Portland marketing tech firm Act-On Software raises $20 million, its first infusion since 2014

Act-On Software said Thursday it has raised $20 million, the Portland marketing technology company’s first new capital since 2014.

Act-On’s technology helps online marketers tailor their messages and efforts to specific market segments. The company employs 155, 125 of them in Portland.

Thursday’s funding, a mix of debt and new investment, comes from prior investors, company founder Raghu Raghavan and a new investor, Beedie Capital. Act-On says it will use the money to improve its products and expand its own marketing.

Founded in 2008, Act-On has now raised $82 million. Its last round seven years ago brought $42 million amid an upswing in Oregon software entrepreneurship. It was the largest investment of its kind the state had seen in a decade.

What followed, though, was a major letdown. Act-On and other promising startups failed to sustain their early momentum. Act-On replaced its CEO in 2018 and laid off 15% of its workforce while closing two sites in California.

Act-On has endured, though, and said Thursday’s backing enables it to expand its engineering, product management and sales.