The company now has three people left from the previous 12, managing partner and founder Arlan Hamilton said during a podcast on Sunday.
The resignation came after Backstage Capital narrowed its investment strategy to only participate in follow-up rounds of existing portfolios, TechCrunch reports.
“It’s not that I feel like there’s any kind of failure on the Fund side, on the Company side, on the Backstage side, it’s that this could have been avoided if the systems were different. would have been if the system we work in had been different,” said Hamilton. during the podcast.
She said that “there will be people who will take this negatively or take this as that we are not active, and that is anything but”.
The changes have “taken a toll; it’s been a depressing, draining time.”
However, Hamilton said she still plans to grow Backstage’s assets under management to more than $100 million, according to the report.
Los Angeles-based Backstage Capital has invested in nearly 200 companies led by underrepresented founders.
As VC money disappears amid the economic slowdown, tech startups have laid off more than 20,000 workers globally since April, while more than 10,000 workers have lost their jobs at the Indian startups led by edtech platforms.
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