AdTech investors electrifying programmatic and media technology in 2025

The adtech market split into winners and losers after Apple's privacy changes and cookie deprecation. Investors who backed programmatic platforms in 2019 watched valuations crater in 2022. Now they're being selective about privacy-compliant attribution and first-party data platforms. You'll find two types of adtech investors: those who understand the technical complexity of real-time bidding infrastructure, and those who think adtech is just building another dashboard.

Quick list

Finding investors who understand adtech complexity

Experience: Find investors who’ve backed companies navigating cookie deprecation and iOS privacy updates. Most VCs don’t understand the difference between attribution and measurement. When sharing sensitive materials like pipeline data, consider sending confidential documents safely to protect your information.

Network: Check if they can intro you to media agencies or DSP partnerships. Those relationships matter more than connections to other adtech founders.

Alignment: Growth investors often don't understand early-stage burn rates for real-time bidding infrastructure. They'll push for profitability when you need to build data pipelines.

Track record: Look at whether their adtech portfolio companies survived privacy regulation changes. Companies that pivoted away from third-party cookies are red flags. Use Ellty to share your deck with trackable links. You'll see who actually opens your technical architecture slides versus just skimming revenue projections.

Value-add: Ask what operational support they provide during agency partnerships or DSP integrations. Generic "we have a great network" answers are useless. Most investors who claim adtech expertise backed one programmatic platform in 2017 and haven't followed privacy regulation changes since.

Getting responses from adtech investors

• Identify potential investors: Research recent deals on Pitchbook or Crunchbase and filter for 2024-2025 investments in privacy-compliant solutions. Seed funds won't lead your Series B, no matter how strong your programmatic revenue is.
• Craft a compelling pitch: Show eCPM improvements and advertiser retention rates in your pitch. Most investors are tired of "cookieless future" claims without actual first-party data activation metrics.
• Share your pitch deck: Upload to Ellty and send trackable links. Monitor which pages investors spend time on - if they skip your attribution methodology slides, that's useful information about their technical depth.
• Utilize your network: Message portfolio founders on LinkedIn and ask about response times during privacy regulation pivots. Most will be honest about which investors actually helped with agency relationships.
• Attend networking events: Programmatic IO and AdMonsters Ops are where adtech deals actually happen. Skip the general martech conferences.
• Engage on online platforms: Connect with partners on LinkedIn after you've been introduced by a portfolio company founder. Cold DMs rarely work in adtech unless you have exceptional scale.
• Organize due diligence: Set up an Ellty data room with your data processing agreements and privacy compliance documentation before they ask. It speeds up the process when they want to review your consent management approach.
• Set up introductory meetings: Lead with your advertiser LTV and platform take rates. Don't waste 20 minutes on total addressable market slides about digital advertising growth they've seen 100 times. Share file in a secure way for any sensitive analytics or workflow documentation you present.

Why adtech investing changed in 2025

Cookie deprecation finally happened after years of delays. Investors now separate privacy-compliant platforms from legacy third-party cookie businesses. Retail media networks hit $60B in US ad spend in 2024, pushing valuations higher for first-party data platforms. The AI integration wave created new opportunities in creative optimization and dynamic ad generation. Companies that can't explain their consent management strategy and privacy compliance struggle to raise. CTV advertising crossed $30B in 2025, making streaming ad platforms attractive to growth investors who ignored them in 2022.

20 top adtech investors

1. Insight Partners

Growth equity specialist who understands content recommendation economics and native advertising unit economics.

• Recent Deals: Taboola (SPAC 2021, $2.6B valuation), content discovery platform investments in 2025
• LinkedIn: Jeff Horing
• Sector Focus: content recommendation, native advertising, programmatic platforms, ad tech infrastructure
• Stage Focus: Series C, Growth, Pre-IPO
• Location: New York, USA
• Website: insightpartners.com

2. Accel

Backed product analytics through IPO and understands attribution and measurement platform economics.

• Recent Deals: Amplitude (IPO 2021, $4B+ valuation), analytics platform investments in Q3 2025
• LinkedIn: Ping Li
• Sector Focus: product analytics, attribution, measurement platforms, marketing analytics
• Stage Focus: Series B, Series C, Growth
• Location: Palo Alto, USA / London, UK
• Website: accel.com

3. Bain Capital Ventures

Retail media network specialist with strong relationships in e-commerce advertising.

• Recent Deals: Attentive ($230M Series E, 2022), retail media platform investments throughout 2025
• LinkedIn: Enrique Salem
• Sector Focus: retail media, SMS marketing, e-commerce advertising, first-party data platforms
• Stage Focus: Series B, Series C, Growth
• Location: Boston, USA / San Francisco, USA
• Website: baincapitalventures.com

4. Lightspeed Venture Partners

Early-stage focus on brand safety and ad verification with proven enterprise adoption.

• Recent Deals: DoubleVerify (IPO 2021, $5B valuation), verification tool investments in 2025
• LinkedIn: Nicole Quinn
• Sector Focus: ad verification, brand safety, fraud detection, viewability measurement
• Stage Focus: Series A, Series B, Series C
• Location: Menlo Park, USA
• Website: lsvp.com

5. Tiger Global

Moves fast on mobile attribution platforms with strong app advertiser relationships.

• Recent Deals: AppsFlyer ($210M Series D, 2020), mobile measurement platform investments in 2025
• LinkedIn: Scott Shleifer
• Sector Focus: mobile attribution, app marketing, measurement platforms, mobile ad tech
• Stage Focus: Series B, Series C, Growth
• Location: New York, USA
• Website: tigerglobal.com

6. General Catalyst

Identity resolution specialist who understands first-party data activation economics.

• Recent Deals: LiveRamp (various rounds), identity platform investments throughout 2025
• LinkedIn: Hemant Taneja
• Sector Focus: identity resolution, data onboarding, audience platforms, privacy tech
• Stage Focus: Series A, Series B, Series C
• Location: Cambridge, USA / San Francisco, USA
• Website: generalcatalyst.com

7. Battery Ventures

Ad verification focus with experience scaling platforms through IPO.

• Recent Deals: Integral Ad Science (IPO 2021, $2.5B valuation), verification investments in 2025
• LinkedIn: Neeraj Agrawal
• Sector Focus: ad verification, quality measurement, brand safety, programmatic transparency
• Stage Focus: Series B, Series C, Growth, Pre-IPO
• Location: Boston, USA / San Francisco, USA
• Website: battery.com

8. SignalFire

Data-driven sourcing for CTV and streaming advertising platforms with strong growth metrics.

• Recent Deals: CTV advertising platforms, streaming ad tech investments throughout 2025
• LinkedIn: Chris Farmer
• Sector Focus: CTV advertising, streaming platforms, video ad tech, programmatic video
• Stage Focus: Seed, Series A, Series B
• Location: San Francisco, USA
• Website: signalfire.com

9. Sapphire Ventures

Enterprise SaaS focus with expertise in native advertising and content marketing platforms.

• Recent Deals: Outbrain (various rounds, SPAC 2021), native advertising investments in 2025
• LinkedIn: Jai Das
• Sector Focus: native advertising, content marketing, recommendation engines, publisher monetization
• Stage Focus: Series C, Growth, Pre-IPO
• Location: Palo Alto, USA / Austin, USA
• Website: sapphireventures.com

10. Summit Partners

Growth equity specialist in proven martech and adtech businesses with strong revenue models.

• Recent Deals: Various martech platforms, advertising technology growth investments in 2025
• LinkedIn: Michael Medici
• Sector Focus: martech, adtech platforms, media technology, enterprise advertising
• Stage Focus: Growth, Pre-IPO
• Location: Boston, USA / Palo Alto, USA
• Website: summitpartners.com

11. Volition Capital

Boston-based investor backing B2B advertising platforms with proven unit economics and profitability.

• Recent Deals: B2B advertising platforms, intent data investments throughout 2025
• LinkedIn: Larry Cheng
• Sector Focus: B2B advertising, intent data, account-based marketing, demand generation
• Stage Focus: Series B, Series C, Growth
• Location: Boston, USA
• Website: volitioncapital.com

12. PeakSpan Capital

Growth-stage specialist in programmatic platforms and ad tech infrastructure with strong margins.

• Recent Deals: Programmatic advertising platforms, ad tech infrastructure investments in 2025
• LinkedIn: Matt Melymuka
• Sector Focus: programmatic advertising, DSP platforms, SSP technology, ad exchanges
• Stage Focus: Series B, Series C, Growth
• Location: San Francisco, USA
• Website: peakspancapital.com

13. Elaia Partners

European adtech specialist focused on privacy-compliant advertising and GDPR solutions.

• Recent Deals: Privacy-first adtech platforms, contextual advertising investments in 2025
• LinkedIn: Xavier Lazarus
• Sector Focus: privacy tech, contextual advertising, consent management, GDPR compliance
• Stage Focus: Series A, Series B, Series C
• Location: Paris, France
• Website: elaia.com

14. Greycroft

Creator economy focus with investments in influencer marketing and social commerce platforms.

• Recent Deals: Influencer marketing platforms, creator monetization tools in 2025
• LinkedIn: Ian Sigalow
• Sector Focus: influencer marketing, creator economy, social commerce, UGC platforms
• Stage Focus: Seed, Series A, Series B
• Location: New York, USA / Los Angeles, USA
• Website: greycroft.com

15. Spark Capital

Social media advertising specialist with early Twitter investment and ongoing social ad tech focus.

• Recent Deals: Twitter (early investor), social advertising technology investments in 2025
• LinkedIn: Nabeel Hyatt
• Sector Focus: social advertising, social media platforms, community monetization, creator tools
• Stage Focus: Series A, Series B, Series C
• Location: San Francisco, USA / Boston, USA
• Website: sparkcapital.com

16. Craft Ventures

B2B intent data specialist backing advertising intelligence and buyer signal platforms.

• Recent Deals: Intent data platforms, B2B advertising intelligence investments in 2025
• LinkedIn: David Sacks
• Sector Focus: intent data, buyer signals, B2B advertising, sales intelligence
• Stage Focus: Series A, Series B, Series C
• Location: San Francisco, USA
• Website: craftventures.com

17. Union Square Ventures

Early Taboola backer now focused on contextual advertising and privacy-first solutions.

• Recent Deals: Taboola (early investor), contextual advertising platforms in 2025
• LinkedIn: Fred Wilson
• Sector Focus: contextual advertising, privacy-first ad tech, content platforms, publisher tools
• Stage Focus: Seed, Series A, Series B
• Location: New York, USA
• Website: usv.com

18. Highland Europe

European growth investor backing adtech platforms with proven US market traction.

• Recent Deals: European adtech scale-ups, cross-border advertising platforms in 2025
• LinkedIn: Laurence Garrett
• Sector Focus: programmatic platforms, mobile advertising, video ad tech, cross-border adtech
• Stage Focus: Series B, Series C, Growth
• Location: London, UK / Geneva, Switzerland
• Website: highlandeurope.com

19. OpenView Venture Partners

Product-led growth specialist in self-serve advertising platforms and SMB-focused ad tech.

• Recent Deals: Self-serve ad platforms, SMB advertising tools throughout 2025
• LinkedIn: Blake Bartlett
• Sector Focus: self-serve advertising, SMB ad platforms, product-led growth, SaaS advertising
• Stage Focus: Series A, Series B, Series C
• Location: Boston, USA
• Website: openviewpartners.com

20. IA Ventures

Data infrastructure focus on identity graphs and attribution systems with technical depth.

• Recent Deals: Identity resolution platforms, attribution infrastructure investments in 2025
• LinkedIn: Roger Ehrenberg
• Sector Focus: identity graphs, attribution systems, data infrastructure, privacy tech
• Stage Focus: Seed, Series A
• Location: New York, USA
• Website: iaventures.com

How Ellty helps adtech founders close deals faster

These 20 investors closed adtech deals from 2023 to November 2025. Before you start pitching, get your tracking infrastructure in place.

Upload your deck to Ellty and create a unique link for each investor. You'll see exactly which slides they view and how long they spend on your attribution methodology. Most adtech founders are surprised to learn investors skip their market opportunity slides but spend 5+ minutes on data processing agreements and privacy compliance sections.

When investors ask for technical documentation, share an Ellty data room instead of scattered Google Drive folders. Your DSP integration specs, data processing agreements, and agency contracts in one secure place with view analytics. You'll know if they're actually reviewing your consent management approach or just collecting decks.

Common questions

How do I know if an investor understands privacy-compliant adtech?

Check if their portfolio companies pivoted after iOS 14.5 and cookie deprecation. If they're still backing third-party cookie platforms, they don't understand the current market.

Should I pitch programmatic investors if I'm building a retail media network?

Maybe. Some programmatic investors expanded into retail media, but most don't understand first-party data economics. Find investors who've backed commerce media platforms instead.

What's the difference between early-stage and growth adtech investors?

Early-stage investors want to see product-market fit with 10-20 advertisers. Growth investors need proven unit economics and platform take rates above 20%. Don't pitch growth metrics to seed funds.

How many adtech investors should I reach out to?

Start with 25-30 that match your stage and subsector. Track engagement with Ellty so you know who's actually interested versus collecting competitive intelligence.

When should I prepare privacy compliance documentation?

Before first meetings with any investor. They'll ask for data processing agreements and consent management specs within 24 hours if they're serious.

Do investors actually care about technical architecture in adtech pitches?

Yes, especially for programmatic platforms. Use Ellty analytics to see which technical slides get attention. If they skip your real-time bidding infrastructure section, they probably don't understand the technical complexity.