Nope. It's $125k for 7%; then the 375k are on terms of next equity round. So the first tranche values your company at 1.78 million; if, afterwards, you raise m

Nope. It's $125k for 7%; then the 375k are on terms of next equity round. So the first tranche values your company at 1.78 million; if, afterwards, you raise more money at 6 million valuation, YC gets another 6.25% for 375k. Correct me if I'm wrong.