Answer extracted from the The Angel Next Door podcast — listen to the full episode below.
What check sizes does Adaptation Ventures deploy, and how is capital structured?
Adaptation Ventures raises $150 to $250 million total, with approximately 20% held in reserve for pre-seed investments. Limited partners commit at the angel level: $36,000 over a three-year period ($12,000 per year), called once annually for predictability. When co-investment opportunities arise, the ceiling is unbounded—founders receive a guaranteed base level of capital, but the upside is not capped.
This structure is intentional. By establishing predictable LP commitments, Adaptation Ventures gives founders clarity about how much capital they will receive in their initial check, removing uncertainty from the fundraising process. The three-year call schedule—$12,000 annually—allows angel investors to budget for their participation without large one-time commitments.
The 20% reserve function is strategic. Rather than deploying all capital immediately across the fund's target of 20 to 30 companies, Adaptation Ventures maintains reserve capital for follow-on investments. As detailed in the podcast episode, this reserve ensures the fund can support its portfolio companies as they hit milestones and need additional runway before Series A.
How co-investment works with the pre-seed structure
The fund's design separates the base allocation from co-investment opportunities. Every LP knows they will contribute $12,000 annually—a fixed, predictable number. But when a portfolio company demonstrates momentum and attracting additional capital makes sense, Adaptation Ventures opens the door to co-investment at higher check sizes. This flexibility rewards active, engaged LPs without forcing smaller investors to participate beyond their committed level.
For founders, the result is clarity: they know the fund's base commitment is reliable, and they can structure their pre-seed round around that predictable capital plus any co-investment from other fund members. This approach is explained in detail in the full episode, where Brittany Palmer discusses how founders with disabilities benefit from a fund structure designed specifically for transparency and founder success.
"We designed for the kind of hardest user in mind, and when it hits universal appeal, it just explodes."
Brittany Palmer — Co-Founder, Adaptation Ventures. Born with a bilateral below-elbow limb difference, Palmer grew up adapting to her environment without modern digital resources. She transitioned from environmental health and safety consulting to founding a disability tech company focused on equal access to travel for people with limited mobility. She now co-leads Adaptation Ventures, a pre-seed fund and investor community focused on disability, neurodivergence, accessibility, and aging.
The fund structure reflects a deeper philosophy: by removing barriers to predictable funding, Adaptation Ventures removes friction from the pre-seed process. The episode also explores how Adaptation Ventures uniquely includes people with disabilities as voting LPs, ensuring the fund's decision-making reflects the lived experience of the communities it serves.
See also
How does Adaptation Ventures differentiate itself by including people with disabilities as accredited LPs?
Adaptation Ventures is uniquely structured with accredited investors who have disabilities—including people who are blind, deaf or hard of hearing, and with neurodivergence—as voting LPs in the fund, ensuring the fund's governance and investment decisions reflect lived experience.
What types of companies and sectors is Adaptation Ventures investing across in its pre-seed portfolio?
Adaptation Ventures is seeing a 50/50 or slightly hardware-weighted split between software and hardware companies across sectors including education, employment, travel, and daily living solutions.
What percentage of founders with disabilities successfully raise venture funding compared to able-bodied counterparts?
A study done in the UK showed that founders with disabilities are 400 times less likely to raise funding than their able-bodied counterparts, revealing a massive gap in venture capital access and a critical market opportunity.
Key takeaways
- Adaptation Ventures deploys capital from a $150–$250 million fund, with 20% reserved for follow-on investments in its portfolio.
- LP minimums are set at $36,000 over three years ($12,000 annually), called once per year for budget predictability.
- Founders receive a guaranteed base allocation, with unbounded co-investment upside available to LPs who wish to participate.
- The reserve structure ensures capital is available for follow-on funding as portfolio companies hit milestones before Series A.