Adventure Fund Research
Overview
Adventure Fund (also operating as Bold, Inc.) is a Brooklyn, NY-based venture capital firm founded in 2011/2012. The firm is led by General Partners Marty Ringlein and William Hubbard. Adventure Fund operates across three distinct investment modes: (1) early-stage direct investments, (2) an in-house incubator for zero-to-one company building, and (3) a meta-fund that invests in other funds for late-stage exposure.
Investment Thesis
Adventure Fund's thesis is expressed in their tagline: "We believe that the road-trip is as important as the road-map." The firm invests in early-stage founders and their teams, prioritizing relationships — they focus on founders in their network or in industries they know well. Design is a core differentiator in their investment decisions: they look for products they themselves would be passionate consumers of, and get most excited when strong design can provide a competitive advantage.
The firm emphasizes that their value extends beyond the check size. They are willing to roll up their sleeves and actively help founders go-to-market, close deals, fundraise, and negotiate M&A.
Investment Modes
1. Early-Stage Direct Investments
The firm's primary activity. Focused on Pre-Seed and Seed stage companies, with a preference for founders in their extended network. Portfolio spans fintech, developer tools, enterprise software, consumer apps, healthcare, gaming, media, and more.
2. Incubator (Zero-to-One)
Adventure Fund brings ideas in-house to build from scratch. Incubator alumni include Gather (couples budgeting), Lolly (dating app), niche (influencer media platform), Promoted (employee advocacy), InGo (event marketing), and Canvas Co/Work (co-working).
3. Meta Fund (Fund-of-Funds)
The firm invests in other funds to gain late-stage exposure. LP relationships include Andreessen Horowitz (a16z), Founders Fund, Tiger Global, NextGen Venture Partners, and Singh Capital Partners.
Team
Marty Ringlein – General Partner Marty is a 5x exited founder turned venture capitalist. He sold his first startup to Twitter pre-IPO and has additional exits to Eventbrite, Invision, WPP, and Brex. He is currently also the CEO and co-founder of Agree.com, and an Adjunct Professor at Northwestern University in the Master's program for Product Design and Development. His LinkedIn is at linkedin.com/in/martymadrid/. Marty is personally an LP in a16z, Tiger Global, and Founders Fund, reflecting the fund's meta-fund strategy.
William Hubbard – General Partner William is also a General Partner at Adventure Fund. Previously, he was the Founder and COO at ChemiSense.
Stage Focus
Primarily Pre-Seed and Seed stage for direct investments. The meta-fund enables late-stage exposure via fund-of-funds strategy.
Check Size
Not explicitly stated on website. Given the early-stage focus and size of portfolio companies (ranging from small startups to SpaceX and Uber), the fund likely writes checks from $50K to $500K for early-stage, with follow-on capacity.
Geographic Focus
Based in Brooklyn, NY. Portfolio spans US-based companies predominantly, with some international exposure (Paytm in India, TransferWise/Wise globally).
Portfolio Highlights
Adventure Fund's portfolio includes some of the most recognizable names in tech:
- Stripe – Global payments infrastructure
- SpaceX – Aerospace and rockets
- Coinbase – Leading cryptocurrency exchange
- Roblox – Gaming platform (IPO 2021)
- Chime – Mobile banking fintech
- Plaid – Financial data connectivity
- Deel – Global HR and payroll
- Uber – Ride-sharing platform
- Carta – Equity management platform
- Beehiiv – Newsletter publishing platform
- TransferWise (Wise) – International money transfers
- Liveblocks – Real-time collaboration infrastructure
- Aescape – AI-powered wellness robotics
- Collective – Business-of-One platform
- Acquire.com – Startup acquisition marketplace
- Safara – Unified hotel loyalty program
- Vital – Healthcare data API
- Capbase – Startup formation platform
- Stoplight – API design management
- Palla – International payments app
- SwagUp – Corporate swag platform
- Limbix – Prescription digital therapeutics
- Dialup – Voice chat social app
- Clover – Notes and productivity app
- Paytm – India's leading fintech platform
Decision Process
Given the small partnership (2 GPs), decision-making is likely a partnership model. The fund emphasizes relationship-driven sourcing, so warm introductions through the founders' networks are likely important.
Recent Activity
The Adventure Fund website was last updated with copyright through 2023. The fund has been active since 2011/2012, with a substantial portfolio of 30+ companies. Recent additions appear to include Beehiiv, Safara, Aescape, and Acquire.com based on website ordering.
Key Differentiators
- Design-first philosophy – Strong conviction that design provides competitive advantage
- Operator background – Both GPs are founders with multiple exits and hands-on startup experience
- Meta fund strategy – Unique combination of direct investments + fund-of-funds for late-stage exposure
- Incubator capability – Can build companies from zero-to-one, not just write checks
- Network-driven – Relationship-first sourcing from an extended founder network