Sign up for our daily briefing

Make your busy days simpler with Axios AM/PM. Catch up on what's new and why it matters in just 5 minutes.

Please enter a valid email.

Please enter a valid email.

Subscription failed
Thank you for subscribing!

Catch up on the day's biggest business stories

Subscribe to Axios Closer for insights into the day’s business news and trends and why they matter

Please enter a valid email.

Please enter a valid email.

Subscription failed
Thank you for subscribing!

Stay on top of the latest market trends

Subscribe to Axios Markets for the latest market trends and economic insights. Sign up for free.

Please enter a valid email.

Please enter a valid email.

Subscription failed
Thank you for subscribing!

Sports news worthy of your time

Binge on the stats and stories that drive the sports world with Axios Sports. Sign up for free.

Please enter a valid email.

Please enter a valid email.

Subscription failed
Thank you for subscribing!

Tech news worthy of your time

Get our smart take on technology from the Valley and D.C. with Axios Login. Sign up for free.

Please enter a valid email.

Please enter a valid email.

Subscription failed
Thank you for subscribing!

Get the inside stories

Get an insider's guide to the new White House with Axios Sneak Peek. Sign up for free.

Please enter a valid email.

Please enter a valid email.

Subscription failed
Thank you for subscribing!

Catch up on coronavirus stories and special reports, curated by Mike Allen everyday

Catch up on coronavirus stories and special reports, curated by Mike Allen everyday

Please enter a valid email.

Please enter a valid email.

Subscription failed
Thank you for subscribing!

Want a daily digest of the top Denver news?

Get a daily digest of the most important stories affecting your hometown with Axios Denver

Please enter a valid email.

Please enter a valid email.

Subscription failed
Thank you for subscribing!

Want a daily digest of the top Des Moines news?

Get a daily digest of the most important stories affecting your hometown with Axios Des Moines

Please enter a valid email.

Please enter a valid email.

Subscription failed
Thank you for subscribing!

Want a daily digest of the top Twin Cities news?

Get a daily digest of the most important stories affecting your hometown with Axios Twin Cities

Please enter a valid email.

Please enter a valid email.

Subscription failed
Thank you for subscribing!

Want a daily digest of the top Tampa Bay news?

Get a daily digest of the most important stories affecting your hometown with Axios Tampa Bay

Please enter a valid email.

Please enter a valid email.

Subscription failed
Thank you for subscribing!

Want a daily digest of the top Charlotte news?

Get a daily digest of the most important stories affecting your hometown with Axios Charlotte

Please enter a valid email.

Please enter a valid email.

Subscription failed
Thank you for subscribing!

Want a daily digest of the top Nashville news?

Get a daily digest of the most important stories affecting your hometown with the Axios Nashville newsletter.

Please enter a valid email.

Please enter a valid email.

Subscription failed
Thank you for subscribing!

Want a daily digest of the top Columbus news?

Get a daily digest of the most important stories affecting your hometown with the Axios Columbus newsletter.

Please enter a valid email.

Please enter a valid email.

Subscription failed
Thank you for subscribing!

Want a daily digest of the top Dallas news?

Get a daily digest of the most important stories affecting your hometown with the Axios Dallas newsletter.

Please enter a valid email.

Please enter a valid email.

Subscription failed
Thank you for subscribing!

Sign up for Axios NW Arkansas

Stay up-to-date on the most important and interesting stories affecting NW Arkansas, authored by local reporters

Please enter a valid email.

Please enter a valid email.

Subscription failed
Thank you for subscribing!

Please enter a valid email.

Please enter a valid email.

Subscription failed
Thank you for subscribing!

Elizabeth Yin has resigned as a partner with 500 Startups, where she also led the venture firm's Mountain View accelerator program, Axios has learned. Her departure follows the resignation of 500 Startups founder Dave McClure, who has been accused of sexual harassment.

  • Yin joined 500 Startups in late 2014, according to LinkedIn, and took over the accelerator in early 2015.
  • Each new revelation of sexual harassment within the Silicon Valley startup ecosystem seems to engender another. This is not the end — perhaps not even for McClure, with word that at least one more female founder is preparing to tell a troubling story about his behavior. [Update: Here is that new accusation, which Yin alleges 500 Startups was anticipating and prompted the McClure's resignation.]
  • According to Yin's resignation email, a 500 Startups employee reported "unwanted forced physical contact" by McClure in April of this year and, after an internal investigation, Yin was told in mid-May that he would be stepping away from his management role. However, Yin claims this was never communicated to the broader organization.

Per her resignation email:

This started with the letter we all received on May 25, which cited company growth reasons for changes in management roles and did not even say that Dave was stepping down off the management team. This did not sit well with me, but I was assured that eventually the team would known that he was no longer on the management team or in day-to-day operations.
However, as time progressed, it became clear that he was still involved with 500 Startups on a day-to-day basis. He continued to be vocal and active in all 500 Startups Slack channels, influencing key business decisions. Despite having no official management power, it was obvious that 500 staff weren't completely aware of the gravity of the situation and continued to be deferential and event supportive of him. the business development powerpoint deck that we were showing to potential partners still had Dave's face on it, suggesting that he was still an integral part of 500 Startup's day-to-day operations -- and even was still operating day-to-day.

Denial: According to Yin's email, the organization also initially denied to those within 500 Startups that McClure's resignation was related to his alleged actions toward the employee, instead pinning his resignation to the allegations in a New York Times story published on Friday. An entrepreneur, Sarah Kunst, told the NY Times about unwanted advances from McClure when she was discussing a potential job at 500 Startups:

After my prodding, it took nearly 40 minutes for the management team to reveal that Dave had initiated "unwanted physical contact" on our colleague and that was the incident which brought about supposed changes to the 500 Startups management structure and organization and not Sarah.

Update: 500 Startups' statement to Axios:

In April our management team learned of allegations related to inappropriate behavior by Dave McClure. We took the matter seriously and immediately initiated an internal investigation which resulted in the replacement of Mr. McClure by Christine Tsai as CEO. In May we held a company-wide all hands call and sent an email afterwards that same day notifying the team that Dave had stepped down from day-to-day management of 500. Throughout the CEO transition Mr. McClure remained at 500 to fulfill his legal responsibilities to the funds as a General Partner. Due to the sensitivity of personnel issues and the privacy of all involved, the investigation was kept confidential.

The story has been updated with a link to a newly published account from a female founder as well as 500 Startups' statement on the matter.

Go deeper

Fintech's record year

Illustration: Annelise Capossela/Axios

Massive venture rounds into fintech companies have ballooned this year, pushing up total dollars invested — in just the first three quarters of 2021 — to nearly double the amount in all of 2020, per new PitchBook data.

Why it matters: The maturing of fintech startups means a growing number of companies are able to raise huge later-stage funding rounds as investors look to lock-in their bets.

Ben Geman, author of Generate
1 hour ago - Energy & Environment

Democrats' clean power outlook is very muddy

Illustration: Annelise Capossela/Axios

Here are two big questions as a key Democratic proposal to slash emissions from power generation flounders: how much its demise would sap climate protections, and what might replace it.

Catch up fast: New financial carrots and sticks for utilities to deploy zero-carbon power — the Clean Electricity Performance Program (CEPP) — look unlikely to stay in Democrats' big social spending and climate bill.

1 hour ago - Health

CDC: Unvaccinated are over 11 times more likely to die from COVID

Expand chart
Reproduced from CDC; Note: Data represents 30% of Americans across 16 jurisdictions: Alabama, Arizona, Arkansas, Colorado, Connecticut, Florida, Georgia, Idaho, Louisiana, Massachusetts, Michigan, Nebraska, New Mexico, New York City, Seattle/King County, Wash., Utah and Wisconsin; Chart: Danielle Alberti/Axios

The CDC recently published data evaluating Americans' rate of coronavirus cases and deaths by vaccine status, providing more data on which vaccines are working best and how much protection they offer relative to being unvaccinated.

What they found: As of August, unvaccinated people had a more than six times higher risk of testing positive for the coronavirus, and were more than 11 times more likely to die from the virus.

You’ve caught up. Now what?

Sign up for Mike Allen’s daily Axios AM and PM newsletters to get smarter, faster on the news that matters.

Please enter a valid email.

Please enter a valid email.

Subscription failed
Thank you for subscribing!