Photo credit: Y Combinator
Y Combinator said it has let go of 17 members of its late-stage investing team as the firm looks to focus on supporting newer startups.
Garry Tan, the company’s president and CEO, said late-stage investing has become a distraction from Y Combinator’s “core mission.”
Tan said in a blog post that the startup accelerator will decrease the amount of late-stage investing, but he didn’t clarify to what extent.
This announcement comes amid the downfall of Silicon Valley Bank (SVB), with about 30% of Y Combinator’s portfolio being exposed to SVB. Several days ago, Tan also led a petition calling for the US Congress to act on the SVB collapse.
The pullback of Y Combinator was earlier reported by The Information, which stated that partners behind the VC firm’s fund for more mature companies were set to leave.
Y Combinator has been increasingly active in Southeast Asia through its accelerator program, which welcomed 33 companies from the region into the winter 2022 cohort.
See also: To the brink and back: A YC-backed mental health startup’s journey
Editing by Thu Huong Le and Dhania Putri Sarahtika
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