So YC has funded over 1,588 startups, with a combined valuation of over $80B. According to those numbers a. The average valuation of a YC company is $50m b. Dropbox is about 1/8 of YC’s return
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Since Houston and Ferdowsi were diluted down to 33% of Dropbox, safe to assume YC was also diluted by 2/3rds...so estimate return closer to 10x? still pretty good for that size portfolio
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Right, hence the "not including dilution," because really you're just guessing. Later they have pro-rata, but of course that changes the amount invested and thus returns. Regardless still pretty wild.
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I mean you can about return the fund with Dropbox, then you get Airbnb, Stripe, Reddit, Cruise, Twitch, etc etc etc
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Moral of the story is 120k/company gives you a hell of a lot of swings
End of conversation
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