Joshua Baer, the founder and chief executive officer of the venture capital firm Capital Factory, died Tuesday in a plane crash in South Texas, the Austin American-Statesman reported.
Baer, a major player in the Texas technology and startup space, was traveling from San José del Cabo, Mexico, to Austin on a business jet with six people on board when it went down on a highway near Laredo at about 10 p.m. local time. Police said there was only one fatality from the crash of the Cessna Citation Latitude, which was operated by NetJets.
“Joshua was a fearless leader, a brilliant partner, and a dear friend to so many of us,” Capital Factory President Bryan Chambers said in a statement to the Statesman. “While we are devastated by this unimaginable loss, Josh built an incredibly resilient organization and team. Capital Factory remains fully operational, and we are completely committed to continuing his mission.”
Company officials didn’t immediately respond to phone calls and emails seeking comment.
NetJets confirmed that one of its planes was involved in an accident and said it was working with local law enforcement after receiving “reports of injuries and a fatality.”
The Federal Aviation Administration and the National Transportation Safety Board are investigating the crash.
Baer invested in dozens of local companies and advised aspiring entrepreneurs. He founded Capital Factory in 2009 as a venture firm, startup accelerator and coworking space.
The firm operates multiple investment funds that have backed hundreds of companies, many of them tech and manufacturing businesses in defense, aerospace, robotics and biotechnology. Notable successes include WP Engine, Apptronik, Colossal Biosciences and Firefly Aerospace.
Tenants in its coworking space included military tech accelerator programs — the Army Futures Command, the Air Force’s AFWERX and the Pentagon’s Defense Innovation Unit.
Photo: executive officer of the Capital Factory, speaks at an University of Austin (UATX) event in Austin, Texas, US, on Monday, Nov. 13, 2023.
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