Traditional agencies raise from holdcos and PE, not venture. The VC end is the platform layer of marketing services - AdTech, MarTech, AI-driven media buying, proprietary measurement, creative tech and agency-as-a-platform operators where software earns a meaningful share of revenue independent of billed hours. Holdco corporate venture arms (Publicis Sapient, WPP, IPG, Stagwell) sit alongside traditional VCs in the syndicates built around this thesis.

Honest framing: agency services is not a venture category, and capital flows to the AdTech, MarTech and platform layer. The active pool is growth-stage investors with agency and marketing services theses - Falfurrias, Court Square and similar PE growth platforms - alongside holdco corporate venture arms (Publicis, WPP, IPG, Stagwell) for platform-led operators, with General Catalyst active around AI-driven marketing hybrids. Flow has direct relationships across that set, while noting venture appetite is narrower than for pure product businesses.

Flow has experience running VC fundraising processes for advertising agency businesses across performance marketing platforms, creative tech operators, AI-driven media buying businesses and proprietary measurement and attribution companies. Our extensive investor network spans early-stage seed funds, growth-stage investors, and strategic and corporate VC arms.