Insight Partners Invests $15 Million Into Minority-Led Early-Stage Firms

As a managing director of VC firm Insight Partners, Richard Wells feels the weight of his privilege. The son of an Ecuadorian immigrant mother, but who looks and carries the name and appearance of his white father, Wells knows that how he passes has helped his career. “When I sit on a panel of folks that do what we do, I have joked that I have the same haircut and look very similar to everyone else, all the white guys,” Wells tells. “And I recognize that's an advantage for me.

As industry veterans, Wells and his partners have heard over and over again how hard it is for fund managers to raise money if they are also women, people of color or members of the LGBTQ+ community, especially when it’s their first vehicle. For these managers, having an LP like Insight could have an impact far beyond just an investment. Wells knew he wanted to do something — the other partners at Insight did too — and the team started brainstorming how they could make the biggest difference.

Wells says he hopes this initiative spans further than the investment, providing guidance and resources for the budding funds, too. Mac Conwell, founder and managing partner at Baltimore-based RareBreed Ventures says such involvement makes all the difference. “I appreciate the work that Insight is doing with the vision fund,” Conwell tells. “To get an LP like Insight is a stamp of approval from such a large institution. It shows that they truly believe that funds like RareBreed can succeed.

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