Bessemer Replaces Board Member at Hinge Health | TechCrunch
Board Restructuring at Hinge Health
Internal disagreements at Hinge Health, a digital health company valued at over $1 billion and headquartered in San Francisco, have prompted a change in board representation by Bessemer Venture Partners (BVP).
Specifically, BVP has altered its board director assignment, substituting the initial investor who held the chair position with a different representative.
Details of the Change
According to Daniel Perez, co-founder and CEO of Hinge Health, the original board seat held by BVP was occupied by the partner responsible for leading the company’s Series C funding round.
The investor was removed from the board due to a failure to disclose a new investment that Perez considers a direct competitor to Hinge Health.
The Competitive Investment
The undisclosed investment was made in Clearing, a New York-based company.
Perez views Clearing as a competitive entity, and the lack of prior notification regarding BVP’s involvement with them led to the investor’s recusal from the Hinge Health board.
This situation highlights the importance of transparency and communication between venture capital firms and the companies they invest in, particularly concerning potential conflicts of interest.
