Ng says 500’s mission is larger than McClure and will continue to be a platform for investing in diverse founders

500 Startups Managing Partner Khailee Ng expressed sadness and anger in support of his friend Cheryl Yeoh today but firmly supported the VC firm as it navigates rough waters after a string of sexual harassment allegations led to the resignation of Co-founder Dave McClure.

The statement comes after the former CEO of MaGIC, Cheryl Yeoh, claimed 500 Startups Co-founder Dave McClure sexually assaulted her about three years ago.

Ng also told e27 that 500 Startups will continue its mission of cultivating startups from a diverse background, including minorities and women.

As per his request, the entire statement is below:

“I’m angry and sad about what happened to Cheryl, even more so as she’s a close friend.

At the same time, her choice to join 500’s initiatives to strengthen industry practices for women, reinforces the shared belief in 500 as an organisation.

500’s mission is larger than any one person. 150 staff (43% female) in 20 countries, 1,800 portfolio companies in 60 countries (30% female founders), and 500 cofounder Christine Tsai, as female VC leading 500 as CEO, will further build on our work. We will continue to be a platform for investing in and developing the full range of entrepreneurial talent including women, minorities, in Silicon Valley and beyond.”

– from Khailee Ng , Managing Partner

Also Read: Former Head of MaGIC, Cheryl Yeoh, says she was sexually assaulted by Dave McClure

Yesterday, a few portfolio companies and VCs in 500 Startups expressed similar sentiments to e27 about the incident. The 500 Startups Vietnam team released the following statement:

“We at 500 Startups Vietnam have no tolerance for this sort of behavior. We empathize greatly with those who are directly harmed by it every day, all around the world, in every industry. So to hear about it coming from someone “so close to home” makes it all the more disappointing and shocking to us.”

Yeoh’s article sent shockwaves through the startup community here in Southeast Asia and has ignited a discussion about sexual harassment in the tech community.

Also Read: 500 Startups is bigger than Dave McClure, and the tribe is about creating life-changing innovations for the community

In Silicon Valley, where Yeoh currently lives, the industry is in the midst of a huge backlash over what many deem a culture of tolerance for sexual harassment that has persisted for years.

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