In 2020, Mac Conwell founded Rarebreed VC, which is focused on investing in “super early-stage” founders beyond the major tech hubs of San Francisco, New York, and Massachusetts.
Products that build efficiency for administrative tasks make more time for Mac to focus on founders, he says.
“I’m a solo GP, effectively,” says Mac, who founded two startups before becoming a first-time fund manager. “I have help, but not much full-time help. So I was looking for a partner that could do more.”
Mac found that partner in Carta, for both fund administration and AML/KYC compliance.
The way [Carta shows] performance…the way they do capital calls…the ease of finding tax documents. … These are little things that take stuff off my to-do list.
Founder, Rarebreed VC
Mac appreciated the prompt onboarding experience at Carta. Before working with Carta, Mac tried out another fund admin service, but was disappointed: “They were not moving fast enough, and when I called, they sort of gave me the runaround.”
“I got connected to the folks at Carta, and within a week they were getting things going. They were responsive. It was such a pleasant experience. Carta’s been a great partner.”
In the years since, that speed in execution has continued. “If I’m looking to do something fast, there’s always somebody within the organization I can contact who will be there to make sure I’m always taken care of. Which I can’t say that about almost any other service provider I have,” says Mac.
Easier LP communication
Mac says Carta helps him save time when he’s communicating with LPs. Carta’s LP Portal lets limited partners sign in to access documents they need without Mac needing to assist them.
“Carta is there if they need a document, like a K-1. If they need some information, it’s most likely in Carta.”
The synergies of the Carta platform make assembling quarterly reports and answering one-off LP questions on portfolio company status easy, says Mac.
Because so many of Mac’s portfolio companies are on Carta for their cap tables, network effects make information sharing even easier. When reporting on portfolio companies to LPs, Mac doesn’t have to chase down information because it’s already on Carta.
“I don’t have to worry about reaching out to those founders, like, hey, send me your updated cap tables,” says Mac.
Smooth capital calls
And with 194 LPs, Mac says Carta helps him manage capital calls with ease. Carta gives GPs a view into where each investor is in an active capital call, without the manual and time-consuming follow-up.
“I have a lot of smaller LPs—if this is their first time, they may not know the series of a capital call or how the timing works. Carta gives me an easy place to go and check and see where people are.”
A consistently improving product
Ever since Mac signed on with Carta, he’s been impressed with the new features and consistent improvements.
“Carta’s always doing product development: The way they show performance has improved significantly. The way they do capital calls has been streamlined. The ease of finding tax documents, the way they even handle doing LPA and subscription docs internally—these are little things that take stuff off my to-do list.”
Disclosure: Carta is an investor in Rarebreed Ventures.