💥New Chapter 11 Bankruptcy Filing - Marin Software Incorporated💥
Once-public company suffers a rough fall.
On July 1, 2025, SF-HQ’d Marin Software Incorporated (the “company”) filed a pre-negotiated chapter 11 case in the District of Delaware (Judge Silverstein). The company is “… a provider of digital marketing software for search, social, and eCommerce advertising channels, offered as a software-as-a-service (‘SaaS’) advertising management platform for performance-driven advertisers and agencies.”
Incorporated in ‘06, the company had “… initial success …” and “… experience[d] year-over-year revenue growth from its commercial launch in 2008 through 2015 due to its differentiated product offering, enabling digital marketers to measure, manage, and optimize their digital advertising investments.” It, however, always operated at a loss.
Notwithstanding that, in March ‘13, the company made its way to public markets, raising $105mm and opportunistically giving existing equity a path to skedaddle on out.*
Here comes the “unsuccessful” stage. In ‘16, the company experienced a drop in revenue for the first time, apparently driven by a meaningful improvement in competitive offerings “… (especially the free or low-cost offerings from the leading publishers), which put significant pressure on the Company’s new business and renewal activities.” But the company didn’t turn it around, and revenue has declined YoY Every. Single. Year. Since.
It’s hideous, y’all. Take a look for yourselves: