Binary Capital winds down fund following sexual harassment allegations
June 29, 2017
San Francisco, CA | Venture Capital
Binary Capital has reportedly shut down a $175 million vehicle amid the controversy surrounding one of its founders, Justin Caldbeck, who stepped down on Sunday following multiple allegations of sexual harassment from female entrepreneurs. Matt Mazzeo, who had recently joined the firm after five years at Lowercase Capital, also resigned. And Binary's other co-founder, Jonathan Teo, has reportedly told the firm's LPs that he is also willing to step down. Several of the firm's portfolio companies are reportedly severing ties, including messaging platform Assist, which has requested to buy back Binary's investment.