The Ledger
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Mac Conwell raised RareBreed Ventures with zero GP capital commitment
“So I have no GP commit. I didn't have the money for it.”
Mac Conwell funded five startups sourced by diverse associates whose firms passed
“In one case, I had one of these associates. They've sourced three deals for me. I've had another one source too. And I know they're good deals. Follow a funding show. They're good deals. So why don't their firms appreciate the deals they're bringing up?”
Mac Conwell was not an accredited investor when starting RareBreed Ventures
“I wasn't even an accredited investor when I started raising my fund, right?”
Mac Conwell states 77% of RareBreed portfolio founders are underrepresented
“77% of my portfolio are underrepresented founders”
Multiple LPs invested in RareBreed Ventures without ever speaking to Mac Conwell
“I've had quite a few LPs signed up to be LPs without ever talking to me.”
Mac Conwell received over a year of free legal work for RareBreed
“He's never charged me. He's been my lawyer for over a year. He's never sent me a bill.”
Mac Conwell held over 1,100 meetings to soft-circle $2 million
“Between June, the middle of June, 2020 to September, 20, 20, I had over 1100 meetings, which allowed me to soft circle my first two million and kind of gave me the confidence to quit my job and Really go do this thing.”
Mac Conwell warns that starting a VC firm is a 20-year commitment
“And once you decide you're going to start a firm, you're basically making a 20 year commitment, right? Fund one's 10 years. Two, three years later, you're going to raise fund two. That's another 10 years. Two to three years after that, you'll raise fund three.…”
RareBreed Ventures plans follow-on checks for only 6 to 10 portfolio companies
“We're going to do somewhere in the neighborhood of like six to 10 follow on.”
Mac Conwell offered RareBreed LPs flexible multi-year capital call options
“No, I gave my LPs three options. You can do a hundred percent upfront, 50% each year over two years or 33%. Over each year, over three years, with the minimum being 10 K per year.”
RareBreed Ventures invested $100,000 in MainStreet's $60 million funding round
“We got to be a small check in the second round of Main Street. For those who don't know, Main Street's second round was a sixty million dollar round. I got to put a hundred K check on that round.”