I had the pleasure of meeting Mac through Twitter then over Zoom last October. Over the holidays, I sat down with Mac Conwell to chat about his journey as an emerging manager, launching RareBreed VC, his investment philosophy, and his advice for those who want to follow in his footsteps.
McKeever “Mac” Conwell II is a software engineer by trade and was a former DOD contractor with “top-secret clearance doing a lot of cool stuff I can never talk about.” Mac spoke candidly about the highs and lows of his early career that ultimately led him to VC. He was…
Over the last few years, SaaS has become a very profitable investment for venture capital firms. In 2019, $136.5B was invested in SaaS companies in the US alone. More and more SaaS companies have entered the market, disrupting current practices and helping customers streamline their businesses and eliminate manual processes.
First, SaaS businesses provide predictable, recurring revenue, a draw for any VC firm. The SaaS model also allows startups to grow their customer base for the same costs, more or less. In this way, SaaS startups are incredibly capital efficient.
Over the years, I have simultaneously been a managing director with Silicon Valley Bank, a limited partner, an advisor, and a mentor. When I was with an operator in a fund, we were trying to manage it all with a combination of spreadsheets, Affinity, Google products, AngelList, Trello, and email, but things started falling through the cracks.
We started missing deals, missing economics that fit our thesis, and dropping the ball with helping founders — the core of our mission.
And it’s no wonder. Proper portfolio management has so many moving pieces.
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