Dave McClure has resigned as general partner of 500 Startups, TechCrunch has learned. We have confirmed co-founder Christine Tsai asked for his resignation and he accepted, according to a letter sent to limited partners today.
We’ve reached out to 500 Startups for comment and they also confirmed the resignation.
In the letter sent to LPs, Tsai says that she and the management team feel that it is in the best interest of the long-term success of 500 for Dave to step down completely from all GP entities and the firm overall. 500 has dozens of different investment vehicles spread around the globe.
Tsai also says that the firm has been made aware of another sexual harassment report against Dave — which it investigated and determined was unacceptable behavior.
The full text of the letter sent to LPs is below:
More to come…