&gt; But how might subsequent investors feel about YC getting the same fixed percentage of a IPO&#x27;ing Series B vs. Series E stage company? Could this possibly complicate funding down the line? Is it &quot;too good&quot; of a deal for YC in the Series E case?<p>They won&#x27;t care. Basically all later investors have anti-dilution provisions, to they get exactly the same deal (though they have to pay for it, while YC gets it &quot;for free&quot;) - put a different way, if the company is doing well (and they would have to be for potential $100M+ exits), all they care about is that they have a certain % of the company to make their economics work, so YC getting 1.5% of proceeds won&#x27;t matter to them.