[VC Unlocked] Fireside Chat with Mac Conwell of RareBreed VC

TL;DR

Mac Conwell shares his journey in the venture capital industry, offering valuable insights on fundraising, building a team, and selecting companies to invest in.

Transcript

good to go so i'm excited to kick off today's fireside chat once again with matt conwell from rarebreedvc our webinar will be hosted by baji yang managing partner here at 500 startups for those of you who just joined my name is vanessa samaniego and i'm in charge of operations for 500 investor education programs we'll be taking questions throughout... Read More

Key Insights

• 💪 Building a strong network of investors is crucial for fundraising success.
• 🏛️ Authenticity and transparency are essential in negotiations and building relationships.
• 🧑‍💼 The economics of venture capital, including fund management fees and back-office costs, should be carefully considered.
• 📁 Warm intros are not always necessary, and direct outreach from founders is encouraged.

Questions & Answers

Q: How did Mac Conwell raise funds for RareBreedVC and what role did Twitter play?

Mac leveraged his personal network and actively engaged with investors on Twitter, resulting in connections, co-investment opportunities, and funding for his fund.

Q: How did Mac find the right team members for RareBreedVC?

Mac sought team members who believed in his investment thesis and had complementary skill sets, such as fundraising expertise. He found a partner through mutual connections and shared values.

Q: How does Mac evaluate companies and what qualities does he look for in founders?

Mac looks for founders with unique customer acquisition strategies or skills in legacy markets. He values out-of-the-box thinking and the ability to navigate challenges creatively.

Q: How did Mac successfully fundraise during the global pandemic and financial crisis?

The transition to virtual meetings made fundraising easier, allowing Mac to connect with investors and close deals more efficiently. However, the stability of the capital markets is crucial, as investor appetite may vary.

Summary & Key Takeaways

• Mac Conwell began as a software engineer and co-founded several startups before starting his own pre-seed fund, RareBreedVC.

• He focuses on investing in under-networked entrepreneurs outside of major tech ecosystems, aiming to create a more diverse venture capital landscape.

• Mac emphasizes the importance of building a strong network of investors, being authentic and transparent in negotiations, and having a clear investment thesis when selecting companies.