Y Combinator CEO Garry Tan said that late-stage investing became a “distraction from core values” for the accelerator, hence the decision to scale back
The US-based startup accelerator said that the development was not a consequence of Silicon Valley Bank’s collapse last week
Last week, Tan called the collapse of SVB an ‘extinction-level event’ and asked US regulators to save the startup ecosystem
US-based early stage startup accelerator Y Combinator on Tuesday (March 14) laid off 17 employees, or around 20% of its workforce, citing its decision to scale back late-stage investments.
In a blog post, the startup accelerator’s CEO Garry Tan said that late-stage investing became a “distraction from core values” for Y Combinator, hence the decision to scale back these investments.