Binary Capital delays fund close in wake of Justin Caldbeck situation
Binary Capital yesterday delayed its plans to close on upwards of $75 million in new capital for its second fund. This comes after co-founding partner Justin Caldbeck took an indefinite leave of absence in the wake of sexual harassment allegations by women entrepreneurs, Axios has learned.
Below is the note to investors, which was then followed by Caldbeck's longer statement about his leave of absence:
The San Francisco-based venture firm originally raised $175 million for its second fund last summer, but was seeking additional capital after Lowercase Capital's Matt Mazzeo agreed to join as its third general partner. It is unclear how close Binary had gotten to its $75 million goal, nor what it plans to do next. A firm spokesman declined comment, while an investor says there are "lots of conversations ongoing."