- Product Experience Management (PXM) solutions company Akeneo announced it raised $46 million in funding led by Summit Partners
Akeneo — a global leader in Product Experience Management (PXM) solutions — announced that it raised $46 million in funding led by Summit Partners. Existing investors Alven, Partech, and Salesforce Ventures as well as Akeneo’s board member Stephan Dietrich also participated in the round.
Akeneo is known for providing an open source SaaS platform that provides a comprehensive solution to manage product information and omnichannel catalogs. 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.
“PXM is becoming a critical business application for brands and distributors to win in omnichannel retail,” said Fred de Gombert, CEO and co-founder of Akeneo. “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.”
Akeneo has become the most used product information management (PIM) platform in the world and it achieved compound triple-digit revenue growth for the sixth consecutive year. Plus it has more than 60,000 live implementations and serves international brands including Sephora, Fossil, and Staples CA.
With this round of funding, Akeneo is intending to continue to invest further in its sales and marketing efforts in the US while doubling down on research and development, including product data intelligence to boost product information automation and monitor product experience quality. And Akeneo also plans to hire more than 100 additional staff in the upcoming year to support this next round of rapid growth.
“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.”
Based in Boston, Akeneo has more than 180 employees across 6 countries, including France, Germany, the UK, Spain, and Israel. And this funding round comes on the heels of a series of corporate milestones for Akeneo, including the acquisition of Sigmento, integration with Salesforce Commerce Cloud, and a strategic premier technology partnership with Adobe’s Magento.
