Philanthropist gifts historic $50 million to Houston-area university

major gift

Mackenzie Scott has gifted tens of millions to Houston-area organizations and institutions, and her latest gift is to Prairie View A&M University. Photo courtesy of Prairie View A&M

Historically Black universities have traditionally been overshadowed and underfunded compared to their non-Black collegiate counterparts. But now, a major public figure's game-changing gift has helped level the playing field for a beloved Houston-area school.

Noted author and philanthropist MacKenzie Scott (many know her as the former wife of Amazon CEO and billionaire Jeff Bezos) has donated a massive $50 million to Prairie View A&M University, the institution announced on December 15. The gift is the largest one-time endowment in the school's 144-year history.

Under terms of the donation, the funds can be used at the discretion of the president to support the needs of the university, per a press release. Administrators have chosen to designate $10 million of the total to create the Panther Success Grant Program, an effort to assist juniors and seniors with unpaid balances created by the financial challenges posed by COVID, the school announced.

"This is a historic gift for Prairie View, coming at a time when the university had already decided and begun to invest heavily in key areas to strengthen its academic programs and improve student success," said Ruth J. Simmons, president of Prairie View, in a statement. "The timing of this gift could therefore not be better."

Simmons adds in a statement that she had been in contact with Scott "about a matter not involving Prairie View," and thus was "stunned and, for a time speechless" when Scott's assistant phoned and revealed the donation.

Another whopping gift from Scott includes $18 million to the Greater Houston YMCA.

In a post on Medium, Scott notes that she and her advisers have disbursed over $4 billion in gifts to 384 organizations across all 50 states, Puerto Rico, and Washington D.C. over the last four months. This is in effort to "accelerate my 2020 giving through immediate support to people suffering the economic effects of the crisis," Scott writes.

Scott's generosity includes myriad Texas organizations and groups, including:

  • Easterseals of Greater Houston
  • Easterseals Rehabilitation Center, San Antonio
  • East Texas Food Bank
  • El Pasoans Fighting Hunger
  • Feeding the Gulf Coast
  • South Texas Food Bank
  • Southeast Texas Food Bank
  • Goodwill Houston
  • Goodwill Industries of Dallas
  • Goodwill Industries of East Texas
  • Goodwill Industries of Fort Worth
  • Goodwill Industries of San Antonio
  • Heart of Texas Goodwill Industries
  • Meals on Wheels Central Texas
  • Meals on Wheels Montgomery County
  • Meals on Wheels North Central Texas
  • Texas A&M International University
  • United Way of El Paso County
  • United Way of San Antonio and Bexar County
  • YMCA of Greater Houston
  • YMCA of Metropolitan Dallas
  • YWCA El Paso del Norte Region
  • YWCA Greater Austin
  • YWCA of Lubbock
  • YWCA San Antonio
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This article originally ran on CultureMap.
The Coogs have scored some serious cash. Photo courtesy of University of Houston

University of Houston roars with massive $1.2 billion raised in new campaign

Cougar cash

The University of Houston Cougars have a reason to roar this fall. The school has announced a massive fundraising feat of $1.2 billion for scholarships, professorships, facilities, and programs as part of the "Here, We Go" initiative that closed on August 31.

Specifically, the campaign raised $1,235,427,334. The final tally was announced by UH System Chancellor and UH president Renu Khator during her 12th annual fall address on October 28., where she thanked high-profile donors and volunteer campaign co-chairs Tilman J. Fertitta ('78), Beth Madison ('72), John L. Nau III, and Marvin E. Odum III (M.B.A. '95).

The campaign, which surpassed the $1 billion milestone in 2019, some 18 months ahead of schedule, was designed to strategically transform UH System universities with priorities to support student scholarships and fellowships, build state-of-the-art facilities, attract and retain top faculty, advance academic programs, workforce training and research, and build a nationally relevant athletics program, according to a press release. It began in 2012 and launched publicly in January 2017, before concluding in August of this year.

More than 187,000 donors, including 133,000 new donors contributed to the campaign, highlighting the pride felt by alumni and friends. Donations came from all 50 states and 46 countries, according to the school.

Donation highlights include:

  • $50 million gift from an anonymous donor — the campaign's single largest contribution to hire faculty and establish four new institutes in the areas of energy, infrastructure, precision medicine, and global engagement.
  • $20 million from Tilman J. Fertitta for renovation and construction of the Fertitta Center, a 7,100-seat multi-purpose arena that is home to the Houston Cougars men's and women's basketball teams and the women's volleyball team.
  • $20 million from the John P. McGovern Foundation benefitting arts students and faculty. The Kathrine G. McGovern College of the Arts was named in honor of the gift.
  • $17 million from Andy and Andrea Diamond to create the Diamond Family Scholars program which offers financial, academic and mentoring support for students aging out of the foster care system.
  • $16 million from the John M. O'Quinn Foundation to support the UH Law Center and construction of its new state-of-the-art building, the John M. O'Quinn Law Building.
  • $15 million thanks to Humana Inc. to launch the Humana Integrated Health System Sciences Institute and help defray start-up and operational costs for the UH College of Medicine, as well as fund endowed chairs at several UH colleges.
  • $13 million from the Cyvia and Melvyn Wolff Family Foundation to the nation's No. 1 undergraduate entrepreneurship program at the C.T. Bauer College of Business with a total expected impact of $15 million with matching gift.

"You inspired us to dream big, challenged us to be relevant and forced us to stay focused," said Khator, in a statement. "You led us from all directions, often making calls for us and introducing us to people who cared about Houston and our role in Houston's future."

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This article originally ran on CultureMap.
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Houston SaaS startup closes $12M series A funding round with support from local VC

money moves

A Houston startup with a software-as-a-service platform for the energy transition has announced it closed a funding round with participation from a local venture capital.

Molecule closed its $12 million series A, and Houston-based Mercury Fund was among the company's investors. The company has a cloud-based energy trading and risk management solution for the energy industry and supports power, natural gas, crude/refined products, chemicals, agricultural commodities, softs, metals, cryptocurrencies, and more.

"We led the seed round of Molecule upon their formation and are excited to participate in their series A," says Blair Garrou, co-founder and managing director of Mercury, in a news release. "Molecule's success in the ETRM/CTRM industry, especially in relation to electricity and renewables, positions them as the company to beat for the energy transition in the 2020s."

The company will use its new funds to further build out its product as well as introduce offerings to manage renewables credits, according to the release.

"In 2020, we realized that electricity — the growth commodity of the 2020s — represented over half of Molecule's customer base, and we decided to double down," says Sameer Soleja, founder and CEO of Molecule, in the release. "We were also rated the No. 1 SaaS ETRM/CTRM vendor. With this fundraise, we have the fuel to become No. 1 SaaS platform for power and renewables, and then the market leader overall.

"Molecule is ready to power the energy transition," Soleja continues.

Molecule's last round of funding closed in November 2014. The $1.1 million seed round was supported by Mercury Fund and the Houston Angel Network.

Houston-based afterlife planning startup launches new app

there's an app for that

The passing of a loved one is followed with grief — and paperwork. A Houston company that's simplifying the process of afterlife planning and decision making is making things even easier with a new smartphone app.

The Postage, a digital platform meant to ease with affair planning, recently launched a mobile app to make the service more accessible following a particularly deadly year. The United States recorded 3.2 million fatalities — the most deaths in its history, largely due to the coronavirus pandemic.

After losing three family members back-to-back, Emily Cisek dealt first hand with the difficulty of wrapping up a loved one's life. She saw how afterlife planning interrupted her family's grieving and caused deep frustration. Soon, she began to envision a solution to help people have a plan and walk through the process of losing someone.

The Postage, which launched in September, provides a platform for people to plan their affairs and leave behind wishes for loved ones. The website includes document storage and organization, password management, funeral and last wishes planning, and the option to create afterlife messages to posthumously share with loved ones.

"Right now, as it stands ahead of this app, end-of-life planning is really challenging. It's this daunting thing you have to sit down and do at your computer," says Cisek. Not only is it "daunting," but it's time-consuming. According to The Postage, families can expect to spend nearly 500 hours on completing end-of-life details if there is no planning done in advance.

With more than 74 percent of The Postage's web traffic coming from mobile users, an app was a natural progression. In fact, Entrepreneur reports the average person will spend nine years on their mobile device. Cisek wanted to meet users where they are at with a user-friendly app that includes the same features as the desktop website.

"What we wanted to do [with the app] is make it so easy to plan your life and the end of your life using one click — as easy as it was for posting and commenting on social media," explains Cisek. "People are so used to reflecting on those behaviors and clicking one button to add a picture ... we wanted to make it that simple," she continued.

Cisek and her team focused on providing a "seamless experience" within the app, which took approximately four months to build, which mirrors the desktop platform.

Though The Postage's website had mobile functionality, the app includes the ability to record and upload content. Whether snapping a picture of their insurance policy or recording a video to share with loved ones, The Postage app allows users to capture photos and videos directly within the app.

After snapping a picture, "the next step inherently is sharing it with your loved ones," says Cisek. Photos, family recipes and videos can easily be shared securely with loved ones who accept your invitation to The Postage so "that legacy continues on," she says.

Since The Postage's fall launch, the company has grown a steady base of paid subscribers with plans to expand.

"We're really starting to change the way people plan for the future," says Cisek.

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, events not to miss this month, big winners at Rice University, and more.

3 Houston innovators to know this week

This week's roundup of Houston innovators includes Daniel Powell of Spark Biomedical, Carrie Colbert of Curate Capital, and Carson Hager of SafeFun. Courtesy photos

In this week's roundup of Houston innovators to know, I'm introducing you to three local innovators across industries — venture capital, medical devices, and software — recently making headlines in Houston innovation. Continue reading.

10+ can't-miss Houston business and innovation events online in May

Don't miss these informative online events happening throughout the month of May. Photo by Getty Images

This month, Houstonians have yet another good batch of online innovation events — from Zoom panels to virtual conferences — and you and your tech network need to know about them.

Here's a roundup of virtual events not to miss this month — like Houston Tech Rodeo, a virtual showcase from Rice University's data science students, and more. Continue reading.

Report: Houston ranks among the worst cities for unnecessary medical treatments

Houston hospitals have been reported to have an excess of unnecessary health care tests and procedures. Photo by Dwight C. Andrews/Greater Houston Convention and Visitors Bureau

Houston boasts of being home to the Texas Medical Center, the world's biggest medical complex. Yet Houston's medical community also holds a distinction that's hardly boast-worthy: It's the worst major metro area in Texas for unnecessary health care tests and procedures.

A study released May 4 by the Lown Institute, a health care think tank, shows hospitals in the Houston area collectively fare worse than their counterparts in Dallas-Fort Worth, San Antonio, and Austin for overuse of tests and procedures that the institute says offer little to no benefit. Continue reading.

Rice University student startups win $65,000 in competition

The annual H. Albert Napier Rice Launch Challenge awarded equity-free cash prizes to three impressive student startups. Photo courtesy of Rice University

A Rice University startup competition concluded with a big win for a company started by students trying to use tech to help prevent veteran suicide.

The startup, rutd: resources united. technology driven., a secure platform that can deliver more than 14,000 mental health resources to veterans, won first prize at the virtually held H. Albert Napier Rice Launch Challenge last week. The prize included a $27,500 check. Continue reading.

Houston expert: Telework in research might be here to stay

The telework paradigm may be here to stay in research long after the COVID pandemic tapers off. Graphic by Miguel Tovar/University of Houston

How many of the research administrator's duties can be done from home? COVID-19 is showing us emphatically that the answer is many.

There are some aspects that take a little bit of inventive scheduling to make happen, but overall, the telework paradigm may be here to stay in research long after the COVID pandemic tapers off. Continue reading.

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