In this episode, Andreas Munk Holm sits down with Rich Ashton to unpack the unique thesis behind FirstPartyCapital, a specialist VC fund backing early-stage founders in the global AdTech and MarTech sector.
Rich explores why this trillion-dollar industry has remained overlooked by mainstream VC, what it takes to be a successful investor in the complex ad ecosystem, and why FirstPartyCapital's massive LP network and deep expertise are enabling them to lead the charge.
Here’s what’s covered:
04:07 Why AdTech is the Trillion Dollar Niche
11:51 The Facebook & Google Dominance Myth
12:22 Case Studies: Trade Desk, AppLovin, Lumen
14:17 Why Most Funds Miss the AdTech Opportunity
15:38 DOJ vs Google, and the Breakup Implications
17:20 AI & the Future of Attention
24:37 Why First Party Capital is Uniquely Positioned
26:27 From Fund to Syndicate, Studio, and Lending
28:54 Portfolio Highlights: Lumen, Bedrock, Pixels
31:22 Fund II: Now Raising, Backed by Strategic LPs
📺 Watch the episode here or stream it on Spotify or Apple Podcasts—now with chapters for easy navigation on the Spotify/Apple episode🎧
✍️ Show Notes
Why AdTech Needs Specialist VCs
AdTech is a trillion-dollar industry, yet only a handful of VC funds specialize in it. Rich Ashton explains why generalist funds shy away—complexity, bad experiences in AdTech 1.0, and the Google/Facebook dominance myth. But the reality? Hundreds of billions flow into independent AdTech annually. That’s a huge, underserved opportunity.
Building a Community-Based Fund Model
FirstPartyCapital began with a syndicate model and evolved into one of the largest community-backed VC funds by LP count. With 250+ LPs and an active angel network, they run events, podcasts, and mentor programs to cultivate relationships and source the best deals in media tech.
Case Studies: Trade Desk, Lumen, Bedrock
From multi-billion-dollar IPOs like The Trade Desk and AppLovin to their own star portfolio companies, such as Lumen (measuring attention), Bedrock (challenging incumbents), and Pixels (TikTok for the open web), Rich lays out the AdTech return story that's often overlooked.
The DOJ vs Google & What It Means
With the U.S. Department of Justice having ruled twice that Google holds a monopoly in digital ads, we may be looking at a generational opportunity. Any divestiture or opening up of YouTube inventory could unlock billions for independent players.
AI and the Attention Economy
From creative automation to media buying, Rich sees AI as an accelerant rather than a disruptor for AdTech. Agencies face existential questions; AdTech companies with proprietary data are positioned to win. And search is evolving rapidly—the age of AI-optimized experiences has begun.
Commerce Media: The Next Wave
Retailers and non-traditional media companies (Uber, PayPal, Marriott) are turning their user bases into ad platforms. It’s Amazon’s $60B playbook, now applied everywhere. First Party Capital is backing the picks-and-shovels companies making it happen.
What Makes First Party Capital Unique
Domain depth (10-20 years in AdTech), community leverage (250+ LPs), and a full-stack model that spans equity, venture studio, and non-dilutive finance. Few teams can match their ability to drive value for founders across early-stage AdTech.
Make an impact with the bank made for the innovation economy
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Dario combines deep institutional, operational, and investment expertise, investing in early-stage companies and funds. Recognized as a "40 Rising Star under 40" by VCJ, he actively contributes to the industry.
Before founding LTV Capital, Dario co-led fund investments at Anthemis Group, a top fintech investor, where he developed early-stage fintech plays with BBVA and pioneered a media-financial services fund. His background also includes spearheading international expansion at emerging markets fintech JUMO and contributing to the creation of ROAM, now Africa's largest classifieds group.
Academically, he holds a Master of Business Science in Finance from the University of Cape Town; his dissertation on "Tencent Holdings Limited" is widely downloaded and cited.
Outside of work, Dario is a former 125cc motorcycle racing champion who now advises the Finetwork Mir Racing Team, supporting young talent in motorsports. He is driven by a passion for empowering others and fostering change in the emerging manager VC ecosystem.
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