Gm. Yesterday, the longest-serving British monarch, Queen Elizabeth II, died at 96.

It's truly mind-blowing to think about amount of social and technological change she ruled through after taking the throne in 1952. 

What a life. 

FRESH POWDER

Looking at three funds that recently topped up their coffers.

PRIVATE EQUITY 

Kim K is taking over the world

She already broke the internet, but now Kim Kardashian has her eyes set on the investing world. On Wednesday she announced she is teaming up with PE-vet Jay Sammons to launch a private equity firm named SKKY. The plan is to invest across sectors that Kim knows best like consumer products, hospitality, luxury, and media. 

• She’s going really, really big: SKYY is expected to try and raise more than $1 billion for its debut fund, a chonky goal given the current fundraising environment. It’s also rare to see a consumer/media fund raise this much capital out of the gate. But then again, not many PE firms have Kim Kardashian on their team page. 

Jay Sammons is no slouch either

The S in SKKY belongs to Sammons, an ex-Carlyle Group consumer head who is extremely well respected in the PE world. Kim K has been courted by virtually every PE firm in existence for the last decade so it’s telling that she finally decided to start her own firm alongside Sammons. He brings operational know-how to the company which pairs nicely with Kim’s immense influence and brand-building power. 

Even without Sammons in tow, Kim K is a business juggernaut in her own right. Her shape-wear brand, Skims, turned her into a billionaire and she also recently launched a makeup line in partnership with Coty. Her venture into PE is just a side hustle for now, but the size of the fund shows that there is certainly an appetite for Kim K’s unique skillset.

Zoom out: For a long time, the PE and venture world has been an hard-to-enter kingdom helmed by an old guard of predominantly white and male investors. The additions of Kim Kardashian, and soon, Serena Williams, is a welcome departure from the norm and a great chance for top-down change within the industry. 

DEMO DAYS 

YC’s Demo Day was a slimmed-down affair 

Yesterday, a rather subdued YC Demo Day came and went. Keeping in line with the general vibes of the VC world at large, this cohort featured a svelte 240 companies, 40% less than the preceding batch’s 400. Still, there were lots of cool companies on display. 

Here are a few main themes that emerged from the latest Summer ‘22 batch. 

No more creator economy companies: If you use YC’s filtering feature and select “Creator Economy,” a sparse 6 companies pop up from the current batch. Despite the success of Patreon and OnlyFans, it seems that excitement around the space has cooled. 

APIs are hotter than ever: As always, TechCrunch provided wall-to-wall coverage of the Demo Day. Of the 11 companies the TC staff picked as their favorites, three are targeting APIs from one industry or another. As Packy McCormick of Not Boring once wrote, “It’s APIs all the way down.” 

Domestic startups still dominant: 140 startups from the current cohort are based in the US, with India a ways behind with 19. The UK (11) and Israel (8) round out the top 4. The Summer batch saw a 20% drop in international companies which is actually a smaller drop than the 40% dip in overall cohort size. So there were less international companies overall, but a higher concentration relative to the whole. 

QUICK HITS

Seed Round

Stat: California is using electricity at its highest level since 2017 as it copes with a massive heatwave. In response, its grid operator has declared a level-two grid emergency—the last warning until a forced power outage begins. Stay safe (and cool) out there everyone. 

Story we’re watching: After hemorrhaging employees and getting destroyed in the markets, Snap has been a shell of its pandemic self. But Evan Spiegel has gone full war-time CEO and refuses to go gently into that good night. A leaked internal memo The Verge got its hands on shows that Snap is still looking to grow despite the setbacks. The new goals? Reach $6 billion in revenue and 450 million users by 2023. The rest of Spiegel’s 4,000-word memo touched on everything from its AR ambitions to the war in Ukraine. You can read the whole thing here. 

Rabbit hole: Archaeologists unearthed the tomb of Genghis Khan (Archaeology World)

WHAT ELSE IS GOING ON

• Everything you need to know from Apple's 'Far Out' event.

• YouTube launched an ad-free educational platform.

• NASA set a date for its next Artemis I launch attempt.

• GameStop disclosed a partnership with FTX yesterday on its earnings call.

GUESSTIMATE

Queen Elizabeth II is the longest-serving monarch in history except for one person. Who is that one person?

A. Louis XIV, France

B. Bhumibol Adulyadej, Thailand

C. Franz Joseph I, Austria

D. Pedro II, Brazil

FUNDRAISING FRIDAY

The best questions for founders to ask investors. 

LAYOFFS TRACKER

Notable layoffs this week

BigBear.ai: 39 people (7%)

Pendo: 45 people (5%)

Intercom: 49 people (5%)

FOUNDERS CORNER

The best resources we came across this week that will help you become a better founder, builder, or investor.

💡 Learnings from five failed and one successful YC application

📉 How measuring community engagement leads to unintended consequences

🎁 A tool that curates the Reddit community’s favorite products

NEWS FROM THE HOUSE

We're opening a new house in SF

And we're throwing a big ole' party to celebrate.

There's going be good food, better music, and a whole bunch of founders and investors from the Bay Area to chat with.

If you are interested in attending, please RSVP here. 

GUESSTIMATE ANSWER

The answer is A.

Louis XIV remains the longest-serving monarch in history, having been king of France for 72 years and 110 days from 1963-1715.