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Sexual Allegations Lead To Investor Mass Exodus And Shut Down Of Planswell


Out of BusinessEarlier this week Toronto-based Planswell’s CEO, Eric Arnold announced the demise of the startup after less than five years and leaving 57 employees without a job.  On a post on the company’s site he added,

“You were built on a series of miracles. We were one miracle short…

We screamed in silence, for a month, as the world crashed down around you. Our leadership spent every waking moment on emergency calls and in board rooms while our team broke client service records… it wasn’t enough. Our hearts were ripped from our chests. You could not be saved.”

 

Michael WickwareJust over a month ago a former employee who identified herself as “Jane Doe” posted on Medium (which has since been taken down) accused Planswell’s Co-Founder and Former Chief Marketing Officer Michael Wickware (pictured on the right) of the sexual harassment.

The accuser also states that she spoke to Eric Arnold, Planswell’s Co-Founder and CEO about the alleged incident and was encouraged not to go public as it impact the company’s ability to raise capital and the removal Michael Wickware from the company.  After “Jane Doe’s” post Eric did make his own on LinkedIn admitting he did take the wrong actions to protect his former employee; as well turned to the company’s Twitter page:

Not only has this situation caused a lot of pain for “Jane Doe” and mistake on the part of the management team of Planswell, investors have backed out of $20-million round of funding round which was led by Sun Life Financial.


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