Nantes, France-based Akeneo, a provider of Product Experience Management (PXM) and product information management (PIM) solutions, announced on Tuesday that it has raised $135M (nearly €122.12M) in its Series D round of funding. The company has now raised a total of $196M in funding to date.
The round was led by global growth equity investor Summit Partners. Existing investors Alven and Partech also participated in the round.
Akeneo claims that the funds will help develop its PXM Studio platform further by incorporating key product information such as real-time product availability and inventory, dynamic pricing, order management, competitive product insights, merchandising information, and user-generated content.
The funds will also help Akeneo to hire key executives and in expanding strategic tech partnerships.
This funding follows Akeneo’s sustained growth trajectory since its Series C in September, 2019. The PIM solution now provides services to more than 600 customers across 40 countries, with headcount growing 40 per cent to more than 300 employees since 2019. The number of tech partnerships also boosted by 30 per cent in 2021.
Frederic de Gombert, CEO and co-founder of Akeneo, says, “Brands and retailers are becoming as invested in building and managing their product information as they are in managing customer information, and we see this trend playing out in our platform adoption rates, new customer additions, and revenue growth. We are extremely grateful to our investors and partners; this momentum would not be possible without their continued support.”
Helping brands to organise and enrich their product catalog
Founded in 2012 by Frederic de Gombert, Benoit Jacquemont and Nicolas Dupont, Akeneo is on a mission to disrupt the product information category and serve the rapidly growing needs of modern omnichannel brands and retailers.
It provides a Product Experience Management (PXM) solution to help businesses with products to unlock growth opportunities by delivering product experience across all channels, including e-commerce, mobile, print, points of sale, and more.
With its open platform, leading PIM, add-ons, connectors, and marketplace, Akeneo PXM Studio improves product data quality and accuracy, simplifies catalog management, and accelerates the sharing of product information across channels and locales.
Global brands, manufacturers, distributors, and retailers, including Staples Canada, Fossil, Air Liquide, and Myer are using Akeneo to scale and customise their omnichannel commerce initiatives. Using Akeneo, brands and retailers can improve customer experience, increase sales, reduce time to market, go global, and boost team productivity.
Akeneo says its open-source platform has been downloaded more than 80,000 times, with installations growing at a CAGR of more than 170 per cent over the past seven years.
About Summit Partners
Founded in 1984, Summit Partners is a global alternative investment firm that manages more than $42B in capital dedicated to growth equity, fixed income and public equity opportunities.
The firm invests across growth sectors of the economy and has invested in more than 550 companies in technology, healthcare and other growth industries. These companies have completed more than 175 public equity offerings and more than 200 have been acquired through strategic mergers and sales.
Steffan Peyer, MD at Summit Partners, says, “Brands and retailers today understand the importance of delivering personalised experiences that are rich with relevant product content at every step along the customer buying journey. The Akeneo team has been visionary in expanding beyond PIM and establishing an elevated standard in PXM, an approach we believe is necessary for both B2B and B2C companies alike. As seasoned technology investors, we have been impressed by the company’s momentum and ability to scale globally, and we look forward to supporting the team as they continue to build Akeneo’s leadership position in the market.”