Joshua Baer, the founder and chief executive officer of the Austin-based venture firm Capital Factory, was killed Tuesday when a business jet carrying six people crashed near Laredo, Texas, local authorities said.
Police confirmed that the aircraft went down on a highway near Laredo at approximately 10 p.m. local time while traveling from San José del Cabo, Mexico, to Austin. According to law enforcement, Baer was the only fatality among the six people on board.
In a statement addressing the loss, Capital Factory President Bryan Chambers described Baer as a "fearless leader, a brilliant partner, and a dear friend to so many of us." Chambers added that, despite the tragedy, "Josh built an incredibly resilient organization and team. Capital Factory remains fully operational, and we are completely committed to continuing his mission."
Baer founded Capital Factory in 2009. Since its inception the firm has operated as a venture investor, startup accelerator and coworking space, managing multiple investment funds and backing hundreds of companies. The firm has concentrated its investments and programming on technology and manufacturing companies with a focus on defense, aerospace, robotics and biotechnology.
Capital Factory's portfolio includes companies such as WP Engine, Apptronik, Colossal Biosciences and Firefly Aerospace. The organization also hosts and has hosted military-focused accelerator programs within its coworking facilities, including initiatives tied to Army Futures Command, the Air Force's AFWERX and the Defense Innovation Unit of the Department of Defense.
The sudden death of Baer removes a founding leader from an organization that has played a visible role in connecting startups, investors and defense-related accelerator programs out of Austin. Leadership at the firm has publicly affirmed continuity of operations and commitment to the firm's stated mission.
"Joshua was a fearless leader, a brilliant partner, and a dear friend to so many of us," said Bryan Chambers, Capital Factory President.
Further details about the crash and any subsequent inquiries were not provided in the information released with confirmation of Baer's death. Capital Factory's statement focused on honoring Baer's legacy while conveying confidence in the firm's capacity to continue its work supporting early-stage companies and accelerator programming.
As Capital Factory moves forward, the firm and its portfolio companies will contend with the immediate loss of its founder while carrying on operations that include investment activity and accelerator partnerships with military technology programs.