After closing a seed round of $2.4M back in 2014, Impact’s ‘16 participant Akeneo just announced a $13M series B round led by Partech Ventures along with contributions from existing investor Alven Capital. This newly acquired round will enable them to drive continued growth for their Product Information Management software for ecommerce companies.
Akeneo is the leading provider of open-source Product Information Management (PIM) software, a resource that is becoming increasingly critical for companies competing in the ecommerce space. The company has operations in the U.S., France, and Germany.
During Impact 2016, our team supported Akeneo on three important points in order to accelerate their U.S. development:
- Approaching key strategic partners
- Designing a Demand Generation marketing strategy
- Establishing their US presence by opening an office in Boston
— Impact USA (@usa_impact) June 17, 2016
— Impact USA (@usa_impact) April 20, 2016
How does Akeneo’s PIM work?
Akeneo’s PIM was created to address the challenges associated with the catalog management process. Akeneo allows its users to extract data from any source, including their ERP, flat files such as Excel or third party systems, and have it appear in one unified dashboard. Once imported, it allows users to easily classify, enrich, translate or control the quality of their information through a smart and intuitive interface. Then, the data can be exported to the ecommerce website, mobile apps, printed catalog or any other channel of their choosing.
Why is it powerful?
This open source software enables organization-wide collaboration on the same catalog of products and the ability to access this information from anywhere. Research suggests that there is a strong need for this type of solution: only a third of merchants are satisfied with their catalog management process. Today’s marketers need to sift through complex spreadsheets and disparate sources of data to get a comprehensive understanding of their inventory. Akeneo simplifies this process by aggregating data sources from different channels and providing an open source platform so that teams can work together.
A promising future for Akeneo
So far, the software has been downloaded 40,000 times worldwide — an average of more than once per hour. Client references include household names like Adidas, Pimkie, Samsung, The North Face, Auchan, Cora, Leclerc, Carrefour, Universal Music Group and Nuxe.
CEO Frédéric de Gombert suggests that this is only the beginning: “The PIM market is like the CRM market, but 15 years behind. Every company — it could be a brand or a distributor — has two important assets: their clients and their products.”
This helps explain why investors are so confident:
“Due to our continued confidence in the talented founders of Akeneo and their amazing team, we decided to support this round of funding to enable the company to accelerate their international operations and to continue on the path to disrupt the PIM market,” commented Jeremy Uzan, partner at Alven Capital, in a statement.
Partech Ventures partner Reza Malekzadeh (one of Impact’s mentors) expressed his trust in Akeneo, too:
“Akeneo’s exceptional model, its great international relevance, and the ambitious vision and effective performance of its team have us utterly convinced that it is about to set a new standard on the product data management market.”
The Impact team is very proud of Akeneo’s latest accomplishment, and extends its congratulations to CEO Frédéric de Gombert and his entire team!!
The Impact team.