One of the global leaders in product experience management (PXM) and product information management (PIM), Akeneo, has today picked up over €122 million. The funding round is being led by global growth equity investor, Summit Partners. Existing investors Alven and Partech are also participating.
Based in Nantes, and operating globally, Akeneo is on a mission to fundamentally disrupt the product information category and better serve the rapidly growing needs of modern omnichannel brands and retailers. The company helps businesses unlock growth opportunities by delivering a consistent and compelling product experience across all channels, including e-commerce, mobile, print, points of sale and beyond.
Fred de Gombert, CEO and co-founder of Akeneo commented: “The customer journey changed in the blink of an eye, and we believe the most nimble and effective way to manage these ever-evolving dynamics is to invest in creating product experiences that resonate no matter where the customer is browsing or buying”.
While many brands understand that PIM provides an important foundation for creating the engaging product experiences needed to turn first-look browsers into repeat shoppers and loyal customers into lifelong brand advocates, many lack the single source of truth to turn that vision into reality. Akeneo’s PXM solution is designed to help these companies reimagine their operations – making PIM a cornerstone of commercial success and helping influence new growth opportunities and drive revenue across their operations and sales channels.
Fred de Gombert continued: “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.”
Founded in 2013, the company counties leading global brands, manufacturers, distributors and retailers, including Staples Canada, Fossil, Air Liquide and Myer as customers, trusting the platform to centralise product information, quickly measure and enrich product data quality and consistency, and deliver compelling, consistent, and personalised product experiences across all sales channels and touchpoints. Put simply, Akeneo is helping companies to increase sales, reduce time-to-market, and boost productivity.
The company has gained strong momentum since its Series C in September 2019, and today serves more than 600 customers across 40 countries.
The latest funding round will enable Akeneo to 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,
with a goal to bring to market new offerings that consolidate this more dynamic and complete picture of product information alongside powerful analytics and insights.
Steffan Peyer, Managing Director at Summit Partners added: “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.”