Yuri Milner / DST · founder-friendly growth financing
DST invested $200 million in Facebook in May 2009 without a board seat or special observer rights. It also proposed buying at least $100 million of employees’ vested shares. The combination provided growth capital and a route to shareholder liquidity while leaving board control with the existing team.
Facebook announcement · 26 May 2009
Yuri Milner + SV Angel · Start Fund
Start Fund offered $150,000 in convertible debt to each company in a Y Combinator batch in January 2011. Conversion in a qualifying equity round had no valuation cap or discount. This batch-wide offer is an early example of systematic co-investment, separate from DST’s growth strategy and from an investable whole-market index.
Yokum Taku’s review of the terms · 31 January 2011
41 organizations. Forge, AngelList and OurCrowd appear in two categories for distinct offerings and are each counted once in Stats. Last checked 2026-09-09.