In light of allegations of sexual harassment and unwanted sexual advances, Binary Capital co-founder and managing partner Justin Caldbeck is taking an indefinite leave of absence, he said in a statement provided to TechCrunch.
In his apology statement, Caldbeck did not outright admit nor deny the allegations of the female founders who came forward. Instead, he directed his apology “first to those women who I’ve made feel uncomfortable in any way, at any time – but also to the greater tech ecosystem, a community that I have utterly failed.”
As Leslie Miley noted on Twitter, the way Caldbeck kicked off his apology letter with words are how hard the last 24 hours have been on him. That’s because women in tech and in the workplace at larger have been dealing with this type of nonsense since forever.
Below is Caldbeck’s full statement.
The past 24 hours have been the darkest of my life. I have made many mistakes over the course of my career, some of which were brought to light this week. To say I’m sorry about my behavior is a categorical understatement. Still, I need to say it: I am so, so sorry.
I direct my apology first to those women who I’ve made feel uncomfortable in any way, at any time – but also to the greater tech ecosystem, a community that I have utterly failed.
The power dynamic that exists in venture capital is despicably unfair. The gap of influence between male venture capitalists and female entrepreneurs is frightening and I hate that my behavior played a role in perpetrating a gender-hostile environment. It is outrageous and unethical for any person to leverage a position of power in exchange for sexual gain, it is clear to me now that that is exactly what I’ve done.
I am deeply ashamed of my lack of self-awareness. I am grateful to Niniane, Susan, Leiti, and the other women who spoke up for providing me with a sobering look into my own character and behavior that I can no longer ignore. The dynamic of this industry makes it hard to speak up, but this is the type of action that leads to progress and change, starting with me.
I will be taking an indefinite leave of absence from Binary Capital, the firm I co-founded in 2014. I will be seeking professional counseling as I take steps to reflect on my behavior with and attitude towards women. I will find ways to learn from this difficult experience – and to help drive necessary changes in the broader venture community.
The Binary team will also be taking measures to ensure that the firm is a safe place for founders of all backgrounds to find the support and resources they need to change the world, without abuse of power or mistreatment of any person.
I owe a heartfelt apology to my family, my investors, my portfolio, and the team at Binary, who have been completely blindsided and in no way deserve the pain I’ve caused. But most of all I apologize again to those who I’ve hurt during the course of my career – and for the damage I’ve done to the industry I care so deeply about.
Update 4:08pm PT: TechCrunch has since spoken with Leiti Hsu, co-founder at Journy, a travel agency geared toward millennials.
“While we’re happy that he apologized and we’re happy especially for the support of the amazing women and men, our strong preference would have been to not be in this position to begin with,” Hsu told TechCrunch.