Binary Capital co-founder Justin Caldbeck takes an indefinite leave from his firm following sexual harassment complaints against him by six women. The Silicon Valley venture capitalist admitted and apologized for his acts in a statement.
He said he is at the darkest time of his life and admitted that in his entire career, he has made many mistakes. He apologized to the women he has made uncomfortable because of his unwanted advances.
Caldbeck admitted also that he used his position to harass the women entrepreneurs, according to Axios. He also apologized to the entire tech community because, in one way or another, they were affected by his misdeeds.
He mentioned his family and his entire Binary family as the people he offended. He will spend his leave of absences primarily to seek counsel for his issues.
“The gap of influence between male venture capitalists and female entrepreneurs is frightening and I hate that my behavior played a role in perpetrating a gender-hostile environment,” he emphasized in his statement.
The 40-year-old tech investor revealed that his advances towards the women are often in the context of potential business deals, as reported by The Guardian. Justin Caldbeck’s scandal surfaced not long after a sexual harassment scandal involving Uber CEO Travis Kalanick. The misdemeanor shed light on sexism in the tech industry mostly dominated by male.
The women said that the behavioral lapses happened when the women sought funding or guidance from Caldbeck while starting their businesses. Two prospective women entrepreneurs have avoided business deals with the Binary Capital head.
Three of the six women went public with their claims namely Niniane Wang, Google Desktop creator, Susan Ho and Leiti Hsu, co-founders of travel booking service Journy.
Wang said that Caldbeck tried to sleep with her while Ho said that the Binary Capital CEO sent her text messages in the middle of the night that they meet up to discuss the investment process for start-ups. Hsu claimed that the embattled investor groped her under a table.
With Justin Caldbeck’s apology and dealing with his sexual issues, it is not a far-flung possibility that he will return to the Silicon Valley a renewed man. This is an embarrassment to the community of investors but Caldbeck facing it head-on means that he wants change to happen.