Top 15 Advertising Investors in 2025
Global digital advertising spend reaching $740B in 2025 (15% growth YoY per eMarketer projections) with AI transformation creating massive opportunity: generative AI for creative ($85B subsector), programmatic optimization, influencer marketing platforms, privacy-first advertising tech (post-cookie world), and connected TV/retail media networks. According to CB Insights adtech funding data, adtech raised $12B+ in 2025 with 2025 accelerating as AI capabilities mature.
Top advertising investors bring specialized value: media buying expertise, agency partnerships, brand relationships, attribution modeling knowledge, privacy/regulatory navigation (GDPR, CCPA, iOS privacy changes), and understanding advertising economics (CAC, ROAS, attribution windows). Aperiam Ventures, Circadian Ventures, and media-focused VCs have deep advertiser networks and martech operational expertise.
For adtech founders raising capital, use Peony to showcase metrics that matter to advertising investors: AI organization structures campaign data and client case studies, engagement analytics identify serious investors, branded presentation demonstrates creative sophistication advertisers appreciate. Purpose-built for adtech fundraising.
Here are the top 15 advertising and adtech investors per Visible.vc research and Signal NFX rankings.
Leading Investors in Advertising & AdTech
1. Aperiam
A pure-play adtech and martech VC based in New York, Aperiam provides funding as well as advisory and technology orchestration—offering deep industry alignment and support. Visible.vc
2. North Base Media
Focused on journalistic enterprise, engagement, and monetization software, this Washington DC-based firm backs advertising opportunities in emerging markets (check sizes around $750K). Visible.vc
3. Circadian Ventures
An early-stage investor based in Atlanta, Circadian backs ambitious adtech startups at the Seed and Series A stages with strategic partnership and growth focus. Visible.vc
4. Ground Up Ventures
A pre-seed and seed-stage investor from New York, Ground Up builds hands-on relationships with founders, offering guidance and accountability through early-stage growth. Visible.vc
5. Aperiam Ventures (as part of Firsthand’s round)
Firsthand, an AI-driven brand agent platform, raised $26M in Series A, led by Radical Ventures with contributions from Aperiam Ventures among others—highlighting its continued presence in adtech funding. Axios
Notable VCs Influencing the Advertising Landscape
6. Fifth Wall
Recognized in seed-stage advertising categories by founders, Fifth Wall is a key seed investor cited frequently in community-compiled lists. Signal NFX
7. Commerce Ventures
Consistently ranked as a top seed-stage investor in advertising verticals—strong in early-stage adtech backing. Signal NFX
8. Upfront Ventures
Another heavy-hitter in the seed-stage advertising investment ecosystem, credited by founders in community voting. Signal NFX
Broader Venture Capital Titans With Ad Exposure
9. Founders Fund
This powerhouse ($17B AUM in 2025) invests across ambitious, deep-tech ventures—including adtech by extension of its broader internet and platform investments. Wikipedia
10. Thrive Capital
With about $25B under management, Thrive backs growth-stage internet and software startups—often intersecting with advertising and creator economy investments. Wikipedia
Media & Entertainment VC Firms with Advertising Overlap
11. Baseline Ventures
An early seed-focused firm (founded by Ron Conway), known for media and tech investments—relevant for adtech startups seeking seasoned media support. Visible.vc
12. Lerer Hippeau
Supports early-stage ventures in media and advertising from its NYC base—strong for founders targeting brand and content marketing spaces. Visible.vc
13. Muse Capital
A Los Angeles-based seed-to-Series B investor focusing on consumer disruption, including ad-supported platforms. Visible.vc
14. Founders Fund (repeat category, but worth reinforcing)
Already mentioned—but its deep pockets and track record in scalable platforms underscore its appeal to adtech founders. Visible.vc
15. Lightspeed Venture Partners
A multi-stage investor active across consumer tech and marketing tech—ideal for startups expanding through advertising ecosystems. Visible.vc
Quick Summary Table
| Investor / Firm | Stage & Focus |
|---|---|
| Aperiam | Adtech/martech, advisory + VC |
| North Base Media | Emerging markets, monetization tech |
| Circadian Ventures | Early-stage, broad tech-enabled startups |
| Ground Up Ventures | Pre-seed/seed, founder-focused |
| Aperiam Ventures (via Firsthand round) | AI brand marketing platforms |
| Fifth Wall, Commerce Ventures, Upfront | Ad-focused seed-investors |
| Founders Fund, Thrive Capital | Large-scale tech/platform growth |
| Baseline Ventures, Lerer Hippeau, Muse | Media & content-driven tech startups |
| Lightspeed Venture Partners | Consumer/internet advertising scale |
Adtech Investment Criteria
Per TechCrunch adtech funding analysis:
Technology criteria:
- AI/ML for targeting, creative, or attribution
- Privacy-compliant (GDPR, CCPA, iOS changes)
- Differentiated vs incumbents (Google, Meta duopoly)
- Scalable technology infrastructure
Business criteria:
- Recurring revenue (SaaS models preferred)
- Customer LTV > 3x CAC
- Gross margins 60%+ (software economics)
- Clear path to $20M+ revenue
- Demonstrated ROI for advertisers (3-10x ROAS)
Market criteria:
- Large TAM ($5B+ subsector)
- Growing category (AI-generated creative, retail media, CTV)
- Regulatory tailwinds or navigable headwinds
Preparing to Pitch Adtech Investors
Essential materials:
- Pitch deck emphasizing technology differentiation and advertiser ROI
- Campaign performance data and case studies
- Attribution methodology and validation
- Competitive positioning vs incumbents
- Regulatory compliance strategy
Use Peony to organize: Peony helps adtech founders present data professionally:
Data-heavy materials: AI organization structures campaign data, attribution models, client results
Investor targeting: Analytics show which investors spend time on your technology (technical believers) vs business model (business-focused)
Creative presentation: Branded data rooms demonstrate the creative sophistication advertisers expect
Conclusion
Advertising and adtech requires investors understanding advertising economics, privacy regulations, and competitive dynamics against Google/Meta duopoly. Choose investors matching your stage (Ground Up/Circadian for seed, Aperiam for growth), category (Aperiam for martech, North Base for media), and geographic focus.
Professional fundraising: Peony data rooms