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Fix the driver behind crashes, sound loss and screen glitchesFind Drivers →Repair Windows errors before they cause bigger problemsFix Now →Scan for outdated or missing drivers - takes under a minuteDriver Scan →Y Combinator’s Continuity Fund was a follow-on investment vehicle announced in 2015 to finance YC alumni after they graduated from the accelerator. Contemporary coverage reported a $700 million fund, while YC’s own announcement set out the investment strategy without stating the fund’s size. It is a historical initiative, not evidence that a $700 million fund is currently being raised or operating.
What was the Continuity Fund for?
YC presented Continuity as a way to support companies “well after Demo Day,” the event where accelerator companies present to investors. In the October 15, 2015 announcement, then-president Sam Altman described two routes: follow-on investment in YC companies’ subsequent financing rounds and possible involvement in later-stage growth rounds. YC’s announcement said the fund was not intended to invest outside the YC portfolio or lead seed and traditional Series A rounds.
How did its original investment rules work?
Pro rata participation below $300 million
YC said it would exercise its pro rata rights in every financing round for a YC company valued below $300 million. Pro rata rights allow an existing investor to buy a share of a later round, generally to maintain its ownership percentage. The $300 million figure was the valuation cutoff in the 2015 policy, not the amount invested in a company or a promise that each eligible company would receive a fixed sum.
Possible participation in growth rounds
For later-stage growth financings, YC said it could participate or lead. That gave it a route to support portfolio companies as they matured, beyond the accelerator’s early-stage work, but the announcement did not promise investment in every company or specify a standard check size.
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Was the fund really $700 million?
Contemporaneous 2015 coverage described Continuity as a $700 million fund. The available record includes a Techmeme index preserving a VentureBeat headline that reported that amount. YC’s own announcement supports the fund’s purpose and investment rules, but does not state the $700 million figure. The figure should therefore be attributed to news coverage rather than presented as a number published in YC’s announcement.
Fund size is not the same as money deployed, returned to investors, or available to any one startup. The sources cited here do not establish Continuity’s investment performance, so the reported size should not be treated as evidence of returns.
Independent reader supportYour contribution helps us test, update, and keep practical guides available for everyone.What happened to Continuity later?
Later reporting said YC did not plan to raise another Continuity fund and wanted to refocus on its core accelerator. That reporting describes a change in direction; it does not make the 2015 announcement a current fundraising announcement. Business Insider’s report covered the decision not to raise another fund.
YC’s later follow-on plans should not automatically be treated as the same vehicle. In 2024, Forbes reported on Continuity’s $700 million and then $1 billion funds, as well as subsequent follow-on investing and a new post-batch fund plan. These details illustrate why “YC follow-on funding” can refer to arrangements beyond the original 2015 fund. Forbes’ 2024 account discusses that later context.
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What founders should take from the announcement
- Continuity was designed to let YC invest in its alumni after Demo Day, not to act as a general-purpose fund for startups outside YC.
- The 2015 announcement described a pro rata approach for YC rounds below a $300 million valuation and possible participation or leadership in later growth rounds.
- The $700 million size comes from contemporary news coverage, not the text of YC’s announcement.
- A historical fund mandate is not a guarantee of funding. A company’s eligibility under the original policy did not by itself establish that YC would invest in any particular round.
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