Y Combinator Update
Dear Investors,
Quick Update on YC.
YCombinator is a premier funder of billion dollar startups, such as AirBnB, InstaCart, CoinBase, DropBox and many others. Out of 16,000 annual applicants, only 50-100 startups are selected to be a YCombinator company. This is a huge honor and a major signal to the startup ecosystem, as YCombinator companies have a strong track record of funding and success.
We were accepted to YCombinator for Summer 2021. However, after carefully weighing the benefits we believe the proposed offer from YCombinator would cause a significant dilution to existing and prospective investors. We have decided to turn down the offer and continue with our current investors and partners. At this stage in our company's development, we are confident that we can achieve sustained growth and execute our business plan without the YCombinator affiliation.
Thank you.
Jae B