YC mentions that they accept already funded startups, but how would the term sheet be built? From what I have seen of their terms it works really well if you have not received funds yet.<p>I am very interested in applying to YC and building the network that will far outweigh the cash they give, but does it make sense to do now that I have funding?<p>Any advice would be greatly appreciated!
From the YC FAQ (<a href="http://ycombinator.com/faq.html" rel="nofollow">http://ycombinator.com/faq.html</a>):<p><i>We've already been working on our startup for a while. Is Y Combinator appropriate for us?</i><p>We've funded a lot of startups like that. In fact, we especially like them. We can probably help any startup that hasn't already raised a series A round from VCs.<p>Don't incorporate, though, if you can avoid it. It's easier to start with our paperwork than to transfer an existing LLC or S-Corp to a C-Corp.<p><i>We've already taken some funding. Can we still apply?</i><p>Sure. We've funded many startups that have.