Before I rejoined Safeguard Scientifics as a venture investor, when I was on the other side of the startup-investor relationship and optimizing business processes for a New York City adtech company, I learned exactly how many venture capitalists felt about the industry. When I told one Midas List Silicon Valley venture capitalist that I was in adtech, the first thing he told me was, “Get out.”

This VC’s opinion is not a one-off. Most other VCs I know generally avoid or limit their investing in adtech companies, despite the industry’s projected growth into a more than $100 billion market by 2020.

Adtech companies “have a lot of frothy values and haven’t delivered the kind of multiples that reflect those values,” one investor told the Wall Street Journal in 2015.

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