Start-up funder Y Combinator to cut 20% of jobs as Stripe backer axes late-stage investing

Y Combinator's downsizing comes less than a week after the collapse of SVB which has left 30% of its companies exposed

In a memo published this week, President and CEO, Garry Tan, announced that as late-stage investing was so different from early-stage investing, late-stage activity became a "distraction from our core mission." Photographer: Pedro Fiúza/NurPhoto/Getty Images

Silicon Valley start-up accelerator, Y Combinator will slash around 20% of its workforce as the firm takes steps to decrease its amount of late-stage investing.

Widely considered one of the world's most renowned accelerators with 6% of its start-ups now worth over $1bn, Y Combinator has worked with global companies including AirBnB, Dropbox and Reddit, having also provided funding and mentorship to several Irish businesses including Stripe.