In May, Dan reported that Mohr Davidow Ventures had sold its small stake in personal genomics company 23andMe — famous partly because of its co-founder, Anne Wojcicki, who’s married to Google co-founder Sergey Brin — and invested in rival Navigenics.
Both companies analyze your DNA and report if you are predisposed to certain genetic diseases.
Mohr Davidow’s Sue Siegel said today that although her firm’s parting with 23andMe was amicable, the two did not see eye-to-eye on what role venture capitalists should play. Mohr Davidow’s limited partners require the firm to take board seats with companies they invest in, she said, and 23andMe didn’t want venture capitalists on the board.
“We have a fiduciary duty to watch our investments, and when we commit we need to take board seats,” Siegel said. “I think that’s more of a norm than an exception.”