Product Experience Management provider Akeneo has announced it has raised $46 million in funding led by global growth equity investor Summit Partners. Existing investors Alven, Partech, and Salesforce Ventures, as well as Akeneo’s board member Stephan Dietrich, also participated in the round.
Akeneo’s open source SaaS platform provides a comprehensive solution to manage product information and omnichannel catalogs.
In the era of experience-driven commerce, both B2C and B2B brands and retailers are increasingly relying upon the power of unified product information to deliver compelling and relevant customer experiences across all sales channels.
Akeneo has become the most used product information management (PIM) platform in the world and has achieved compound triple-digit revenue growth for the sixth consecutive year. It has more than 60,000 live implementations and serves international brands including Sephora, Fossil and Staples CA.
“In an omnichannel world, PXM represents the next evolution of product information management, which is becoming the new CRM of product data,” said Steffan Peyer, a principal at Summit Partners who will join the Akeneo Board of Directors. “We believe Akeneo’s highly-focused product approach, as well as its hyper-connectivity with the broader commerce stack, makes it uniquely capable of addressing complex and specific customer product information needs.”
With the new funding, Akeneo intends to continue to invest further in its sales and marketing efforts in the United States, while doubling down on research and development, including product data intelligence to boost product information automation and monitor product experience quality. The company also plans to hire more than 100 additional staff in the upcoming year to support this next round of rapid growth.
Fred de Gombert, CEO of Akeneo said: “PXM is becoming a critical business application for brands and distributors to win in omnichannel retail. Today’s consumers average more than five touchpoints before they make a purchasing decision, so it is increasingly important for brands to use a platform that delivers an integrated and consistent product experience.
“With Summit’s extensive experience scaling global SaaS businesses and our existing investors’ continued support, we look forward to helping more brands and retail merchants deliver seamless product experiences with even greater efficiency and scale.”
Akeneo is headquarted in Boston with more than 180 employees across six countries, including France, Germany, the UK, Spain, and Israel. The new funding comes on the heels of a series of corporate milestones for Akeneo, including the acquisition of AI startup Sigmento, integration with Salesforce Commerce Cloud, and a strategic premier technology partnership with Magento.