Earlier this year SV Angel and Yuri Milner created a new venture fund (Start Fund) that would invest $150,000 in every Y Combinator project. SV Angel have recently announced the same offer.
The terms are the same – $150,000 in convertible debt with no cap and no discount on conversion.
60 of 63 startups have accepted the offer, which means the total size of the investments will be $9 million or more.
The only difference is that now SV Angel and Yuri Milner are investing separately. Previously SV Angel and Milner were each LP in Start Fund. Now, Milner controls Start Fund solely. Of each investment, $100,000 will come from Start Fund, the rest - from SV Angel.