The chief executive of one of Austin’s most prominent tech venture capital firms has been killed after the private jet he was travelling in crashed on a Texas highway and split in two, bursting into flames in scenes witnesses described as being “like part of a movie.”
Joshua Baer, 48, the CEO and founder of Capital Factory, was identified as one of two people killed when the Netjets aircraft came down on Texas State Highway Loop 20 in Laredo at around 10pm on Tuesday. The plane had taken off from Los Cabos International Airport in Mexico and was bound for Austin-Bergstrom International Airport when it went down, skidding across the highway, smashing through street lights and splitting apart on a concrete median before erupting in flames, according to dashcam footage obtained from a vehicle near the crash site. Four others on board survived and were hospitalised. A person in a passing car was also clipped by the aircraft and taken to hospital, while five first responders were treated for smoke inhalation.
In the immediate aftermath, bystanders and emergency crews mounted a desperate rescue effort. Two heroic members of the public used a sledgehammer and shovel to pry open the aircraft door, while firefighters battled the flames and were repeatedly forced back by the intense heat.
Witness Zayra Garza, who filmed the wreckage and shared footage on social media, said: “What was worrying me was the fire. I was concerned that it could have just exploded at any time,” she told the Associated Press, describing the scene as “like part of a movie.”
NetJets, the private jet company owned by Warren Buffett’s Berkshire Hathaway that allows customers to buy fractional ownership of aircraft, confirmed in a statement that one of its planes was involved and said it was cooperating with authorities. The National Transportation Safety Board has launched an investigation into the cause of the crash.
Baer was widely regarded as the driving force behind Austin’s technology and startup ecosystem, often referred to as the city’s “Godfather” of the startup scene. Capital Factory president Bryan Chambers paid tribute on Wednesday morning, calling Baer “a fearless leader, a brilliant partner and a dear friend to so many of us.” In a statement, Chambers said: “While we are devastated by this unimaginable loss, Josh built an incredibly resilient organisation and a deeply capable team. Capital Factory remains fully operational, and we are completely committed to continuing his mission of backing unstoppable founders.”
Capital Factory, the venture capital firm Baer founded, described him as “a visionary force, mentor, and champion for the Texas technology and startup ecosystem.”
The crash was the third aviation disaster in the United States in as many days. On Monday, a B-52 military aircraft went down at Edwards Air Force Base in California, killing eight people. The previous day, 12 people died when a skydiving plane crashed shortly after takeoff in Missouri.
