Brief: Dave McClure resigns from 500 Startups after another sexual harassment allegation

The news:

• Dave McClure, founding partner at 500 Startups, has resigned as general partner of the investment firm. He had earlier pulled out of day-to-day operations after complaints against him arose.
• This follows another allegation of sexual harassment, which 500 Startups has investigated and deemed unacceptable.
• McClure’s consent to resign was needed as he’s a cofounder and general partner.

Why it matters:

• With 500 in damage control mode and limited partners threatening to pull out, this could restore some faith in the firm.
• It could also be a win for the broader gender equality fight, sending a signal that sexual harassment is not only unethical but has negative professional consequences for the perpetrator.

Source: TechCrunch.