Adtech & Martech Fundraising: Active VCs & CMO Playbook

How to raise venture capital for an adtech, martech, retail media, or CDP startup in 2026.

How to Raise Venture Capital for an Adtech or Martech Startup

Adtech and martech — The Trade Desk, LiveRamp, mParticle, Segment (Twilio), Amplitude, Braze, Klaviyo, Iterable, Attentive, HubSpot, Salesforce Marketing Cloud, plus retail media (Amazon Ads, Walmart Connect, Kroger Precision Marketing, Instacart Ads) — remains a large, cyclical, platform-dependent category that requires distinct fundraising discipline.

Why adtech and martech is a distinct fundraising category

Adtech / martech investors underwrite CMO / VP Marketing buying committees, revenue quality (media pass-through vs SaaS vs usage), platform-risk exposure to Google / Meta / Apple / Amazon signal changes (cookie deprecation, ATT, Privacy Sandbox), and category cyclicality tied to enterprise ad budgets. Post-2022 correction taught investors to underwrite net revenue retention harder than headline growth.

The most active adtech / martech VCs

Adtech / martech focused: LUMA Partners (advisory + capital), Progress Ventures, MathCapital, LDV Capital, Bertelsmann Investments, and Salesforce Ventures.

Multi-stage generalists active in adtech / martech: Insight Partners, General Atlantic, Bessemer, Accel, Sequoia, a16z, Bond Capital, Coatue, Tiger Global, Redpoint, and ICONIQ.

Strategic capital: Salesforce Ventures, HubSpot Ventures, Adobe Ventures, Google Ventures, Comcast Ventures, Publicis Sapient Ventures, Omnicom's Omni, WPP, and retail media strategics (Amazon, Walmart, Kroger, Instacart).

CMO buying dynamics post-signal-loss

First-party data infrastructure (CDPs, data clean rooms, identity resolution) has replaced third-party cookie targeting as the primary CMO investment area. Chrome Privacy Sandbox, Apple ATT, and state privacy laws (CCPA, CPRA, plus 15+ state laws) shifted budgets toward first-party and consented data.

Retail media is the fastest-growing category — Amazon Ads, Walmart Connect, Kroger Precision Marketing, Instacart Ads, and Uber Ads collectively grew to $60B+ in US ad spend by 2025.

Buying committee: CMO / VP Marketing owns budget; CDO / VP Marketing Ops owns evaluation; Legal / Privacy has veto power on data / identity products.

Revenue quality

Media pass-through revenue (DSP / SSP take-rate on spend) gets a lower multiple than SaaS ARR because it's cyclical with ad budgets and diluted by media spend flow-through. Pure SaaS martech ARR gets standard SaaS multiples (with NRR 110–130% at healthy). Usage-based (CDPs, data clean rooms billed on events / MTUs) sits between. Investors underwrite the gross-vs-net revenue distinction explicitly.

Platform-risk mitigation

Concentration on a single platform (Google, Meta, Apple, Amazon) is a material diligence risk. Investors want to see: multi-platform integration, first-party data ownership, Privacy Sandbox / Enhanced Conversions / CAPI readiness, and diversification across DSPs / SSPs / retail media networks. Products that thrive through signal-loss cycles get premium multiples.

Common mistakes when raising for adtech / martech

Presenting media pass-through as SaaS ARR. Missing platform-risk narrative. Underestimating privacy / consent complexity (GDPR, CCPA, CPRA, 15+ US state laws, DMA). Ignoring retail media as either opportunity or competitor. Not naming CMO / CDO design partners at F1000 or DTC scale.

Frequently asked questions

Which are the most active adtech and martech VCs in 2026?
LUMA Partners, Progress Ventures, MathCapital, LDV Capital, and Bertelsmann Investments lead the dedicated set. Generalists Insight Partners, General Atlantic, Bessemer, Accel, Sequoia, Andreessen Horowitz, Bond Capital, Coatue, Tiger Global, Redpoint, and ICONIQ are active. Strategic capital from Salesforce Ventures, HubSpot Ventures, Adobe Ventures, Google Ventures, Comcast Ventures, Publicis Sapient Ventures, Omnicom's Omni, WPP, and retail media strategics Amazon, Walmart, Kroger, and Instacart.
How did cookie deprecation and ATT change martech fundraising?
Chrome Privacy Sandbox rollout, Apple ATT (2021), and state privacy laws (CCPA, CPRA, plus 15+ US state laws) shifted budgets from third-party cookie targeting toward first-party data infrastructure — CDPs, data clean rooms, identity resolution, and consented data platforms. Products that thrive through signal-loss cycles get premium multiples.
How do investors value media pass-through vs SaaS revenue?
Media pass-through revenue (DSP / SSP take-rate on ad spend) gets a lower multiple than pure SaaS ARR because it's cyclical with ad budgets and diluted by media flow-through. Pure SaaS martech ARR with 110–130% NRR gets standard SaaS multiples. Usage-based (CDP events, clean-room queries) sits between. Report gross and net revenue separately.
Is retail media the biggest adtech opportunity now?
Retail media is the fastest-growing adtech category — Amazon Ads, Walmart Connect, Kroger Precision Marketing, Instacart Ads, Uber Ads, Best Buy Ads, Target Roundel, and Home Depot Retail Media collectively grew to $60B+ in US ad spend by 2025. Startups either enable RMN infrastructure (measurement, activation, clean rooms) or ride RMN growth as buyers.
How do I mitigate platform-risk narrative concerns?
Show multi-platform integration, first-party data ownership, Privacy Sandbox / ATT / CAPI / Enhanced Conversions readiness, and diversification across DSPs / SSPs / retail media. Concentration on a single platform (Google, Meta, Apple, Amazon) is a diligence red flag. Products designed to thrive through platform signal-loss cycles command premium multiples.

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