Seriously? I don't think you grok quite how disruptive this is. This is a better deal than any YC company has gotten... probably ever. The only way someone could top it is to pay founders to let them invest. Add to that the fact that YC almost certainly had piles of legal analysis done to protect the founders' interests.
Convertible debt paperwork is really only a few pages... Heck, they might've used YC's boilerplate docs to simplify things.
Convertible debt paperwork is really only a few pages... Heck, they might've used YC's boilerplate docs to simplify things.