VC | E513 | Rich Ashton on Backing AdTech’s Trillion Dollar Niche with FirstPartyCapital

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