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."
Ad Placement 300x100
Ad Placement 300x600

CultureMap Emails are Awesome

Property Showcase

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.

------

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.

View All Listings