Technology
Early investors in Dispo to donate any potential profits from the photo-sharing app
After Spark Capital announced it would ‘sever all ties’ with Dispo following allegations around co-creator and famous YouTuber David Dobrik, two of the app’s earliest investors have similarly backed away from the company. Seven Seven Six and Unshackled followed suit this morning, releasing subsequent statements that they plan to donate any potential profits from investments to organizations working with survivors of sexual assault.
Seven Seven Six, an early-stage venture capital firm founded by Reddit’s Alexis Ohanian, released a statement on Monday morning saying that the allegations against Dobrik are “extremely troubling” and are “directly at odds” with the firm’s core values.
“We have made the decision to donate any profits from our investment in Dispo to an organization working with survivors of sexual assault. We have believed in Dispo’s mission since the beginning and will continue to support the hardworking team bringing it to life,” according to the firm’s statement. Ohanian has retweeted the statement from his personal account but has offered no separate statement.
The firm’s language suggests that it will still support Dispo, unlike Spark, which has left its board position at the company.
Unshackled Ventures similarly tells TechCrunch that the firm will donate any profits from the investment in Dispo to organizations focused on survivors of sexual assault. The firm pointed to Maitri, an organization that supports women survivors, as one place it plans to donate to.
“We are a female majority team that does not take this lightly. We are in full support of their decision to part ways with David,” per the statement. The firm did not say whether or not it would continue supporting Dispo as a company beyond Dobrik.
It is unclear how Spark Capital, which similarly is in the process of making sure it doesn’t profit from Dispo, will be handling its financial stake as well. Spark was unable to be reached for clarification.
The company was last valued at $200 million with Spark Capital-led $20 million Series A financing just weeks ago. Dispo released a statement last night stating that Dobrik has stepped down from the board of Dispo and leave the company. It is unclear if Dobrik still has a financial stake in the company through ownership and if he plans to divest.
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