Summit Partners leads investment round to further accelerate Akeneo’s product development roadmap, bolster strategic hiring and support international growth
BOSTON – Akeneo, a global leader in product experience management (PXM) and product information management (PIM), today announced a $135 million Series D financing. The funding round is being led by global growth equity investor Summit Partners , which also led the company’s Series C financing in 2019. Existing investors Alven and Partech are also participating in the latest round, bringing Akeneo’s total investment to $196 million. The new capital will be used to drive continued momentum through an accelerated product development roadmap, key executive hires, and expansion of Akeneo’s strategic partnerships.
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. 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.
“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,” said Fred de Gombert, CEO and co-founder of Akeneo. “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.”
Leading global brands including Fossil, 1-800 Flowers, and John Deere leverage Akeneo’s PXM Studio platform to centralize product information, quickly measure and enrich product data quality and consistency, and deliver compelling, consistent, and personalized product experiences across all sales channels and touchpoints; ultimately to increase sales, reduce time to market, and boost productivity.
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.
The company has gained strong momentum since its Series C in September 2019, and today serves more than 600 customers across 40 countries. Akeneo’s open-source platform has been downloaded more than 80,000 times, with installations growing at a CAGR of more than 170% over the past seven years. Additionally, Akeneo’s partner ecosystem expanded by 30% in 2021, and the company’s employee headcount grew 40% to more than 300 employees in nine countries within the same period.
“Brands and retailers today understand the importance of delivering personalized experiences that are rich with relevant product content at every step along the customer buying journey,” said Steffan Peyer, Managing Director at Summit Partners. “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.”
Akeneo is announcing the Series D funding at
Unlock 2022, the annual global summit for the PIM and PXM community taking place March 15-16 in Paris. This year marks the in-person return of Unlock, which went virtual in 2021, featuring keynote presentations from Akeneo partners and customers LVMH Group, BooHoo, Accor, Rémy Cointreau, Royal Canin, and more.
To learn more about Akeneo, please visit www.akeneo.com.
Akeneo is a global leader in Product Experience Management (PXM) helping businesses with products to unlock growth opportunities by delivering a consistent and compelling product experience across all channels, including e-commerce, mobile, print, points of sale and beyond. With its open platform, leading PIM, add-ons, connectors and marketplace, Akeneo PXM Studio dramatically improves product data quality and accuracy, simplifies catalog management, and accelerates the sharing of product information across channels and locales.
Leading global brands, manufacturers, distributors and retailers, including Staples Canada, Fossil, Air Liquide and Myer trust Akeneo to scale and customize 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. For more information: https://www.akeneo.com
About Summit Partners
Founded in 1984, Summit Partners is a global alternative investment firm that is currently managing more than $42 billion in capital dedicated to growth equity, fixed income and public equity opportunities. Summit 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. For more information, please visit www.summitpartners.com or Follow on LinkedIn