Venture capital company Spark Capital has decided to sever all ties with Dispo, a photo sharing app co-created by famous YouTuber David Dobrik. The move, announced by the firm on Sunday evening, was triggered by a recent Business Insider survey who exposed the allegations of a woman who said a member of the Dobriks Vlog Squad sexually assaulted her.
In light of the latest news from the Vlog Squad and David Dobrik, the co-founder of Dispo, we have made the decision to sever all ties with the company, Spark Capital tweeted. We have resigned our position on the Board of Directors and are in the process of making arrangements to ensure that we do not take advantage of our recent investment in Dispo.
Hours later,Dobrik resigned from the board of directors of Dispo, as first reported by The Information. Dispo, in a statement to TechCrunch, said the following: “David has chosen to step down from the board and leave the company so as not to distract from the growth of the company. The team, the product and, above all, our community, of Dispo are for building a diverse, inclusive and empowering world. “
Spark Capitals’ decision to step back from the Dispo investment appears to be a first of its kind, and otherwise rare. This could encourage other investors with stakes in the company to do the same.
Spark Capital led a series A at Dispo, a $ 20 million fundraising event that valued the company at $ 200 million less than a month ago. Spark’s current statement does not indicate that the investment has been withdrawn from the business.
Spark Capital did not immediately respond to a request for comment on what this process would look like and whether the shares would be resold to the company or another buyer. While the mechanics of the decision are unclear, the fact that the company has concluded a deal so recently within the company may have given it some leeway.
Unshackled Ventures, a company that supports immigrant founders, was an early investor in Dispo and declined to comment on the matter. Seven Seven Six, a start-up venture capital firm founded by Reddits Alexis Ohanian, led the roundtable and could not be reached for comment.
Other Dobrik sponsors, including HelloFresh and Dollar Shave Club, have ended their partnerships with the creator.
Update: This story has been updated to reflect Dobrik’s departure from Diispo.
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