Portland marketing technology startup Opal said Thursday it has raised $15.5 million in new funding, an investment led by the blue-chip Silicon Valley venture firm Accel.
Opal has now raised more than $25 million altogether, including an $8 million round in 2014. Chief executive Steve Giannini said Thursday’s investment will fund a rapid expansion – with the company’s workforce doubling this year to about 130.
“You do have to invest aggressively when the market opportunity presents itself in order to be a market leader,” Giannini said.
Opal’s technology promotes collaboration across corporate marketing teams, with a goal of establishing a consistent message across social media, online marketing and other outlets. Its clients include Starbucks, Nike, REI, Levi’s, Airbnb, Keen and Target.
Oregon startup activity endured a lull in 2016, with a falloff in venture capital investment and a decline in both early stage companies and promising later-stage ones. Thursday’s news gives the startup community a boost to start the new year.
Opal’s new investor, Accel, had previously backed Facebook, Dropbox, Slack and Etsy, among others. This appears to be the firm’s first investment in the Portland market since 2001, when it helped fund Vancouver telecommunications company New Edge Networks.
Also participating in Thursday’s round are Seattle-based Madrona Ventures, which led Opal’s last round, and Bend’s Seven Peaks Ventures. Opal disclosed the outlines of its new investment in a December regulatory filing but didn’t release details until Thursday.
Founded in 2010 as Opal Labs, the company is a graduate of the Portland Seed Fund. It quietly changed CEOs last year, with Giannini – formerly president and chief operating officer – taking over for George Huff. Huff remains in Opal’s executive ranks as “chief founder.”
Opal said roughly half of its new hires will work at its headquarters in the Pearl District, with others distributed among remote offices in San Francisco, New York and London. Giannini said hiring will focus on product innovation, with sales and marketing expanding as the business grows.
“We are trying to create a bedrock software company in Portland,” he said.
Update: This article has been updated to note that the company now calls itself Opal, instead of Opal Labs.
— Mike Rogoway; twitter: @rogoway; 503-294-7699
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