[jgrahamc]

The YC AA documents have a 1x preference (i.e. they can take their money out before distribution) and they have a right to reinvest pro-rata.

http://ycombinator.com/seriesaa.html

[pg]

Those aren't the terms we use. Those docs are something we and WSGR created for the startups we fund to use to when raising money later. We don't get any liquidation preference or pro-rata rights.