By Watson Polkirk, Tech Reporter
January 1, 2018
The tech industry was rocked last week by the news that the entire executive staff of venture capital giant Power Ventures was stepping down in light of snowballing allegations of improper conduct. A secret report is rumored to document workplace harassment, unequal pay, and a refusal to promote women within the company. The male executives agreed to leave and to hand control of the company to an new all female work force. Interim CEO, Margalit Lindos, who is expected to retain control over the company following the transition.
“I am honored and delighted to take on the responsibility of ushering in a new chapter for Power Ventures,” Lindos said Monday morning in a statement. “We owe women an immeasurable debt. Under my direction, Powerventure will become a major supporter of female entrepreneurs in STEM fields. We will only be investing in women-led companies moving forward.”
A privately held equity firm, Power Venture has backed multiple startup efforts in the last decade. Its biggest successes have been Vans The Move You, which integrates food and marijuana delivery services, and Touch.ly—ironically, an HR app intended to prevent sexual harassment. (Power Ventures is also an investor in the Daily Dose.) “We’re looking at new, exciting tech driven by women and designed for women,” Lindos said when reached for comment by The Daily Dose. “We’re aiming to reframe the company to support women’s creative capital and ideas.”