space funds

Jeff Bezos' foundation gifts Space Center Houston with $1 million grant

Local kids can pursue STEM and space dreams thanks to the generous gift. Photo courtesy of Space Center Houston

Billionaires such as Richard Branson and Jeff Bezos may be blasting off into the beyond, but for now, space travel is still primarily relegated to the expert astronauts who train here in Houston.

Now, a new $1 million grant to our beloved hub of all things cosmic may just inspire local kids to rocket towards a career in space exploration or STEM careers. Space Center Houston has just received the generous, two-comma grant from Blue Origin, Bezos' company.

Blue Origin auctioned off seats on first crew New Shepard suborbital flight, which yielded an impressive $28 million. Bezos, his brother Mark, and Wally Funk, one of the Mercury 13 women will join the auction winner on the upcoming trip.

With the $28 million proceeds, Blue Origin then awarded $1 million to 19 organizations (each) through its foundation, Club for the Future.

"This donation is enabling Club for the Future to rapidly expand its reach by partnering with 19 organizations to develop and inspire the next generation of space professionals," said Bob Smith, Blue Origin CEO, in a statement. "Our generation will build the road to space and these efforts will ensure the next generation is ready to go even further."

The $1 million Space Center Houston received will go towards the center's Title 1 school field trip program, enabling students with access to the center's extensive space artifact collection, per a press release. Space Center Houston's Girls STEM Pathway initiative, which promotes learning experiences for girls in STEM careers, will also receive funds. The comprehensive, six-phase initiative includes an introductory elementary school experience, a middle school project-based STEM experience, a summer bridge program with mentoring support, and a program for high school girls to engage in scientific research, the center notes.

"Blue Origin's grant will further enable Space Center Houston to provide immersive science learning experiences for underserved Houston area youth," said the center's president and CEO, William T. Harris, in a release. "We are very thankful to Blue Origin for helping us inspire and prepare students for future STEM careers. With Blue Origin's support, we can empower students with hands-on STEM learning opportunities through the wonders of space exploration."

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This article originally ran on CultureMap.

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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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