If you wanted to raise $1m at $10m post, well, you already have the $375k, so you can just raise $625k at 10m post now and your outcome is the same as the prior

If you wanted to raise $1m at $10m post, well, you already have the $375k, so you can just raise $625k at 10m post now and your outcome is the same as the prior YC arrangement.