Australia's 'big three' VCs defend startup boards as Dovetail scandal deepens
Airtree, Square Peg and Blackbird say there is no uniform strategy on board positions as questions mount over Dovetail's governance amid a harassment scandal.
Australia's leading venture capital firms have defended their flexible approaches to board representation at their portfolio companies, as questions mount over Dovetail's governance in the wake of serious allegations against its chief executive.
Details of a Federal Court lawsuit involving Dovetail became public last week with chief legal counsel Bethany Lo Russo accusing CEO Benjamin Humphrey of "a pernicious and relentless pursuit", alleging he used his authority to pressure her into sexual encounters and engaged in other inappropriate behaviour.
Humphrey has strongly denied the claims and not only pledged to defend them but also to initiate separate defamation proceedings.
As Capital Brief reported this week, corporate governance experts have questioned the governance and independent oversight at the company, which was last valued at $960 million but is overseen by just two directors: the accused CEO and co-founder Bradley Ayers, who no longer works at the company.
