Y Combinator cuts nearly 20% of staff, scales back growth stage investments

Y Combinator will be writing fewer checks for late-stage companies, a scale back that also cost 17 team members — or roughly 20% of the accelerator’s employees — their jobs, according to a statement released on Monday. The accelerator told TechCrunch that Silicon Valley Bank’s failure was not a factor and that they have been strategizing about the shift “well before” the collapse; over 30% of Y Combinator’s startups are exposed to SVB.
YC CEO Garry Tan wrote in the memo that the accelerator, which is largely focused on early-stage investing, found late-stage inves

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