Houston VC leaders announce SPAC with $175M IPO

blank check

Andrew White (left) and Blair Garrou are at the helm of the new black check company. Photos courtesy

A blank check company has hit the Nasdaq today with a $175 million initial public offering.

Mercury Ecommerce Acquisition Corp. announced its IPO of 17,500,000 units at a price of $10 per unit to be listed on The Nasdaq Capital Market with the ticker symbol "MEACU" beginning today,

The company is led by Chairman Blair Garrou, managing director of Mercury Fund, and President and CEO Andrew White, a limited partner of Mercury Fund and president of Sweat Equity Partners.

According to a press release from the SPAC, the company was "formed for the purpose of effecting a merger, share exchange, asset acquisition, share purchase, reorganization, or similar business combination with one or more businesses or entities."

"While the company may pursue an investment opportunity in any business or industry, it intends to focus its search for a target business or businesses in the e-commerce technology and tech-enabled services industry in North America," reads the release.

A close is expected by the company on July 30, subject to customary closing conditions. Needham & Company is managing the offering.

Spruce, founded by Ben Johnson in Houston, has announced a $8 million series A round and a plan to continue expansion. Photo courtesy of Spruce

Houston venture group leads Austin-based tech company's $8M series A round

spruced

A Houston-founded startup that designed an app-based service for apartment dwellers has closed an $8 million series A led by Houston-based Mercury Fund.

Spruce, which was founded in Houston in 2016 as Apartment Butler before rebranding and relocating to Austin, announced the close of its latest round this week. The startup partners with multifamily companies to provide concierge-like services, such as cleaning, dog walking, and even COVID-19 sanitation.

"Spruce is changing how people live in their homes," says Ben Johnson, founder and CEO, in a news release. "Today's apartment community is a vibrant micro-economy for services and goods, and Spruce efficiently channels these interactions into a single marketplace. This Series A will expand our offerings to more residents and properties as well as continue our national roll-out."

Mercury Fund also invested in the company's seed round last year, and since that funding, Spruce has expanded out of state and into nine new markets. According to the release, the company, which still has an office in houston, has 40 employees and over 760 properties with 230,000 units on its platform.

"Spruce has perfected their market model and built a best-in-class team. Their resilience and growth during this unprecedented time have impressed us, and we are excited to continue on this journey with them," says Blair Garrou, managing director at Mercury Fund, in the release.

Houston-based Sweat Equity Partners, a new Spruce investor, also contributed to the round. Andrew White, president of the investment group, will also join the board of directors.

"Spruce is building a valuable platform focused on delivering outstanding home services under the unique requirements of the multi-family segment," says White in the release.

Steven Pho, an Austin-based entrepreneur and investor previously with Favor Delivery and RetailMeNot, will also join the board.

"Spruce has an amazing opportunity to quickly and cost effectively reach a mass market through their partnerships with national property managers," Pho says in the release. "This unique channel strategy differentiates Spruce from their competitors and enables them to rapidly achieve scale and density in new markets."

Spruce's platform is available across 760 multifamily properties. Photo via GetSpruce.com

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Rice University lands $14M state grant to open Center for Space Technologies

on a mission

Rice University’s Space Institute soon will be home to the newly created Center for Space Technologies.

On Feb. 17, the Texas Space Commission approved a nearly $14.2 million grant for the Rice project. The Center for Space Technologies will target:

  • Research and development
  • Technology transfer and innovation
  • Statewide partnerships
  • Workforce development training
  • Space-focused education programs

The goal of the new center “is to fulfill an articulated need for research, workforce development, and industry collaboration,” said Kemah communications and marketing executive Gwen Griffin, chair of the commission.

State Rep. Greg Bonnen, a Friendswood Republican, authored the bill that set up the Texas Space Commission.

Since being authorized in 2023, the commission has funded 24 projects, with Rice and Houston-area companies accounting for nearly $75 million in grants to back space-related initiatives.

The grant to Rice brings the TSC's total investment to $150 million, fully committing the entire state appropriation from the Texas Legislature in 2023.

Other local companies that have received grants over the years include Aegis Aerospace, Axiom Space, Intuitive Machines, Starlab Space and Venus Aerospace.

The commission also awarded $7 million to Blue Origin earlier this month. See a list of the 24 awards here.

Waymo self-driving robotaxis have officially launched in Houston

Waymo has arrived

Waymo will begin dispatching its robotaxis in four more cities in Texas and Florida, expanding the territory covered by its fleet of self-driving cars to 10 major U.S. metropolitan markets.

The move into Dallas, Houston, San Antonio and Orlando, Florida, announced Tuesday, February 24, widens Waymo's early lead in autonomous driving while rival services from Tesla and the Amazon-owned Zoox are still testing their vehicles in only a few U.S. cities.

In contrast, Waymo's robotaxis already provide more than 400,000 weekly trips in the six metropolitan areas where they have been transporting passengers: Phoenix, the San Francisco Bay Area, Los Angeles, Miami, Atlanta, and Austin, Texas.

Waymo operates its ride-hailing service through its own app in all the U.S. cities except Atlanta and Austin, where its robotaxis can only be summoned through Uber's ride-hailing service.

The expansion into four more markets marks a significant step toward Waymo's goal to surpass 1 million weekly paid trips by the end of 2026. Without identifying where its robotaxis will be available next, Waymo is targeting a list of eight other cities that include Las Vegas, Washington, Detroit and Boston while signaling its first overseas availability is likely to be London.

To help pay for more robotaxis, Waymo recently raised $16 billion as part of the financial infusion that puts the value of the company at $126 billion. The valuation fueled speculation that Waymo may eventually be spun off from its corporate parent Alphabet, where it began as a secret project within Google in 2009.

Although Waymo is opening up in four more cities, its robotaxis initially will only be made available to a limited number of people with its ride-hailing app in Dallas, Houston, San Antonio and Orlando before the service will be available to all comers in those markets.

Tech giant Apple doubles down on Houston with new production facility

coming soon

Tech giant Apple announced that it will double the size of its Houston manufacturing footprint as it brings production of its Mac mini to the U.S. for the first time.

The company plans to begin production of its compact desktop computer at a new factory at Apple’s Houston manufacturing site later this year. The move is expected to create thousands of jobs in the Houston area, according to Apple.

Last year, the Cupertino, California-based company announced it would open a 250,000-square-foot factory to produce servers for its data centers in the Houston area. The facility was originally slated to open in 2026, but Apple reports it began production ahead of schedule in 2025.

The addition of the Mac mini operations at the site will bring the footprint to about 500,000 square feet, the Houston Chronicle reports. The New York Times previously reported that Taiwanese electronics manufacturer Foxconn would be involved in the Houston factory.

Apple also announced plans to open a 20,000-square-foot Advanced Manufacturing Center in Houston later this year. The project is currently under construction and will "provide hands-on training in advanced manufacturing techniques to students, supplier employees, and American businesses of all sizes," according to the announcement. Apple opened a similar Apple Manufacturing Academy in Detroit last year.

Apple doubles down on Houston with new production facility, training center Photo courtesy Apple.

“Apple is deeply committed to the future of American manufacturing, and we’re proud to significantly expand our footprint in Houston with the production of Mac mini starting later this year,” Tim Cook, Apple’s CEO, said in the news release. “We began shipping advanced AI servers from Houston ahead of schedule, and we’re excited to accelerate that work even further.”

Apple's Houston expansion is part of a $600 billion commitment the company made to the U.S. in 2025.

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