Y Combinator’s Paul Graham on the $150K Per Start-Up Offer
When Russian investor Yuri Milner approached Y Combinator’s Paul Graham about a week ago, Graham said he thought it was just “one of those random meetings” between two investors talking shop.
It turns out, however, that Milner–the chief executive of DST Global which made a splash in the U.S. by betting big money on Facebook Inc., Groupon Inc. and Zynga Inc.–was looking to offer to invest his own money in all 43 start-ups recently coming out of Y Combinator’s latest three-month boot camp.
“It’s probably one of the most surprising things that has happened so far,” Graham said.
As TechCrunch first reported, Milner teamed up with SV Angel–the seed fund run by prominent angel investor Ron Conway–to offer $150,000 each in convertible debt in each company.