Dispo Investors to Donate Profits - Photo-Sharing App

Investors Distance Themselves from Dispo Amidst Allegations

Following Spark Capital’s announcement of a complete severance of ties with Dispo, prompted by accusations surrounding co-creator David Dobrik, additional early investors are now withdrawing their support. Both Seven Seven Six and Unshackled have released statements indicating their intention to donate any potential earnings from their investments to organizations dedicated to assisting survivors of sexual assault.

Seven Seven Six’s Response

Seven Seven Six, a venture capital firm in its early stages and established by Alexis Ohanian of Reddit, issued a statement on Monday. The firm characterized the allegations against Dobrik as “extremely troubling” and fundamentally conflicting with its established core principles.

According to the firm’s official statement, they have decided to redirect any profits derived from their Dispo investment to an organization that provides support to survivors of sexual assault. Despite this, Seven Seven Six maintains belief in Dispo’s original mission and intends to continue backing the team responsible for its development.

Ohanian has shared the statement via his personal Twitter account, but has not yet provided any additional commentary.

The firm’s wording implies continued support for Dispo, contrasting with Spark Capital’s decision to relinquish its board position within the company.

Unshackled Ventures’ Position

Unshackled Ventures has similarly informed TechCrunch that it will donate any profits from its Dispo investment to organizations focused on aiding survivors of sexual assault. The firm specifically mentioned Maitri, an organization offering support to women survivors, as a potential recipient of these funds.

“As a team comprised of a majority of women, we view this matter with utmost seriousness. We fully endorse the decision to separate from David,” the statement reads. The firm did not specify whether its support for Dispo as a company would extend beyond Dobrik’s departure.

Spark Capital’s Financial Stake

The method by which Spark Capital will manage its financial stake, while also ensuring it does not profit from Dispo, remains unclear. Attempts to reach Spark Capital for clarification have been unsuccessful.

Just weeks ago, Dispo was valued at $200 million following a $20 million Series A funding round led by Spark Capital. Dispo released a statement on Monday confirming Dobrik’s resignation from the board and his departure from the company. Whether Dobrik retains a financial interest in the company through ownership, and if he intends to sell any holdings, is currently unknown.

Dispo’s statement regarding the controversy expressed support for “David’s decision to part ways with the company” and a commitment to “move forward working hard to build a safe and honest platform that restores joy and authenticity, both online and IRL.”

Early Stage Event Announcement

Early Stage is a leading event providing practical guidance for startup entrepreneurs and investors. Attendees will gain insights directly from successful founders and venture capitalists regarding business building, fundraising, and portfolio management.

The event will cover all facets of company development, including fundraising strategies, recruitment processes, sales techniques, achieving product-market fit, public relations, marketing, and brand establishment. Each session incorporates dedicated time for audience questions and interactive discussion.

Utilize the code “TCARTICLE” during checkout to receive a 20% discount on tickets.