road 2, LPSEC Form ADV filing data 2011 to 2024 (every filing, Schedule D 7.B.(1) private funds, Schedules A/B)
Classification history
- Sep 15, 2026Seed fund manager (probable, 80%, cls-1)name or self-description says seed
- Sep 12, 2026Micro VC (probable, 80%, cls-1)venture manager, reported GAV $23.4M across 10 vehicles
- Sep 12, 2026Micro VC (probable, 80%, cls-1)venture manager, reported GAV $23.4M across 8 vehicles
Evidence
22 observations from 2 sources