Li achieved her Bachelor's of Arts in Statistics and English literature at Harvard University, following graduation from Upper St. Clair High School in Pennsylvania. At Harvard she earned the V.M. Setchkarev Memorial Prize for Best Undergraduate Essay in the Harvard Slavic Languages & Literatures Department for her essay "The Unattainable Ideal of Motherhood in Tolstoy's 'War and Peace'". She also earned a David Rockefeller Grant and participated in the Radcliffe Institute Research Program while at Harvard.
Following graduation, Li worked in a variety of roles at financial institutions and technology companies. She began as a corporate strategy associate at Capital One from September 2012 to October 2013, before beginning work as Product Manager at shopkick. After working in the role until August 2016, Li worked as Board Observer for web service providers' Imgur and Substack.
Li joined Andreesen Horowitz, also known as a16z, as a partner in August 2016. She worked at the investment firm until June 2020, when she began Atelier Ventures, a firm focused on investing in passion economy platforms.