Dave McClure Net Worth: 500 Startups Co-Founder Resigns Following Sexual Harassment Claims
Dave McClure, the founding partner of the investment group 500 Startups, resigned Monday after a fresh sexual harassment allegation against him surfaced, reports said. McClure had already stepped down as the chief executive of the investment group following an internal investigation into the sexual harassment claims against him. After the investigation, McClure even issued a written apology for his “inappropriate” behavior, the Guardian reported.
Born January 1, 1966, in West Virginia, McClure graduated from the Johns Hopkins University, Baltimore, Maryland with a Bachelors degree in science. He founded a technology consultancy company named Asian Computing. He also worked for PayPal for quite some time.
Read: Investors Chris Sacca, Dave McClure & Justin Caldbeck Apologize To women In Tech For Sexism
According to Forbes, McClure built a global network of startup programs and a seed fund that has backed more than 1,800 companies across 60 nations, including Credit Karma and up-and-comers such as Udemy, TalkDesk and Intercom.
As of 2015, McClure's net worth was $5 million. However, most of his net worth is in the form of shares in startup companies.
Over the past week, McClure had been at the center of controversy surrounding 500 Startups. A New York Times report published June 30 revealed the culture of harassment in the tech industry. One of the female entrepreneurs recounted how she was sexually harassed by a Silicon Valley investor while she was seeking a job with him.
The 31-year-old entrepreneur named Sarah Kunst said she contacted 500 Startups in 2014, looking for a job. During the recruitment process, McClure sent her several messages on Facebook, one of them being, “I was getting confused figuring out whether to hire you or hit on you.”
Kunst, however, declined McClure’s advances. After she made a complaint against the investment group, 500 Startups decided to part ways with McClure. “After being made aware of instances of McClure having inappropriate behavior with women in the tech community, we have been making changes internally,” 500 Startups said adding, "He recognizes he has made mistakes and has been going through counseling to work on addressing changes in his previous unacceptable behavior."
After Kunst and several other women raised the issue against him, McClure apologized for his behavior.
“I made advances towards multiple women in work-related situations, where it was clearly inappropriate. I put people in compromising and inappropriate situations, and I selfishly took advantage of those situations where I should have known better. My behavior was inexcusable and wrong,” McClure wrote in a medium post published Saturday evening, Tech Crunch reported.
“With respect to the NYT article and Sarah Kunst specifically, I’d like to sincerely apologize for making inappropriate advances towards her several years ago over drinks, late one night in a small group, where she mentioned she was interested in a job at 500. While I did not offer her a job at the time, a few days/weeks later I did refer her to my co-founder Christine Tsai to begin a formal interview process with 500, where Christine and others on the team met with her. Ultimately, 500 decided not to offer Sarah a job. Again my apologies to Sarah for my inappropriate behavior in a setting I thought was social, but in hindsight was clearly not. It was my fault and I take full responsibility. She was correct in calling me out,” he wrote.
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