Y Combinator announced today that its replacing the $150k Start Fund with a new $80k VC Program. The “Start Fund” was a convertible note investment of $150,000 originally made by Yuri Milner and SV Angel to every YC startup. The program began with startups in the YC W11 class.

The transition to VC Program consists of not simply less money, but more hands-on management by both Y Combinator and investors. According to today’s announcement, VC Program consists of a partnership with “4 investors who are each going to invest $20k per startup: Yuri Milner, Andreessen Horowitz, General Catalyst, and Maverick Capital“.