VC fundraising for adtech software companies
Adtech VC has been through a long cycle since the open-web peak. Capital concentrates in retail media, CTV, identity infrastructure and AI-powered measurement, with the legacy DSP/SSP middle harder to fund unless there's a clear roll-up thesis. A small set of adtech-specialist funds does most of the underwriting, pricing on take rate and net revenue rather than gross.
Active investors are mostly adtech-specialist seed and growth funds, a smaller group of media and commerce-fluent generalists, and corporate venture arms attached to large media, retail and ad-platform groups. Flow has direct relationships with the adtech specialists and the media and retail CVCs that still write cheques in the category.
Flow has experience running VC fundraising processes for adtech companies across DSPs and SSPs, ad servers and verification, retail media and CTV, programmatic and identity infrastructure, and creative and measurement tools. Our extensive investor network spans early-stage seed funds, growth-stage investors, and strategic and corporate VC arms.
"Adtech software" KPIs VC investors look at
The metrics venture investors benchmark before pricing a round - in diligence, at the IC table, on the term sheet.
Net revenue
Gross revenue
Spend under management
Take rate
Net retention
Advertiser count
Customer concentration
Bad debt rate
Contribution margin
CAC payback
Adtech software valuations in May 2026
Public adtech software comps trade at 1.0x EV/Revenue. Median revenue multiple across adtech software VC rounds was 19x in the last 12 months.
1.0x
Median EV/Revenue as of May 2026 for public adtech software companies
12x
Alphabet is the highest valued public adtech software company based on EV/Revenue (excluding outliers)
3.6x
Median EV/Revenue across adtech software M&A deals in the last 12 months
19x
Median EV/Revenue across adtech software VC rounds in the last 12 months
Key recent adtech software VC rounds
$54M Undisclosed stage raised by Kubik was the largest adtech software VC round completed in the last six months.
See all adtech software VC rounds| Logo | HQ | Description | Investors | |||||
|---|---|---|---|---|---|---|---|---|
Apr-26 | Kubik |  | Kudwa delivers virtual CFO services for SMEs through technology that links business systems for financial data analysis and insights. Automation covers reporting, variance analysis, forecasting, and KPI tracking across entities. A dedicated CFO provides oversight with recommendations on performance amid multi-currency and multi-jurisdiction data. | Alaris Equity Partners | $54M | - | Undisclosed stage | |
Apr-26 | Bluefish Labs |  | Bluefish Labs is a Tel Aviv-headquartered platform that deploys generative AI agents for personalized brand marketing across social media. The company automates content creation, audience targeting, and performance analytics to scale campaigns on platforms like Instagram and TikTok. Bluefish enables brands to generate videos, images, and copy tailored to consumer preferences, driving engagement through conversational AI interactions. Launched in 2023, it serves consumer goods and fashion companies seeking direct-to-consumer growth. | Amex VenturesBloomberg Beta+7 | $43M | - | Series B | |
Dec-25 | Fluency | | Fluency is a New York-headquartered enterprise platform for robotic process automation in digital advertising. It automates campaign management tasks across Google Ads, Meta, and programmatic exchanges for agencies handling multi-million-dollar media budgets. Clients include in-house marketing teams at large organizations and specialized digital firms overseeing thousands of accounts. Launched to streamline bid optimization, reporting, and compliance, Fluency processes billions in ad spend annually and integrates with data warehouses like Snowflake for performance analytics. | Integrity Growth Partners | $40M | - | Series A | |
Feb-26 | Brandlight | | Brandlight is an AI narrative platform helping brands influence search engine responses and recommendations. It shapes AI-driven customer perceptions in conversational interfaces. The service targets marketers optimizing visibility in AI ecosystems like chatbots and assistants. | Cardumen CapitalG20 Ventures+1 | $30M | - | Series A | |
May-26 | Conductor | | Conductor is a New York-headquartered organic marketing platform powering SEO and content strategies for global brands. The Searchlight platform analyzes customer search intent across purchase phases to inform content creation, traffic growth, and ROI measurement. Custom dashboards track trends and guide workflows for marketers. Clients include Citibank, FedEx, Birchbox, JustFab, iProspect, and Acronym. Independent since spinning out from WeWork in December 2019, the company processes billions of search queries monthly. | MatrixSpark Capital+1 | $22M | - | Series A | |
Feb-26 | Koah Labs | | Koah Labs is a New York-headquartered advertising platform specializing in AI-native monetization solutions. It develops tools that enable publishers to generate revenue through advanced artificial intelligence integrations, focusing on scalable ad tech for digital media ecosystems. The company targets content creators and platforms seeking automated revenue streams via machine learning-driven ad placements and optimization. | ForerunnerSouth Park Commons+1 | $21M | - | Series A | |
Mar-26 | GENCY AI | | GENCY AI operates a Web3 platform for digital advertising with privacy via encrypted data and proof-based tracking. | ArkStream CapitalBasics Capital+7 | $20M | - | Undisclosed stage | |
Jan-26 | Statusphere | | Statusphere is an influencer marketing platform connecting brands with creators and enabling user-generated content campaigns through product gifting and social sharing. | 1984 VenturesHearstLab+2 | $18M | - | Series A | |
Dec-25 | A | Arcads | | Arcads is a technology company providing an AI-driven creative platform that generates video and image content from text inputs for digital advertising and marketing, featuring avatar-based videos, multilingual voiceovers, batch ad variations, localization tools, and API integrations for streamlined production. | Alpha Intelligence CapitalEurazeo+1 | $16M | - | Seed |
Apr-26 | Audion |  | Audion uses AI to optimize audio advertising for scalable performance. | BpifranceElevation Capital Partners+1 | $15M | - | Series B | |
Apr-26 | daydream Labs | | daydream Labs is a SaaS provider of automated SEO tools that detect search patterns, generate scalable content, and optimize it for relevance. The New York-based platform integrates with content management systems to produce unique articles targeting high-volume keywords. | Basis Set VenturesFirst Round Capital+1 | $15M | - | Series A | |
May-26 | District | | District is a commerce platform that lets users build and scale brands via no-code tools for personalized retail formats including live selling, auctions, marketplaces, and paid communities. | Andreessen HorowitzGreylock+10 | $15M | - | Seed | |
May-26 | Searchable.com | | - | Romero Rodrigues | $14M | $87M | Undisclosed stage | |
Mar-26 | Mega | | Mega is an AI platform that automates SEO and digital advertising for businesses. | Andreessen HorowitzAtreides Management+7 | $12M | - | Series A | |
Dec-25 | Stic | | Stic is an advertising technology platform that places brand stickers on vehicles to promote products and services. | Accretion CapitalAdam Waheed+2 | $10M | $200M | Seed |
VC investors active in adtech software
Y Combinator is the most active VC investor across adtech software, having invested in 19 startups in the last three years.
See all adtech software VCs| Logo | HQ | Description | Key portfolio | |||
|---|---|---|---|---|---|---|
Y Combinator | | Y Combinator is a San Francisco-headquartered startup accelerator that funds and mentors early-stage technology companies across sectors like software, biotechnology, and fintech. Since its inception in 2005, it has propelled alumni including Airbnb, Dropbox, and Stripe through intensive three-month programs featuring Demo Days and investor networks. | ConductorUplaneLaurence+2 | 19 | Pre-seed | |
Antler |  | Antler is a Singapore-headquartered global venture capital firm founded in 2017 that invests in early-stage tech companies. It operates day-zero programs in 27 cities, backing 1,000+ startups with $100 million deployed annually across AI, fintech, and sustainability. Portfolio includes unicorns like Hold One and Tiqets, with a network of 3,000 mentors and 700+ investors for follow-ons. | HaneiNetRanksPeec AI+2 | 13 | Pre-seed | |
Techstars | | Techstars is a Boulder-headquartered global network founded in 2006 that operates over 50 accelerators annually across 15 countries. It invests $120,000 in exchange for 6 percent equity in 500 startups yearly, spanning AI, sustainability, and healthcare. The firm manages a venture fund deploying capital into alumni companies and runs corporate partnerships with brands like Amazon and Barclays for innovation pilots. Techstars portfolio exceeds 3,500 companies valued over $15 billion collectively. | CascadefrntToday Marketings+2 | 10 | Pre-seed | |
AperiamVentures | | - | SwivelNodals AISymitri+2 | 9 | Series A | |
Right Side Capital Management | | Right Side Capital Management is a quantitative pre-VC investment firm targeting capital-efficient tech startups. Operating from the US, it focuses on seed rounds under $500K in sectors like SaaS and fintech. Since 2012, the firm has built diversified portfolios using data-driven processes. Managing directors, experienced founders from the 1990s tech era, provide operational support structured like a startup funding others. | SphereLolly.comCeemo+2 | 6 | Pre-seed | |
Accel | | Accel is a Palo Alto-headquartered venture capital firm investing in early and growth-stage technology companies globally. The firm backs founders in software, consumer internet, and mobile sectors with portfolio companies including Facebook, Slack, Dropbox, and Spotify. Operating funds across the US, Europe, and India since 1983, it supports over 1,000 startups. | FibrFlintZoca+2 | 5 | Seed | |
Eniac Ventures | | Eniac Ventures is a San Francisco-based seed-stage venture capital firm founded in 2006, backing over 100 startups in AI, robotics, and SaaS. The fund provides portfolio companies with dedicated recruiters for engineering hires, PR specialists for product launches, and business development connections to enterprises like Amazon and Salesforce. | CloudXEvertuneUpscale+2 | 4 | Seed | |
APY Ventures |  | APY Ventures is a venture capital firm investing in early-stage technology companies. It focuses on sectors like software, fintech, and consumer tech across North America. The firm partners with founders building scalable platforms, providing capital and strategic guidance from seed through Series A rounds. | GoWit TechnologyMotionWorksMindtail+2 | 4 | Pre-seed | |
Upekkha Vertical AI Accelerator | | Upekkha Vertical AI Accelerator is a Mumbai-based program nurturing AI SaaS startups from India for global expansion. Since 2020, it has accelerated 50 founders through $250,000 investments, mentorship from Sequoia India partners, and go-to-market strategies targeting U.S. and European markets. Cohorts focus on verticals like fintech and healthcare, with alumni raising $100 million collectively. Upekkha hosts demo days in Bangalore. | Infloso AIPint AILeadmetrics+2 | 4 | Pre-seed | |
SV Angel | | SV Angel is a San Francisco-headquartered venture capital firm concentrating on seed and early-stage investments in artificial intelligence, software, and related technology sectors. The firm directs capital toward startups in New York and San Francisco, backing companies like Airbnb, Stripe, and GitHub. With more than three decades of investment activity across North America, SV Angel emphasizes trust and long-term partnerships in transformative technologies. Website: svangel.com. | LaurenceDistrictPomo+1 | 3 | Seed |
Founders and investors we've worked with
We've supported winning builders across adtech software and beyond.
Ziik
We acted as fundraising advisor to Ziik, a Copenhagen-based all-in-one social intranet and internal communication SaaS platform, on its growth funding round.
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Sentryc
We led the capital raising process for Sentryc, a Berlin-based AI-driven brand protection and IP software provider, on its growth round led by Seventure Partners.
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Picus Security
We advised PE firm Turkven on its $24m Series B investment into Picus Security, an Istanbul-based breach and attack simulation (BAS) cybersecurity platform.
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sevDesk
We advised New York-based crossover investor Arena Holdings on its €50m growth investment into sevDesk, a leading German cloud-native accounting platform for SMEs and freelancers.
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Orka
We advised Elysian Fields on its investment into Orka, a Reykjavik-based portfolio of online consumer lending platforms, supporting deal structuring and growth-capital deployment in the Icelandic fintech market.
See moreRecent VC fundraising track record
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