Capital Factory CEO Joshua Baer killed in plane crash near Laredo, Texas

Capital Factory co-founder and CEO Joshua Baer was killed Tuesday night when a s mall business jet crashed onto a highway near Laredo, Texas , according to the Austin-based startup accelerator. The crash happened shortly before 10 p.m. on Loop 20 in Laredo after the aircraft reported mechanical problems while attempting to reach Laredo International Airport, authorities said. Five other people aboard the plane survived and were transported to a local hospital for treatment. Authorities said the aircraft also struck a moving vehicle as it descended, though details about possible injuries in that vehicle were not immediately available. The aircraft, a NetJets-operated Cessna Citation Latitude, had departed San José del Cabo, Mexico, and was originally headed to Austin before diverting to Laredo. In a statement Wednesday, Capital Factory confirmed Baer's death and described him as a driving force behind Texas' technology and startup ecosystem. "It is with profound sadness that Capital Factory announces the tragic passing of our Co-Founder and CEO, Joshua Baer," the company said. For more than two decades, Baer helped entrepreneurs launch and grow businesses across Texas. Under his leadership, Capital Factory became one of the state's most influential startup incubators and venture networks, connecting founders with investors, mentors and corporate partners. "Josh was a fearless leader, a brilliant partner, and a dear friend to so many of us," Capital Factory President Bryan Chambers said in a statement. "While we are devastated by this unimaginable loss, Josh built an incredibly resilient organization and a deeply capable team. Capital Factory remains fully operational, and we are completely committed to continuing his mission of backing unstoppable founders." According to Laredo police, the plane lost contact with air traffic controllers before crashing about 2.5 miles short of the runway. Flight tracking data showed the aircraft descending toward the airport before its signal disappeared at roughly 600 feet above the ground. Video from the scene showed emergency responders and bystanders helping pull passengers from the burning wreckage. Five Laredo police officers were also taken to a hospital after suffering injuries during rescue efforts. Federal investigators from the National Transportation Safety Board and the Federal Aviation Administration have been notified and are expected to lead the investigation into the cause of the crash. Local officials said the aircraft experienced a mechanical failure before going down. Capital Factory said it will not comment further on the circumstances of the crash while the federal investigation remains active and asked for privacy for Baer's family and loved ones.