DeepSummary
McKeever "Mac" Conwell II, the founder and managing partner of RareBreed Ventures, shares his inspirational journey from being homeless to becoming an engineer, founding his own companies, and eventually launching a pre-seed fund that invests outside of major tech hubs. He discusses the unconventional path that led him to venture capital and how he successfully raised his fund largely through leveraging his Twitter following.
Mac candidly addresses the flaws he perceives in the venture capital world, such as the overemphasis on "hot deals" and the lack of diversity among institutional LPs. He argues that the brand of the lead investor should not matter as much as the quality of the deal and the potential for returns. Mac also shares his innovative approach to structuring his fund and the challenges he faced as a first-time, underrepresented fund manager.
Throughout the interview, Mac emphasizes the importance of being bold, challenging traditional norms, and embracing diversity in venture capital. He aspires to build the next top-tier, multi-stage firm based in Baltimore, following in the footsteps of his mentors and advisors from successful local firms like NEA and Greenspring Associates.
Key Episodes Takeaways
- McKeever "Mac" Conwell II's journey from homelessness to founding RareBreed Ventures is an inspiring and unconventional story.
- Mac believes the venture capital industry has significant flaws, including an overemphasis on "hot deals" and a lack of diversity among institutional LPs.
- Mac argues that the quality of the deal and potential for returns should matter more than the brand of the lead investor.
- Mac successfully raised his fund largely through leveraging his Twitter following and embracing an innovative approach to fund structuring.
- Mac aspires to build the next top-tier, multi-stage venture capital firm based in Baltimore, following in the footsteps of successful local firms like NEA and Greenspring Associates.
- Mac emphasizes the importance of being bold, challenging traditional norms, and embracing diversity in the venture capital industry.
- Mac's journey underscores the value of perseverance, confidence, and being willing to forge one's own path, even in the face of doubts and unconventional circumstances.
- Mac's commitment to investing in overlooked founders, regardless of their backgrounds, sets him apart and aligns with his goal of promoting diversity in the industry.
Top Episodes Quotes
- “We invest in everybody. Like, the idea that I could say that's even incredible, that's a differentiator. But, like, I invest in everybody. It doesn't matter.“ by McKeever Conwell II
- “I'm going to build the next NEA, the next spring, spring associates, the next top tier firm. And I use those two firms very specifically because what I don't think many people recognize is both of those are Baltimore based firms.“ by McKeever Conwell II
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Episode Information
The Twenty Minute VC (20VC): Venture Capital | Startup Funding | The Pitch
Harry Stebbings
11/1/21
McKeever "Mac" Conwell II is the founder and managing partner of RareBreed Ventures, a pre-seed fund that invests outside of large tech ecosystems, with a concentrated portfolio approach being the first check with up to $250K. Mac's journey into venture is nothing short of inspirational, Mac went from being homeless to being an engineer to founding his own companies to today, raising Rarebreed largely on Twitter.
In Today’s Episode with Mac the VC You Will Learn:
1.) How Mac went from being homeless to becoming an engineer and starting his own company? How did his time operating lead to his becoming a VC and building his Twitter brand?
2.) What are the biggest ways that venture is messed up today? Why does Mac believe it does not matter about getting into hot deals? Why does Mac believe that the brand of the VC that does your round does not matter? Does Mac see the leading venture brands investing outside SF and NYC? What elements of an investment compel them more than others?
3.) In the wake of the George Floyd event, who does Mac note did not say anything? How does Mac want to see diversity introduced at the institutional LP level? What does Mac believe institutional LPs care about? What can institutional LPs do structurally to allow themselves to invest in the next generation of emerging managers?
4.) Why does Mac not like AngelList Rolling Funds? How did he structure his fund in a creative way? How does Mac feel about the requirements for GP commits? How did Mac use Twitter very specifically to raise his fund? Which people went out of their way to help him? What were some of the biggest takeaways from those discussions?
Item’s Mentioned In Today’s Episode with Mac the VC
Mac’s Favourite Book: Why Should White Guys Have All the Fun?: How Reginald Lewis Created a Billion-Dollar Business Empire