It seems like the obvious answer here is they're leaving a senior slot open for when they can afford a senior, but it's not going to happen. So yes, this sounds like the next best alternative. Grow into a CTO.
I've been offered these senior roles myself in some startups, and I always ask them why they don't just promote the girl who's been holding everything together. Often the junior with domain knowledge can do a little better than a senior who comes in having to learn everything.
Another common pattern in these startups are what I name after the MMO tank+DPS. Someone out there has to tank the meetings, spend 2 weeks arguing and calculating that, no, we can't complete this in 2 weeks. That leaves enough space for the one writing the code to actually do the work.
I've been offered these senior roles myself in some startups, and I always ask them why they don't just promote the girl who's been holding everything together. Often the junior with domain knowledge can do a little better than a senior who comes in having to learn everything.
Another common pattern in these startups are what I name after the MMO tank+DPS. Someone out there has to tank the meetings, spend 2 weeks arguing and calculating that, no, we can't complete this in 2 weeks. That leaves enough space for the one writing the code to actually do the work.