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AdFirst is a venture capital organization founded in 2017 and headquartered in Limassol, Cyprus. The firm specializes in providing marketing expertise alongside financial investment, particularly for early and expansion stage startups in the AdTech and B2C sectors. AdFirst operates on a global scale, investing in startups across various regions including the US, Canada, Europe, Latin America, Asia, Africa, and the Middle East.
With a unique co-investor model, AdFirst partners with other venture capitalists to support startups not only with capital but also with strategic marketing insights. The firm has made approximately 41 investments, focusing on sectors such as AdTech, fintech, and SaaS. Notable milestones include the acquisition of Wefox by J.C. Flowers in June 2025, showcasing the firm's ability to identify and support high-potential companies.
AdFirst invests primarily in late seed (Series A) startups, offering initial funding ranging from $100,000 to $500,000, and up to $1,000,000 in subsequent rounds. The organization emphasizes a deep understanding of B2C and AdTech businesses, as well as e-commerce, to drive growth and success in its portfolio companies. The firm’s investment strategy integrates marketing expertise into the investment process, ensuring that portfolio companies receive not only financial support but also valuable insights into customer acquisition and marketing strategies.
AdFirst's focus on co-investing allows it to collaborate with other venture capitalists, enhancing the support available to startups. The firm seeks to partner with founders who demonstrate a clear understanding of their market and possess strong customer acquisition metrics. This approach is particularly beneficial for startups in the AdTech and fintech sectors, where marketing plays a crucial role in scaling operations.
AdFirst has a diverse portfolio of 41 companies, showcasing its commitment to investing in innovative startups. Notable portfolio companies include:
This portfolio reflects AdFirst's strategic focus on sectors that benefit from both financial investment and marketing expertise, particularly in the AdTech and B2C domains.
Anton Gorshkov: CEO of AdFirst, Anton has a background in venture capital and marketing, bringing extensive experience in supporting startups with both financial and strategic insights.
Konstantin Gorshkov: Advisor at AdFirst, Konstantin provides expertise in investment strategies and market analysis, contributing to the firm's overall investment thesis.
Alexander Bornyakov: Advisor at AdFirst, Alexander has a notable background in technology and government, leveraging his experience to guide startups in the tech sector.
FB Zhibo Fan: Advisor at AdFirst, Zhibo brings a wealth of knowledge in fintech and investment, helping to shape the firm's approach to financial technology investments.
To pitch AdFirst, founders should send an email to info@adfirst.vc. It is advisable to include a comprehensive pitch deck that outlines the business model, market opportunity, and customer acquisition strategies. Founders should expect a response within a few weeks, depending on the volume of inquiries.
Warm introductions are preferred, especially from other investors or industry contacts. This can enhance the likelihood of receiving a timely response and establishing a connection with the firm.
In June 2025, AdFirst celebrated the acquisition of its portfolio company Wefox by J.C. Flowers, marking a significant exit for the firm. This acquisition highlights AdFirst's ability to identify and support high-potential startups in the fintech sector.
As of April 2026, AdFirst continues to expand its portfolio, focusing on innovative companies in the AdTech and B2C sectors. The firm remains committed to its co-investor model, collaborating with other venture capitalists to enhance the support available to its portfolio companies.
What are AdFirst's investment criteria?
AdFirst primarily invests in late seed (Series A) startups within the AdTech, fintech, and SaaS sectors. The firm looks for companies that demonstrate a strong understanding of their market and possess clear customer acquisition metrics.
How can I pitch to AdFirst?
Interested founders can reach out via email at info@adfirst.vc. It is recommended to include a detailed pitch deck that outlines the business model, market opportunity, and customer acquisition strategies.
What makes AdFirst different from other VCs?
AdFirst differentiates itself by integrating marketing expertise into its investment process. The firm not only provides capital but also offers strategic marketing insights to enhance portfolio performance.
What is the typical check size for investments?
AdFirst typically invests between $100,000 and $500,000 in initial funding rounds, with the potential for up to $1,000,000 in subsequent rounds.
What geographic areas does AdFirst focus on?
AdFirst operates on a global scale, investing in startups across various regions including the US, Canada, Europe, Latin America, Asia, Africa, and the Middle East.
What kind of support can portfolio companies expect?
Portfolio companies benefit from AdFirst's marketing due diligence services, which validate customer acquisition costs and evaluate marketing team competencies. Additionally, the firm operates Adfirst.agency, a performance-marketing agency that supports startups and VCs.
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