In just about five minutes, McKeever “Mac” Conwell II laid before sitting federal legislators a case for empowering founders and funders from marginalized backgrounds that has underscored much of his career.
The Baltimore-based managing partner of RareBreed Ventures, a pre-seed fund aimed at founders working outside of the most known and most cash-rich tech hubs, delivered this case while testifying at a hearing of the US House of Representatives Financial Services Subcommittee on Capital Markets. The session revolved around seven bills related to the Improving Capital Allocation for Newcomers Act, which Rep. William Timmons IV (R-South Carolina) first introduced in 2021. The original legislation shifts the thresholds at which investment firms are considered venture capital firms from having maximums of $10 million and 250 limited partners to $150 million and 600 LPs, respectively.
By relating the story behind RareBreed Ventures’ creation, Conwell argued that these barometers would enable funds like his — that is, funds with many smaller investors — to continue driving innovation from Black and other under-resourced founders.
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