There’s a new partner at startup ranch Y Combinator.
Ohanian started San Francisco-based Reddit in 2005 with Steve Huffman (also a Hipmunk co-founder) and was later joined by Christopher Slowe and the late Aaron Swartz.
Y Combinator, also started in 2005, offers seed funding to early stage startups, for which it takes a small amount of equity. Twice annually, it divides $120,000 among a number of startups, which it says most recently was 68. In this fashion, the organization has funded more than 700 startups over its lifespan. On occasion, Y Combinator has also taken a role in later-stage companies.
The infant startups work with the Silicon Valley-based Y Combinator for three months to get their pitch in shape for bigger bucks. The Y Combinator network then continues to guide the growing companies.
Reddit is a Y Cominator alumnus, as are Airbnb, Docker, Discus, Scribd, and Loopt.