Y Combinator is an American seed accelerator, started in March 2005. Initially, Y Combinator provided seed money, advice, and connections at two three-month programs per year. In exchange, they took an average of about 6% of the company’s equity. In 2014, Y Combinator changed their investment terms to an investment of $120,000 in exchange for 7% equity. As of 2013, Y Combinator has funded over 500 companies in over 30 different markets. In 2012, Y Combinator was named the top startup incubator and accelerator by Forbes.