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."