[rogerkirkness]

Yes. Also, keep in mind, YC investing as a fund without taking a board seat has no Duty of Loyalty at all, they could fund every company in an industry and so long as the founders were cool with it there's no issue. So it specifically relates to board seats, which investors and YC tend to be prudent about.

[textread]

This was exactly the reason for my confusion. I mistook angel investment with board membership.

Bootstrapped founder here, hence the mistake.