Capital Factory has confirmed that its co-founder and CEO, Joshua Baer, was killed in a small plane crash in Laredo, Texas, on Tuesday night.
The Austin-based startup accelerator confirmed the news to multiple news outlets in a statement on Wednesday, June 17, calling Baer a "visionary force, mentor and champion" for Texas's technology and startup ecosystem.
"Josh 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 KVUE. "While we are devastated by this unimaginable loss, Josh built an incredibly resilient organization and a deeply capable team. Capital Factory remains fully operational, and we are completely committed to continuing his mission of backing unstoppable founders."
Baer's death drew comments from several federal leaders from Texas. In a social media post on Wednesday, U.S. Sen. John Cornyn said he was saddened to hear the news of his friend's death.
"Josh was an innovative and creative leader in Austin’s entrepreneurial culture and a stalwart supporter of growing Central Texas’ military ecosystem," Cornyn's post read. "I and countless others will greatly miss him."
U.S. Sen. Ted Cruz also took to social media on Wednesday, saying he and his wife were saddened by Baer's death.
"Josh has been one of the most significant figures driving innovation and entrepreneurship across America. In Texas, he made our state a global leader. His impact was incalculable," Cruz's post read.
According to the company's website, Capitol Factory was founded by Baer in 2009 as a mentorship-driven software accelerator.
Since then, it has grown into a venture capital firm that helps fund start-ups through its capital and connections.
A Cessna 680A jet carrying six people headed from San José del Cabo, Mexico, crashed on Loop 20 at about 10 p.m. CT in Laredo, Texas, on Tuesday, June 16.
According to officials, at 9:55 p.m., the aircraft radioed in to Laredo International Airport reporting mechanical issues.
Minutes later, local police received 911 calls reporting a plane had crashed on the state highway.
Officials confirmed that one person had been killed and that the five other people were evacuated from the aircraft.
The investigation into the crash remains ongoing as the Federal Aviation Administration, the National Transportation Safety Board and local authorities investigate what happened.
Mateo Rosiles is the Texas Connect reporter for USA TODAY and its regional papers in Texas. Got a news tip for him? Email him at mrosiles@usatodayco.com.
This article originally appeared on USA TODAY: Austin tech leader Joshua Baer killed in Texas plane crash
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