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Key people at Math Capital.
MATH Venture Partners operates as a venture capital firm specializing in early-stage investments. The firm identifies and supports nascent companies with substantial growth potential, working closely with founding teams to scale operations. Its approach leverages the extensive entrepreneurial backgrounds of its managing directors, providing strategic guidance and capital to cultivate market-dominating enterprises.
The firm was co-founded by Managing Directors Mark Achler and Troy Henikoff, with its first fund closing in October 2014. Both Achler, a serial entrepreneur, and Henikoff, also a seasoned entrepreneur, recognized a need for hands-on partnership and mentorship for emerging companies. Their combined insight stemmed from personal experiences in scaling businesses.
MATH Venture Partners serves early-stage companies led by ambitious founding teams. The firm's vision is to help these ventures realize full potential and achieve significant market impact. They invest in enterprises capable of reshaping their industries, fostering growth towards long-term success.
Key people at Math Capital.
Math Capital is an early-stage venture capital firm focused on the digital transformation of marketing and media. Launched as MathCapital, the fund was created to back startups that are shaping the next generation of marketing innovation, particularly those leveraging new technologies like AI, identity-based targeting, connected devices, and emerging consumer interfaces such as AR, VR, and voice. Its mission is to identify and support the startups that will become leaders in a rapidly evolving digital marketing and media landscape.
The firm’s investment philosophy centers on hands-on, operator-led support: its partners are seasoned entrepreneurs who actively engage with founders, offering strategic guidance and access to a broad network of clients, partners, and industry players via its close relationship with MediaMath. Math Capital targets early-stage companies in marketing tech, ad tech, and media innovation, aiming to accelerate their growth by combining capital with deep domain expertise. In the startup ecosystem, it plays a distinctive role as a domain-focused, founder-friendly fund that bridges venture capital with real-world go-to-market advantages in one of tech’s most dynamic verticals.
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Math Capital (MathCapital) was launched in 2018 by a small group of experienced entrepreneurs deeply embedded in the digital advertising and marketing technology world. The fund was co-founded by Joe Zawadzki, founder and CEO of MediaMath and founder of [x+1], along with other long-time marketing tech entrepreneurs who had previously co-founded companies like Undertone. Their collective experience building and scaling major ad tech platforms gave them unique insight into the challenges and opportunities facing early-stage startups in the space.
The idea for Math Capital emerged from repeated requests for advice and investment from promising startups in marketing and media. The founding partners had already made notable angel investments in now-familiar names such as AppNexus, Moat, Integral Ad Science, BounceX, and mParticle. Recognizing a pattern of strong demand and a gap in specialized, operator-led early-stage support, they formalized their efforts into MathCapital. While the fund operates independently, it benefits from the infrastructure and ecosystem of MediaMath, including access to thousands of clients and hundreds of partners, giving portfolio companies a powerful launchpad from day one.
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Math Capital sits at the intersection of two powerful forces: the ongoing digital transformation of marketing and the rise of specialized, vertical-focused venture capital. As digital channels become more fragmented and consumer expectations for personalization and privacy grow, the marketing and media stack is undergoing a fundamental reinvention. Math Capital is positioned to back the infrastructure and applications that power this shift—tools for measurement, identity, creative, activation, and analytics in a cookieless, AI-driven world.
The timing is critical: with the decline of third-party cookies, the rise of first-party data strategies, and the explosion of AI in content and targeting, the marketing tech landscape is being rebuilt. Math Capital is well-placed to identify and scale the next generation of category-defining companies in this space. By focusing narrowly on marketing and media innovation, the fund helps consolidate expertise and network effects, making it a go-to partner for founders building in this complex, fast-moving vertical.
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Looking ahead, Math Capital is likely to deepen its focus on AI-native marketing and media startups, particularly those solving for privacy, identity, and automation in a post-cookie world. As the lines between ad tech, martech, and AI platforms blur, the fund’s domain specialization will become an even greater advantage in sourcing and scaling winners.
The firm may also expand its model—potentially increasing fund size, broadening its network partnerships, or even incubating ideas internally—while staying true to its operator-led, founder-centric ethos. In a landscape where generalist funds struggle to keep pace with vertical complexity, Math Capital’s niche focus and hands-on support make it a compelling partner for the next wave of marketing innovation. For founders building the future of digital marketing, Math Capital isn’t just a check—it’s a strategic multiplier.
