# PE firms backing Advertising & Adtech (2026 list) > 29 PE firms backing Advertising & Adtech, 100% active in the last 12 months. Led by Gaingels, Goldman Sachs, Citibank. Ranked by what they funded. Source: https://millionrounds.com/lists/pe-firms-adtech (Millionrounds; every figure on the page links to its filing or article) [Investor Lists](https://millionrounds.com/lists) # PE firms backing Advertising & Adtech Updated 7 November 2026 PE firms we have observed in an advertising & Adtech round in the last two years. [See all 29 *→*](https://millionrounds.com/login?join=1&next=%2Fapp%2Finvestor-lists%2Fpe-firms-adtech)The top 25 **29** investors on the list No change this week **849** cheques in 12 months *-8%* against the market **$35M** median round they joined *+341%* against the market median **100%** wrote a cheque in 12 months **69%** have led a round ## The Top 25 Ordered by cheques observed, never by anything anyone paid for Deploying now (25) - 1 [Gaingels](https://millionrounds.com/fund/gaingels) *Deploying now* Private equity · United States **1,010** **$8M** median round **Oct 2026** last seen - 2 [Goldman Sachs](https://millionrounds.com/fund/goldman-sachs) *Deploying now* Private equity · United States **758** **$73M** median round **Oct 2026** last seen - 3 [Citibank](https://millionrounds.com/fund/citi) *Deploying now* Growth equity · United States **566** **$20M** median round **Oct 2026** last seen - 4 [Pioneer Fund](https://millionrounds.com/fund/pioneer-fund-2) *Deploying now* Private equity · United States **551** **$2.9M** median round **Nov 2026** last seen - 5 [Summit Partners](https://millionrounds.com/fund/summit-partners) *Deploying now* Private equity · United States **356** **$81M** median round **Oct 2026** last seen - 6 [Morgan Stanley Investment Management](https://millionrounds.com/fund/morgan-stanley-investment-management) *Deploying now* Private equity · United States **288** **$56M** median round **Oct 2026** last seen - 7 [General Atlantic](https://millionrounds.com/fund/general-atlantic) *Deploying now* Private equity · United States **273** **$127M** median round **Oct 2026** last seen - 8 [Business Growth Fund](https://millionrounds.com/fund/bgf) *Deploying now* Private equity · United Kingdom **260** **$9.9M** median round **Nov 2026** last seen - 9 [HSBC](https://millionrounds.com/fund/hsbc) *Deploying now* Growth equity · United Kingdom **234** **$45M** median round **Oct 2026** last seen - 10 [Altair Capital](https://millionrounds.com/fund/altair-capital-2) *Deploying now* Private equity · Singapore **196** **$2.9M** median round **Oct 2026** last seen - 11 [DST Global](https://millionrounds.com/fund/dst-global) *Deploying now* Private equity · United Kingdom **158** **$81M** median round **Oct 2026** last seen - 12 [Eurazeo](https://millionrounds.com/fund/eurazeo) *Deploying now* Private equity · France **150** **$28M** median round **Oct 2026** last seen - 13 [Smilegate Investment](https://millionrounds.com/fund/smilegate-investment) *Deploying now* Growth equity · South Korea **122** **$5.4M** median round **May 2026** last seen - 14 [WndrCo](https://millionrounds.com/fund/wndrco) *Deploying now* Private equity · United States **114** **$15M** median round **Sept 2026** last seen - 15 [L Catterton](https://millionrounds.com/fund/l-catterton) *Deploying now* Private equity · United States **110** **$34M** median round **Oct 2026** last seen - 16 [Sands Capital Ventures](https://millionrounds.com/fund/sands-capital-ventures) *Deploying now* Private equity **99** **$45M** median round **Aug 2026** last seen - 17 [LB Investment](https://millionrounds.com/fund/lb-investment) *Deploying now* Private equity · South Korea **72** **$11M** median round **Nov 2026** last seen - 18 [Ares Management](https://millionrounds.com/fund/ares-management) *Deploying now* Growth equity · United States **68** **$162M** median round **Sept 2026** last seen - 19 [Vista Equity Partners](https://millionrounds.com/fund/vista-equity-partners) *Deploying now* Private equity · United States **64** **$40M** median round **Oct 2026** last seen - 20 [CPP Investments](https://millionrounds.com/fund/cpp-investments) *Deploying now* Growth equity **59** **$200M** median round **Oct 2026** last seen - 21 [Addition](https://millionrounds.com/fund/addition) *Deploying now* Private equity · United States **58** **$38M** median round **Sept 2026** last seen - 22 [Atlantic](https://millionrounds.com/fund/atlantic) *Deploying now* Private equity · Germany **53** **$35M** median round **Oct 2026** last seen - 23 [Gresham House Ventures](https://millionrounds.com/fund/gresham-house-ventures) *Deploying now* Growth equity · United Kingdom **40** **$6.6M** median round **Sept 2026** last seen - 24 [Shopify Ventures](https://millionrounds.com/fund/shopify-ventures) *Deploying now* Growth equity **7** **$85M** median round **Nov 2026** last seen - 25 [QIC](https://millionrounds.com/fund/qic) *Deploying now* Private equity · Australia **4** **$17M** median round **Jul 2026** last seen **4 more on this list** All 29 are in the app, with filters for stage, sector and market. A free account shows 10 per search, Pro up to 1,000. [See the whole list *→*](https://millionrounds.com/login?join=1&next=%2Fapp%2Finvestor-lists%2Fpe-firms-adtech) ## The Newest Cheques Rounds this list's investors joined most recently - **5** Nov **[T-Therapeutics](https://millionrounds.com/company/t-therapeutics)** Series B · $133M *With* [Business Growth Fund](https://millionrounds.com/fund/bgf) - **5** Nov **[Nyquis](https://millionrounds.com/company/nyquis)** Seed · $6.3M *With* [Pioneer Fund](https://millionrounds.com/fund/pioneer-fund-2) - **3** Nov **[Applied Compute](https://millionrounds.com/company/applied-compute)** Other · $350M *With* [Shopify Ventures](https://millionrounds.com/fund/shopify-ventures) - **3** Nov **[TDS Innovation](https://millionrounds.com/company/tds-innovation)** Pre-seed · $4.8M *Led by* [LB Investment](https://millionrounds.com/fund/lb-investment) - **30** Oct **[Neoen](https://millionrounds.com/company/neoen)** Debt · $1.3B *With* [HSBC](https://millionrounds.com/fund/hsbc) - **30** Oct **[Complaion](https://millionrounds.com/company/complaion)** Other *Led by* [Eurazeo](https://millionrounds.com/fund/eurazeo) ## Stages This Year 776 rounds - Venture **21%** - Debt **17%** - Series A **12%** - Seed **11%** - Growth **7%** - Other **33%** ## What They Backed Sectors, last 12 months - AI **276** - Fintech **71** - Aerospace & Space **45** - Financial Services **42** - Biotech **39** - Big Data & Analytics **37** ## Cheques by Quarter Led Joined 224 Q1 25 234 Q2 25 262 Q3 25 314 Q4 25 290 Q1 26 239 Q2 26 155 Q3 26 38 Q4 26 The last bar is the quarter still running. ## Lists Like This - [VC firms backing AI 4,329](https://millionrounds.com/lists/vc-firms-ai) - [VC firms backing Fintech 1,856](https://millionrounds.com/lists/vc-firms-fintech) - [VC firms backing Big Data & Analytics 1,248](https://millionrounds.com/lists/vc-firms-big-data) - [VC firms backing Biotech 1,207](https://millionrounds.com/lists/vc-firms-biotech) - [VC firms backing Robotics 1,098](https://millionrounds.com/lists/vc-firms-robotics) - [VC firms backing Construction 1,025](https://millionrounds.com/lists/vc-firms-construction) - [VC firms backing Energy 998](https://millionrounds.com/lists/vc-firms-energy) - [PE firms backing AI 956](https://millionrounds.com/lists/pe-firms-ai) - [VC firms backing Cybersecurity 950](https://millionrounds.com/lists/vc-firms-cybersecurity) [All investor lists *→*](https://millionrounds.com/lists) ## Quick answers about PE firms backing Advertising & Adtech ### Who are the most active PE firms backing Advertising & Adtech? By cheques observed, the most active are Gaingels, Goldman Sachs, Citibank, Pioneer Fund and Summit Partners. ### How many PE firms backing Advertising & Adtech are there? 29 are on record. 100% made an investment in the last 12 months and 69% have led a round. ### Which stages do PE firms backing Advertising & Adtech back? Of the rounds with a named stage in the last 12 months, mostly Debt (25%) and Series A (17%). ### How big are the rounds PE firms backing Advertising & Adtech join? The typical (median) round among the leading investors here is $35M. ### Which sectors do PE firms backing Advertising & Adtech back most? In the last 12 months, mostly AI, Fintech and Aerospace & Space. ### Which PE firms backing Advertising & Adtech lead the most rounds? General Atlantic (32 led), Goldman Sachs (22 led) and DST Global (12 led). ### Where are PE firms backing Advertising & Adtech based? Among the most active, most are based in the United States (12), the United Kingdom (4) and South Korea (2). ### What have PE firms backing Advertising & Adtech invested in recently? Recent rounds include T-Therapeutics (Series B, Nov 2026, with Business Growth Fund), Nyquis (Seed, Nov 2026, with Pioneer Fund) and Applied Compute (Other, Nov 2026, with Shopify Ventures). Built from the rounds we watched, refreshed every night. [How we count](https://millionrounds.com/methodology) · [Report a correction](https://millionrounds.com/corrections)