Digital: Software publisher Akeneo raises €122 million to consolidate its international positioning

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Based in Nantes, in Atlantic France, Akeneo has raised €122 million. Specialising in the creation of product information management (PIM) and product experience management (PXM) solutions, the company is intending to develop internationally at a faster rate. 

PIM solutions, such as Akeneo’s, have already existed for several years, but the multiplication of sales channels has made them essential. Today, brands must be able to provide the same product data to a buyer, whether he or she uses an application, a marketplace such as Amazon, the company’s e-commerce platform or a kiosk in a shop. 

To address these clients’ needs, Akeneo is offering its digital solutions to companies from various sectors such as Fossil, LVMH, Accor and Back Market.

A new round of financing to consolidate its position in the PIM market

Founded in 2013 in Nantes, Akeneo recently raised $135 million (nearly €122 million), in Series D financing, which was led by the American investment company Summit Partners. The transaction was completed by the historical shareholders Alven and Partech, bringing the total investment raised by Akeneo to €176 million. This round of financing will enable Akeneo to support its international growth and to continue the development of its PIM platform.

The company, which entered the “Next 40” selection last year, has developed a centralised open source platform dedicated to product catalogue management, targeting omnichannel brands and retailers in B2B, as well as B2C. The company can rely on a portfolio of 600 clients. Through its platform, Akeneo intends to help companies facing the evolution of customer paths and the multiplicity of sales channels to improve and modernise their operations. 

An R&D centre based in Nantes

A large part of the funds raised will be used to develop an R&D centre in Nantes. The company mentions in particular the recruitment of “key executives”, and its workforce  already grew by 40% in 2021. It now counts 300 employees, more than half of whom are in Nantes, spread over 9 countries. Akeneo plans to recruit 150 more people.

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