E513 | Rich Ashton, FirstPartyCapital: Backing AdTech’s Trillion Dollar Niche

In this episode, sits down with to unpack the unique thesis behind , 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 Niche11:51 The Facebook & Google Dominance Myth12:22 Case Studies: Trade Desk, AppLovin, Lumen14:17 Why Most Funds Miss the AdTech Opportunity15:38 DOJ vs Google, and the Breakup Implications17:20 AI & the Future of Attention24:37 Why First Party Capital is Uniquely Positioned26:27 From Fund to Syndicate, Studio, and Lending28:54 Portfolio Highlights: Lumen, Bedrock, Pixels31:22 Fund II: Now Raising, Backed by Strategic LPs