Earlier today, TechCrunch reported that 500 Startups co-founder Dave McClure, who had already stepped down as CEO, has resigned from his general partner role. Now, Mitch Kapor and Freada Kapor Klein, who are limited partners in 500 Startups, have spoken out about his abdication in the interests of allegations of sexual misconduct.
The events of 2017 in the tech ecosystem depict a sector gone deep awry, they wrote in a statement. This is not just a case of a few bad actors. This is not something that is fixable with a pledge or a new policy. This is a culture that has been allowed to fester and to rot by enablers who refused to intervene when they witnessed inexcusable behaviour or went to great lengths to avoid seeing it.
Weve pasted their entire statement below, but the gist is that they plan to ensure that underrepresented founders, partners and employees are able to continue the work theyre doing.
This statement comes after Mitch Kapor tweeted that he would see if its possible to get their LP money back from 500 Startups. TechCrunch has confirmed that Kapor is still going to look into if he can get the money back.