Lyon Wong has resigned as a general partner of Spectrum 28, the Silicon Valley venture capital firm he co-founded in 2015, Axios has learned. The official reason is "urgent personal and family matters," although word is that disagreements with fellow co-founder Kent Ho also played a role. And, since it now needs to be said, a source insists that "this is not a Binary Capital sort of situation."
Who? Prior to co-founding Spectrum 28, Wong was a partner with Lightspeed Venture Partners.
What now: Wong's resignation triggered a key-man provision on Spectrum 28's debut fund, which closed on around $170 million late last year (around 30% committed so far). The fund has temporarily been put into limited operations, as Kent Ho works to secure LP approval to take over as sole general partner.
Ho's statement to Axios: "The entire Spectrum 28 team and I are grateful for Lyon's contributions. I am working with Spectrum 28's Limited Partners to continue managing the fund and supporting our portfolio companies through this transition."
