FirstPartyCapital (FPC), the leading global sector-focused fund, today (11th June, 2025) announces a multi-million pound investment from IX Labs, the investment arm of Index Exchange, one of the world’s largest independent supply-side platforms (SSPs). This strategic partnership comes as FirstPartyCapital launches Fund 2, with a target size of £50 million dedicated to early-stage ad tech, martech, and digital media companies, reinforcing its long-term commitment to transforming the global digital advertising ecosystem. 

Through IX Labs, Index Exchange has committed to a decade-long partnership with FirstPartyCapital, joining a growing group of strategic corporate investors who recognise the importance of fostering innovation within ad tech. The investment reinforces Index Exchange’s commitment to accelerating the development of emerging technologies that support a more transparent, efficient, and competitive open internet.

"At IX Labs, we invest in technology-first startups that use data and artificial intelligence to solve complex problems," said Mayuran Yogarajah, head of IX Labs and distinguished engineer at Index Exchange. "It’s an exciting time for ad tech, with a wave of innovation emerging across the supply side. We’re thrilled to partner with FirstPartyCapital to support the next generation of companies reshaping the ecosystem."

In addition to financial investment, Index Exchange will collaborate with FirstPartyCapital portfolio companies on infrastructure services, deeper integration with its platform, and go-to-market strategy. This partnership creates a pathway for ongoing innovation, offering strategic guidance and technical support that drives long-term value across the ecosystem. 

"It is the perfect time to invest in the ad tech industry, with the DOJ pushing to break up Google’s ad tech monopoly and booming trends such as retail media and AI are paving the way for the next wave of digital advertising," added Rich Ashton, FirstPartyCapital’s co-founder and managing partner. "Index Exchange has long been a champion of independent ad tech and the open internet, and their investment, along with the launch of Fund 2, not only highlights the progress we’ve made but also the huge potential that remains in the industry."

This investment also marks a key milestone for FirstPartyCapital as it expands its global footprint and strengthens partnerships with leading innovators across the ad tech ecosystem. FirstPartyCapital has already made 17 investments in the ad tech space with Fund 1 portfolio companies including Lumen, Pixels, LightboxTV, and Bedrock. The new £50 million fund is supported by a world-class advisory board of C-suite execs from some of the biggest companies in the industry, and will leverage FirstPartyCapital’s global network of decision-makers to help its companies succeed.

The launch of Fund 2 coincides with the creation of  FirstPartyStudio (FPS), a venture studio headed up by highly-skilled industry leaders Kevin Flood, Dave Barr, and Nick Fletcher. Since its launch in April 2025, FPS has already added 20 additional experts to its team. FPS has created an additional source of proprietary dealflow for FPC through its new incubations and empowers enhanced due diligence on investment opportunities through access to leading entrepreneurs and senior executives. 

FirstPartyCapital

FirstPartyCapital is the only angel-backed venture fund investing in ad tech, martech and digital media companies globally....

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