When you add the acquisitions together you get $56 mill. Assuming that YC has an average stake of 7% they've made $3.9 mill from the acquisitions so far.
If you assume the expenditures to be $10.000 per startup that's $1.74 mill, since there are 174 companies in the spreadsheet. Also, since the YC guys need to get paid there's probably an overhead of $500.000 a year for five years. That's $2.5 mill. Adding the two numbers give you $4.24. mill.
So if you include a nice wage for the four YC founders they're not making a profit yet, actually they're down $340.000. Of course these numbers are wildly inaccurate, and don't include future acquisitions, etc.
* They start with ~7%, but almost all funding deals mean they get diluted. The bigger the acquisition, the more funding the company has taken (in general), so the less equity YC has (which means figuring out the average, even if you could, wouldn't help you much because the bigger funding deals would get overrepresented when you multiplied average equity * big exit where they actually were down to <1%).
* The average investment is more like $20k. It's $11k+$3k/founder, so $17k for a 2-person company and $20k for a 3-person. I think that changed fairly recently though. I remember it being all 5's and 10's when I first heard about YC. Maybe $10k+$5k/founder? So that'd be $20k for 2 founders, $25k for 3.
There's also probably a decent amount of money spent to fly people out to the interviews. $600/startup, if you assume they interview 2-3x as many as they fund, that's ~$1200 more per funded startup, or an additional 5% or so.
Plus there's the cost of the office and utilties and dinners and such. (Just wondering, how nice/expensive is the food at the dinners?)
But I think they're operating with a trend that shows that they will be highly profitable when you consider all the startups that they've already funded that will exit.
justin.tv/ustream are used to pirate UFC pay-per-views.
The way I've generally looked at it is that YC has generally broken even or had a small profit so far on the exits they've had. They'll likely generate their massive return once companies like Dropbox, Loopt, etc have their exits.
That means the startups in Summer '09, Winter '09 and this summers are probably being seeded using that fund.
- I welcome corrections!
- Acquisition prices are likely wildly wrong since they're just my guesses. (Again, I welcome guidance/corrections)
- This list is not exhaustive, though I'm trying to make it complete. I started it to help in my analysis of seed accelerators I did for my MBA thesis. (Insert MBA stereotypes here) I keep it going because I find it interesting and hoped people might find it useful.
Further, the really important stat for YC is the number of big wins. They still have not idea how many there will be.