Gm. A few weeks back we announced the launch of our $10 million venture fund, House Capital. While we barely missed out on leading Flow’s $350 million seed round, things have been going pretty well otherwise.  

Now, we want to get the community involved. House Capital is a 506(c) fund which is a fancy way of saying that we're allowed to ask accredited investors if they'd like to be a part of the fund. 

So here goes: If you all are interested in contributing to House Capital (and an accredited investor) you can apply to become an LP here.

For more info, check out the fund memo and link to the deck as well.

FRESH POWDER

Looking at three funds that recently topped up their coffers. 

BATTERIES 

Auto manufactures rummage through the recycling bin 

In August, two things happened that got EV manufacturers’ seatbelts in a twist. First, President Biden’s Inflation Reduction Act (IRA) made it so that manufacturers who source battery materials from China were banned from receiving a key tax credit. Then California dropped a bomb last week saying it will ban all gas-powered cars from being sold in the state by 2035. 

The announcements have caused a measure of chaos in the battery world as EV companies scramble to restructure their supply chains to reduce their reliance on China and meet the coming demand.

The state of the playing field

Right now, China dominates the market for all the important minerals in battery manufacturing—they make 81% of the world’s cathodes, 91% of the world’s anodes, and 79% of the world’s lithium-ion battery production capacity. Even with incentives from the IRA, the US and partner countries won’t be able to replace China’s production. 

Enter: battery recycling companies.

The most notable is Redwood Materials founded by Tesla cofounder J.B. Straubel, which has raised $775 million to try to become the world’s largest battery recycler. 

• Redwood expects to produce enough cathode and anode materials to power 1 million EVs by 2025. Then the goal is to scale to 5 million EVs by 2030—around half the US annual production. 

VCs smell blood in the water. $42 billion has been invested in the battery sector in the last five years alone, but right now the supply for battery recycling just isn’t there. “It’s just a matter of production catching up, the cells reaching end of life, and us being able to put those minerals back into the circular economy,” Chip Breitenkamp, president of battery materials company NanoG told TechCrunch. 

Zoom out: Rest easy Chip, the supply is coming. Around 15 million tons of lithium-ion batteries are expected to retire by 2030.

SCIENCE 

It’s moonwalking szn again 

Today, NASA is set to launch its Space Launch System (SLS) rocket and Orion capsule on a 1.3 million mile, 42-day journey around the moon. The monster rocket won’t carry astronauts or land on the moon…yet. Instead, it’s a test run for the new Artemis lunar program which is expected to bring the first woman and person of color to the moon by 2025.

NASA’s goal for Artemis is to be more sustainable and cost-effective than the Apollo program, which was discontinued in 1972 due to the astronomical price tags for launches. It’s falling short on that front so far: 

• The 5.7 million pound SLS vessel carries a price tag of over $20 billion for development and $4.1 billion per launch, figures 3-4x higher than original estimates ten years ago.

So why are we going back?

The Artemis program aims to establish a long-lasting presence on the moon. The first step in achieving that goal is to launch a small space station into orbit that can act as a home base for future lunar surface missions. 

Bottom line: Costs aside, the Artemis launch represents a huge step forward for NASA’s lunar ambitions after years of delays. Florida-based Homescreen readers, keep your eyes peeled for the 8:33 am launch from Kennedy Space Center. 

QUICK HITS

Seed Round

Stat: For a long time, Netflix looked down upon ad-supported content, but after getting lapped by Disney+, it's turned to the dark side. Now we know exactly how much it sold its soul for: $7 to $9 a month. Netflix’s new ad-supported tier will cost a venti iced latte when it’s released in half a dozen markets later this year according to a Bloomberg report. 

Story we’re watching: Everyone’s seen LinkedIn’s “Crying CEO,” but on the other side of the spectrum is an emerging trend called “quiet firing”, which is when bosses ignore employee feedback hoping they’ll leave on their own. It isn’t just bosses: employees are increasingly engaging in “quiet quitting,” or doing the bare minimum work while searching for a new job. According to Ariana Huffington, it's a "misplaced reaction" to burnout culture aggravated by the fact that we hide behind our screens to avoid honest conversations with our colleagues. Can't wait for the first person to quit their job via BeReal.  

Rabbit hole: Who’s #ThatGirl? What happens when a TikTok trend takes over your life (WSJ).

WHAT ELSE IS GOING ON

• Mark Zuckerberg appeared on The Joe Rogan Experience for a 3-hour chat about the metaverse and misinformation.  

• T-Mobile is partnering with SpaceX to use its Starlink satellites to provide wireless connections to T-Mobile cell phones across the US.

• Meta settled a lawsuit that accused it of handing over private user data to third parties like Cambridge Analytica.

PICK THAT PITCH DECK

This still-private unicorn has come a long way from hosting voice chats and dunking on Skype. Can you guess the which company the slide below belongs to?  

MONDAY MUSIC

The best work jams to write, focus, and build your company to. 

• Artist: Brendan Mills (Spotify)

• Playlist: Saxophone House 2022 (Spotify)

• Song: Oxas (Spotify)

P.S. If you have any songs or artists you love, feel free to reply to this email and send ‘em our way.

LAYOFFS TRACKER

Notable layoffs this week

Better.com: 250 people

Zymergen: 80 people

FOUNDERS CORNER

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

📋 A discussion on how much info founders should share with early-stage employees.

👼 10 lessons on angel investing you should know before getting started.

🔑 One of our favorite newsletters to help you understand crypto better.

PICK THAT PITCH DECK ANSWER

Discord.