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Sure. The YC investment comes with a valuation; they take X% of your company for their funds. The YCVC money is convertible debt and defers valuation to the next round.

But candidates can view the whole thing as a package can't they? $x at A% valuation + $y at deferred valuation.

If a startup needs $95k investment to get started, YC is a viable place to get that. Isn't it?

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