Space-focused fund with HQ in Houston rockets toward $20M goal

money moves

SpaceFund, based in Houston and Austin, has almost reached halfway for its $20 million fundraise. Photo via NASA/Unsplash

A venture capital firm co-located in Houston and Austin has announced a recent closing of a $20 million fund.

SpaceFund has raised $9 million toward its its $20 million BlastOff Fund as of this week — surpassing its initial first close goal of $5 million.

"We are thrilled to see how many investors are placing their trust in our team," says SpaceFund founder Rick Tumlinson in a news release. "We spent a lot of time slowly and carefully developing our processes and credibility, so we can better serve both investors and the amazing space startup community, and it's paying off."

Launched in 2019 with an initial fund that closed in August of 2020, SpaceFund has already invested in 13 exciting space startups. The new fund will build on those investments while also expanding its portfolio, according to the release.

"SpaceFund is about combining a bold approach with a very conservative diligence and investment process," says Meagan Crawford, SpaceFund's managing partner, in the release. "The BlastOff Fund continues our careful growth plan but is designed to accelerate our ability to place investment into those companies that are leading the Space Revolution."

San Francisco-based innovator Jed McCaleb — co-founder and the CTO of Stellar Development Foundation, a nonprofit building an accessible cryptocurrency platform — anchored the BlastOff Fund.

"I came to SpaceFund to ask questions because they are seen as credible thought leaders in the space investment industry," McCaleb says in the release. "By the time we finished talking, it was clear they were an obvious choice to help me invest in this amazing field."

McCaleb has a keen interest in commercial space, according to the release.

"Jed is a well-informed investor and one who deeply cares about the future of space and humanity," adds Crawford. "He is exactly the kind of investor we hope to attract into the SpaceFund family. For us, this isn't just about money. It is about how we can best impact the future. Jed and the other investors in the fund get that."

Houston-based space companies Axiom Space, Eden Grow Systems, and Cognitive Space are among SpaceFund's current portfolio.

"There is a reason we call this the BlastOff fund," says Tumlinson. "Anyone who follows what is happening in space can see that after almost 60 years, this industry is taking off. Our job is to help investors climb aboard the right companies to carry them to their financial destinations as we open the Frontier."
These Houston startups are starting the year off funded. Photo via Getty Images

5 Houston startups start 2021 strong with fresh funding

following the money

Houston startups saw a tumultuous year last year when it came to funding, but some local businesses are seeing an uptick in various stages of venture funding — from a $130 million series B round to a few seed and pre-seed fundings.

In case you missed some of these headlines, InnovationMap has rounded up these seven deals based on previous reporting. Scroll through to see which Houston startups are catching the eyes — and cashing the checks — of investors.

Houston software startup closes $7.5M series A led by two Houston-area​ VC firms

A Houston startup has closed a $7.5 million round of funding with mostly local investment. Photo courtesy of WizeHire

A Houston B2B software startup has closed a new round of funding led by two Houston venture capital firms.

WizeHire, a tech-enabled hiring solution for small businesses, closed a $7.5 million series A funding round that was led by Houston-based Mercury Fund and Amplo, which is based just north of Houston in Spring. Additional support came from existing backers Ruchit Shah and RigUp co-founder Sandeep Jain. The company was co-founded by Sid Upadhyay, Nick Carneiro, and Jay Niblick.

According to a news release, WizeHire will use the funds to scale their business, which is centered around providing personalized hiring resources to small businesses, as well as to hire more staff and expand its partner program.

"We're a small business helping small businesses with a team of people looking out for you," says Upadhyay, who serves the company as CEO, in the release. "Hiring is complex and personal. Our customers see what we do not just as software; they see us as a trusted advisor." Click here to continue reading.

Houston B2B software company raises $3.2M in seed funding to grow team and product

DocJuris has raised its first round of venture funding to grow its team to keep up with demand for its legal software platform. Image courtesy of DocJuris

A Houston-based software-as-a-service company that is revolutionizing the contract process has closed a round of funding this week.

DocJuris, founded in 2018, raised $3.2 million in seed funding led by New York-based RTP Seed with additional support from Houston-based Seed Round Capital, California-based Watertower Ventures, Maryland-based Crossbeam, and Remote First Capital.

It's the startup's first round of venture funding and Henal Patel, CEO of DocJuris, says he was looking for funds as well as support from investors who had experience with software and could open doors to new clients for the legal software. Click here to continue reading.

Houston space tech company raises $130M series B

Houston-based Axiom Space has raised more funds for its growing commercial space business. Image via axiomspace.com

Just around a year ago, Houston-based Axiom Space Inc. closed a $100 million series A round. Now, the space tech company has announced even more financing as it grows and scales to support a NASA-commissioned project.

Axiom raised $130 million in its series B round led by C5 Capital with support from TQS Advisors, Declaration Partners, Moelis Dynasty Investments, Washington University in St. Louis, The Venture Collective, Aidenlair Capital, Hemisphere Ventures, and Starbridge Venture Capital.

"Axiom Space is a force in the space sector, and it will become a centerpiece of the C5 Capital portfolio and enhance our vision for a secure global future," says C5 operating partner Rob Meyerson, who will join the Axiom board of directors, in a news release. "The Axiom Station will be the infrastructure upon which we will build many new businesses in space, and it will serve as the foundation for future exploration missions to the Moon, Mars, and beyond." Click here to continue reading.

Houston construction staffing startup emerges from stealth with $1.5 pre-seed funding

Houston-based Buildforce is developing a technology to better connect contractors and the trade professionals they employ. Photo via Getty Images

A Houston startup has been quietly working on a tech solution for construction staffing and has now emerged from stealth mode to announce a recent funding round as well as an acquisition.

Launched in July of 2020, Buildforce is a construction staffing app that aims to more efficiently connect contractors to skilled workers in trades ranging from electrical, mechanical, and plumbing to flooring, concrete, painting, and more, according to a news release. The company raised a $1.5 million pre-seed round led by Houston-based Mercury Fund.

Co-founder and CEO Moody Heard, who previously served as senior investment analyst at Mercury, says the tech product — the Buildforce Contractor App — will have a big impact on Texas, which is experiencing growing construction volume across the state. Click here to continue reading.

Houston digital studio closes $2M seed round with local investment

Umbrage, a Houston-based developer of enterprise software, has closed its seed funding. Photo via umbrage.com

A software startup in Houston has leveled up thanks to new funding. Houston-based digital studio Umbrage has reportedly raised $2 million.

Founded in 2019 by Will Womble, Umbrage creates custom software solutions for companies within digitally transforming industries, such as oil and gas, healthcare, and supply chain.

"Umbrage is a new way that enterprises can overcome the inherent challenges of building and scaling digital solutions," Womble, who also serves as CEO, says in a news release. "Umbrage partners with internal technology teams to create scalable products that directly impact business' success. And by training our clients to effectively scale and improve these custom-built solutions, we're setting up our customers for long-term, sustainable success." Click here to continue reading.
Despite the hit on the economy from the pandemic, Houston's prosperous economic development activity from 2020 has earned it a top spot on a new nationwide ranking. Photo via Getty Images

The future of Houston's economy shines bright, according to new report

we're No. 3

The Houston metro area shed 141,300 jobs last year — the worst one-year job loss ever recorded in the region — and the area's unemployment rate peaked at 14.3 percent last April. But, according to a new ranking, there's at least one bright spot in Houston's economy.

Site Selection magazine's latest report shines a bright light on last year's economic development activity in the Houston area and on the future of the region's economy. The area ranks No. 3 among major U.S. metro areas for the number of economic development projects secured last year (213). Houston shares the top 10 with two other Texas metro areas: Dallas-Fort Worth (ranked second with 262 projects) and Austin (tied for No. 6 with 84 projects). Chicago claimed the top spot, landing 327 economic development projects last year.

Site Selection lists several Houston-area projects among the top projects that Texas gained last year, including:

Measured another way, Houston ranked sixth for the number of economic development projects per capita last year (32.8) among major metro areas. Austin grabbed the No. 2 spot (43.2 projects per capita), and Dallas-Fort Worth appeared at No. 3 (37.7 projects per capita).

In remarks January 26 at the 2021 annual meeting of the Greater Houston Partnership, board Chairwoman Amy Chronis cited the 1,000-job Axiom Space project as one of last year's economic highlights for the region.

"This is a game-changing project for Houston as we position our region as one of the country's leading tech hubs," Chronis said. "It is the type of catalytic project that will drive meaningful growth of the commercial aerospace sector in Houston."

Chronis noted that Houston already is home to nearly 23,000 aerospace manufacturing professionals, along with more than 500 aerospace and aviation companies and institutions, "but the potential is so much greater."

"The space race is shifting to a commercially funded and operated industry, and it is critical that Houston maintains our leadership position," Chronis said.

NASA announced the Axiom Space project — the world's first commercial space station — in January 2020. Axiom Space aims to begin attaching its space modules to the International Space Station in 2024.

"NASA has once again recognized the hard work, talent, and experience of Houstonians as we expand the International Space Station and promote commercial opportunities in space," U.S. Sen. John Cornyn, a Texas Republican, said in a release touting the Axiom Space project.

Just last month, Axiom Space raised $130 million in a Series B round led by London-based investment firm C5 Capital. The funding will go toward bulking up the company's workforce and developing the space station.

Rob Meyerson, operating partner at C5 and a new member of Axiom Space's board of directors, called the company "a force in the space sector," and the startup's space station "the infrastructure upon which we will build many new businesses in space" and a launchpad for exploration of the moon and Mars.

"Axiom's work to develop a commercial destination in space is a critical step for NASA to meet its long-term needs for astronaut training, scientific research, and technology demonstrations in low-Earth orbit," Jim Bridenstine, a Rice University graduate who resigned earlier this year as NASA administrator, said in January 2020. "We are transforming the way NASA works with industry to benefit the global economy and advance space exploration."
Houston-based Axiom Space has raised more funds for its growing commercial space business. Image via axiomspace.com

Houston space tech company raises $130M series B

money moves

Just around a year ago, Houston-based Axiom Space Inc. closed a $100 million series A round. Now, the space tech company has announced even more financing as it grows and scales to support a NASA-commissioned project.

Axiom raised $130 million in its series B round led by C5 Capital with support from TQS Advisors, Declaration Partners, Moelis Dynasty Investments, Washington University in St. Louis, The Venture Collective, Aidenlair Capital, Hemisphere Ventures, and Starbridge Venture Capital.

"Axiom Space is a force in the space sector, and it will become a centerpiece of the C5 Capital portfolio and enhance our vision for a secure global future," says C5 operating partner Rob Meyerson, who will join the Axiom board of directors, in a news release. "The Axiom Station will be the infrastructure upon which we will build many new businesses in space, and it will serve as the foundation for future exploration missions to the Moon, Mars, and beyond."

"Axiom Space was founded on the knowledge that commercial infrastructure and innovation in space would offer unique ways to improve life on Earth," says Axiom co-founder and executive chairman, Kam Ghaffarian, in the release. "Axiom's sole-selection by NASA to connect to ISS and ability to leverage its key revenue lines are evidence of the company's expertise and a business model that is set up to optimize across a variety of commercial on-orbit opportunities.

"This highly successful round is a pivotal moment for on-orbit commerce and its implications for our civilization's potential are far-reaching."

In January 2020, NASA selected Axiom to work on designing and building modules to be attached to the International Space Station. The projects could be ready as early as 2024. Axiom is working to create a commercial space station that would eventually serve as a replacement for ISS. This transformation is expected in late 2028.

In December, Axiom released new details of its 14-acre headquarters near the Houston Spaceport. The HQ is expected to bring more than 1,000 high-paying jobs, from engineers to scientists, mathematicians, and machinists.

The recently raised funding will help support these ongoing Axiom projects.

"We are proud to partner with Axiom's exceptional management team, who built, led, and visited the International Space Station on behalf of NASA and its partners," Brian Stern, a partner at Declaration Partners, says. "The next-generation space station we are building today will be a key means of conducting space-based research, manufacturing, communication, and travel for decades to come."
This week's roundup of Houston innovators includes Joy M. Hutton of Joy of Consulting, Michael T. Suffredini of Axiom Space, and Kim Raath of Topl. Courtesy photos

3 Houston innovators to know this week

who's who

Editor's note: In the last weekly roundup of Houston innovators of 2020, I'm introducing you to three innovators across the city — the new local leader of a new Google program, the CEO of a space tech company, and a startup founder with fresh funds.

Joy M. Hutton, local leader of Grow with Google's Digital Coach program

Joy M. Hutton leads the Grow with Google in Houston. Photo courtesy of Google

Joy M. Hutton is a serial entrepreneur and has just signed on to help guide other startup founders as the local leader of the Grow with Google Digital Coach program in Houston. Just like any other entrepreneur this year, Hutton, who was planning to launch her company On the Go Glam in March, was challenged to pivot her own startup amid COVID-19 and its accompanying obstacles.

On this week's episode of the Houston Innovators Podcast, Hutton shares how the pandemic caused her to rethink the timeline on some of the features she had in mind for the company.

"The pandemic was kind of a good thing, because it allowed me to take a step back and add additional services for men," Hutton says, adding that expanding into offering barbershop services was always a plan, but the new need pushed her to quickly pivot. Read more and stream the episode.

Michael T. Suffredini, president and CEO of Axiom Space

Michael T. Suffredini co-founded Houston-based Axiom Space. Photo via AxiomSpace.com

A veteran of the space business, Michael T. Suffredini now leads Axiom Space, which just announced a partnership with the Houston Spaceport. Mayor Sylvester Turner announced that Axiom Space will construct a 14-acre headquarters.

The headquarters "will be the world's first free-flying internationally available private space station that will serve as humanity's central hub for research, manufacturing, and commerce," Turner said.

The partnership is expected to bring more than 1,000 high-paying jobs, from engineers to scientists, mathematicians, and machinists. Read more.

Kim Raath, CEO of Topl

Kim Raath is ending her year with news of a VC deal. Courtesy of Topl

Unfortunately, the pandemic has had its detrimental effect on venture capital — especially when it comes to female-founded companies. Crunchbase reported a 27 percent decrease in funding for female-founded companies.

In light of this statistic, Kim Raath, CEO and co-founder of Houston-based Topl, is feeling pretty proud of leading her company to closing a $3 million round with support from investors both locally and across the country.

"We're grateful to have closed an oversubscribed venture round during a pandemic, especially given the unfortunate truth that many women-led startups are getting much less investment during this time," says Kim Raath, CEO of Topl, in a press release. "Bringing transparency to causes dedicated to environmental and social good has never been more important. We are building a modern blockchain for a world where purpose and profit go hand in hand." Read more.
The world's first commercial space station will be built in Space City. Image via axiomspace.com

First commercial space station on the planet to be built in Houston

space city news

Houston's Spaceport will be the place where the world's first commercial space station will be built, according to Mayor Sylvester Turner.

The announcement was made during a December 22 briefing, where Turner announced the partnership between the Houston Spaceport and Axiom Space.

"Our great city is known for taking on humankind's boldest challenges," Turner said. "In 2021, the Houston Spaceport will be the first headquarters for Axiom Space, a privately funded space enterprise."

According to Turner, Axiom Space will construct a 14-acre headquarters. The headquarters "will be the world's first free-flying internationally available private space station that will serve as humanity's central hub for research, manufacturing, and commerce," Turner said.

The partnership is expected to bring more than 1,000 high-paying jobs, from engineers to scientists, mathematicians, and machinists.

"This opportunity will energize our workforce, engage our communities, and dare our young students to look up, wonder, and dream," Turner said.

Houston Spaceport is the country's 10th commercially licensed Spaceport and located at Ellington Airport.

The Houston area has played a key role for decades in the future of aerospace aviation. The Federal Aviation Administration granted formal approval for the city of Houston to making Ellington a launch site for reusable launch vehicles in 2015.

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For more on this story, visit our news partner ABC13.

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Comcast donates tech, funds to support diversity-focused nonprofit

gift of tech

A Houston organization focused on helping low-income communities by providing access to education, training, and employment has received a new donation.

Comcast’s Internet Essentials program announced the a donation of a $30,000 financial grant and 1,000 laptops to SERJobs. The gift is part of a new partnership with SERJobs that's aimed at educating and equipping adults with technical skills, including training on Microsoft Office and professional development.

“SERJobs is excited to celebrate 10 years of Comcast's Internet Essentials program,” says Sheroo Mukhtiar, CEO, SERJobs, in a news release. “The Workforce Development Rally highlights the importance of digital literacy in our increasingly virtual world—especially as technology and the needs of our economy evolve. We are grateful to Comcast for their ongoing partnership and support of SERJobs’ and our members.”

For 10 years Comcast's Internet Essentials program has connected more than 10 million people to the Internet at home — most for the first time. This particular donation is a part of Project UP, Comcast’s comprehensive initiative to advance digital equity.

“Ten years is a remarkable milestone, signifying an extraordinary amount of work and collaboration with our incredible community partners across Houston,” says Toni Beck, vice president of external affairs at Comcast Houston, in the release.

“Together, we have connected hundreds of thousands of people to the power of the Internet at home, and to the endless opportunity, education, growth, and discovery it provides," she continues. "Our work is not done, and we are excited to partner with SERJobs to ensure the next generation of leaders in Houston are equipped with the technical training they need to succeed in an increasingly digital world.”

It's not the first time the tech company has supported Houston's low-income families. This summer, Comcast's Internet Essentials program and Region 4 Education Service Center partnered with the Texas Education Agency's Connect Texas Program to make sure Texas students have access to internet services.

Additionally, Comcast set up an internet voucher program with the City of Houston last December, and earlier this year, the company announced 50 Houston-area community centers will have free Wi-Fi connections for three years. Earlier this year, the company also dedicated $1 million to small businesses struggling due to the pandemic that are owned by Black, Indigenous, and People of Color.

President Joe Biden appoints Houston green space guru to lofty national post

new gig

Aprominent and nationally acclaimed Houston parks presence has just received a hefty national appointment. President Joe Biden has named Beth White, Houston Parks Board president and CEO, the chair of the National Capital Planning Commission (NCPC), the organization announced.

The NCPC, established by Congress in 1924, is the federal government’s central planning agency for the National Capital Region. The commission provides overall guidance related to federal land and buildings in the region. Functions include reviewing the design of federal and local projects, overseeing long-range planning for future development, and monitoring capital investment by federal agencies.

Fittingly, White was initially appointed to NCPC as the at-large presidential commissioner in January 2012, per a press release. She was reappointed for another six-year term in 2016. Most recently, White served as the commission’s vice-chair.

“I’m honored to chair the National Capital Planning Commission and work with my fellow commissioners to build and sustain a livable, resilient capital region and advance the Biden Administration’s critical priorities around sustainability, equity, and innovation,” White said in a statement.

Before joining Houston Parks Board in 2016, White served as the director of the Chicago Region Office of The Trust for Public Land, where she spearheaded development of The 606 public park and was instrumental in establishing Hackmatack Wildlife Refuge.

Renowned in the Windy City, she also was managing director of communications and policy for the Chicago Housing Authority; chief of staff for the Chicago Transit Authority’s Chicago Transit Board; and assistant commissioner for the City of Chicago’s Department of Planning and Development. She was the founding executive director of Friends of the Chicago River, and currently serves on the Advisory Board for Urban Land Institute Houston.

The graduate of Northwestern and Loyola universities most recently received the Houston Business Journal’s 2021 Most Admired CEO award, per her bio.

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This article originally ran on CultureMap.

5 most popular innovation stories in Houston this week

what's trending

Editor's note: Another week has come and gone, and it's time to round up the top headlines from the past few days. Trending Houston tech and startup news on InnovationMap included innovators to know, a Q&A with a Houston entrepreneur turned author, and more.

3 Houston innovators to know this week

This week's roundup of Houston innovators includes Phillip Yates of Equiliberty, Chris Quintanilla, of Mexcor International, and David Hudson of Circulus. Courtesy photos

In this week's roundup of Houston innovators to know, I'm introducing you to three local innovators across industries — from diversity and inclusion tech to sustainable plastics — recently making headlines in Houston innovation. Click here to continue reading.

Elon Musk taps into Texas workforce for out-of-this-world bartender gig

Looking to mix things up in your career? Elon's got a gig for you slinging cosmic cocktails. Mixology Crew

Can you mix a mean margarita? Are you capable of slinging a superb Aperol spritz? If so, Elon Musk wants you to become a "spaceport mixologist."

Musk's SpaceX, which builds and launches rockets, is hiring a "passionate, experienced" mixologist for its "spaceport" near Brownsville. The ideal candidate possesses at least two years of "superior" mixology experience at resorts, bars, and full-service restaurants, including the ability to pair drinks with themed menus.

Among other duties, the mixologist will prepare drinks, including handcrafted cocktails, and will ensure "consistency and compliance with the restaurant's recipes, portioning, and waste control guidelines." Click here to continue reading.

Q&A: Houston entrepreneur discusses big exits, startup advice, and his new book

Blinds.com founder Jay Steinfeld has released his new book this week. Photos courtesy of Jay Steinfeld

Jay Steinfeld is a household name — at least within Houston's growing innovation ecosystem. Steinfeld founded Blinds.com and, along with his team, grew it to a $100 million company before exiting to Home Depot in 2014. Over the past few years, Steinfeld has had time to reflect on that empire he created and recount his lessons learned in a new book.

Lead From The Core published this week, and Steinfeld took some time to answer some questions about the new book for InnovationMap. He also shares some insight into the acquisition process and advice for fellow entrepreneurs. Click here to continue reading.

University of Houston: Navigating between researcher and professor

Is this going to be graded? Graphic by Miguel Tovar/University of Houston

What is the difference between a professor teaching and conducting research? When does a professor need an Institutional Review Board to provide oversight on their project? The NSF has had this come up often enough, presumably, that they wrote a vignette on their website. Click here to continue reading.

10+ can't-miss Houston business and innovation events for December

Here's your one-stop shop for innovation events in Houston this month. Photo via Getty Images

This month, Houstonians have yet another good batch of in-person and online innovation events, and you and your tech network need to know about them.

Here's a roundup of virtual events not to miss this month — like pitch nights, workshops, conventions, and more. Click here to continue reading.

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