dream team

Houston-based international law firm forms partnerships with local startup accelerators

Baker Botts is connecting the dots between its HQ, its startup-focused Silicon Valley outpost, and Texas accelerators. Nick Bee/Pexels

In order to keep up with the growing startup ecosystem in Houston, Baker Botts is connecting the dots between its Silicon Valley venture and entrepreneurial hub to strategic partnerships in its headquarters of Houston.

Houston-based Baker Botts L.L.P., an international technology and energy law firm, established its Emerging Companies and Venture Capital arm in Palo Alto, California, in 2009. Now, in order to tap into Texas startups, the firm has created strategic partnerships with three accelerator organizations: The Cannon, Station Houston, and Capital Factory.

"These three strategic partnerships provide an exciting opportunity to showcase the depth and breadth of our technology sector experience in the startup, venture capital and entrepreneur community," says Baker Botts managing partner, John Martin, in a release. "We have a history of working with emerging and technology companies throughout their full life cycle, and we expect these partnerships will expand those opportunities more broadly. Some of our firm's largest clients are businesses with which we have worked since they were startups themselves."

This news comes on the heels of The Ion breaking ground on July 19, the release notes, which represents another major collaborative effort and advancement of innovation in Houston.

"It is exciting to see Baker Botts expand its involvement with the Houston startup ecosystem," says Brad Burke, managing director of the Rice Alliance for Technology and Entrepreneurship, in the release. "The firm has a long history of supporting entrepreneurs in the region and has been a partner and supporter of the Rice Alliance and the Rice Business Plan Competition since 2002. The firm's expertise and connections will be of great value to startups in the Houston region. With the launch of the Ion in midtown, the launch of new accelerators, and the support of firms like Baker Botts, Houston is poised to transform its entrepreneurial landscape."

The strategic partnerships will put each accelerator and innovation hub in direct communication with Baker Botts' Emerging Company and Venture Capital practice, led by Brian Lee, partner-in-charge of the firm's Palo Alto office. The ECVC provides advice for entrepreneurs and startups, as well as connects them with investors and various industry professionals.

"In forming these partnerships, Baker Botts will be working with a range of innovative, Texas-based companies from the ground up," says Samantha Crispin, Baker Botts' technology sector chair, in the release. "One of the most intriguing aspects of these partnerships is the expected cross-pollination of our Texas and California ECVC practices and that the most promising companies will gain exposure to potential investors, including those in Silicon Valley."

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Originally expected to raise $150 million, Mercury's latest fund is the largest raised to date. Photo via mercuryfund.com

A Houston venture capital firm has announce big news of its latest fund.

Mercury, founded in 2005 to invest in startups not based in major tech hubs on either coast, closed its latest fund, Mercury Fund V, at an oversubscribed amount of $160 million. Originally expected to raise $150 million, Fund V is the largest fund Mercury has raised to date.

“We are pleased by the substantial support we received for Fund V from both new and existing investors and thank them for placing their confidence in Mercury,” Blair Garrou, co-founder and managing director of Mercury Fund, says in a news release. “Their support is testament to the strength of our team, proven investment strategy, and the compelling opportunities for innovation that exist in cities across America.”

The fund's limited partners include new and existing investors, including endowments at universities, foundations, and family offices. Mercury reports that several of these LPs are based in the central region of the United States where Mercury invests. California law firm Gunderson Dettmer was the fund formation counsel for Mercury.

Fresh closed, Fund V has already made investments in several companies, including:

  • Houston-based RepeatMD, a patient engagement and fintech platform for medical professionals with non-insurance reimbursed services and products
  • Houston and Cheyenne Wyoming-based financial infrastructure tech platform Brassica, which raised its $8 million seed round in April
  • Polco, a Madison, Wisconsin-based polling platform for local governments, school districts, law enforcement, and state agencies
  • Chicago-based MSPbots, a AI-powered process automation platform for small and mid-sized managed service providers

Mercury's investment model is described as "operationally-focused," and the firm works to provide its portfolio companies with the resources needed to grow rapidly and sustainably. Since 2013, the fund has contributed to creating more than $9 billion of enterprise value across its portfolio of over 50 companies.

“Over the past few years there has been a tremendous migration of talent, wealth and know-how to non-coastal venture markets and this surge of economic activity has further accelerated the creation of extraordinary new companies and technology," says Garrou. "As the first venture capital firm to have recognized the attractiveness of these incredible regions a dozen years ago, we are excited to continue sourcing new opportunities to back founders and help these cities continue to grow and thrive.”

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