In a way, he's outsourcing his due diligence, dealflow, etc. to YC by paying a premium for equity. By the sounds of it, he's not located in the Bay Area, so thi

In a way, he's outsourcing his due diligence, dealflow, etc. to YC by paying a premium for equity. By the sounds of it, he's not located in the Bay Area, so this may well be an absolute bargain for him. YC benefits indirectly by increasing the odds of success of their portfolio companies. Not having to worry about funding for a while alone must be worth quite a lot in this respect.