Akeneo plans to use the funds to accelerate product development. Here are the top-line bullets you need to know.
Akeneo, a provider of product information management (PIM) software, has raised $135M in a Series D that drew participation from Alven Capital, Partech Partners, and Summit Partners.
How’s the company performing?
- France-based Akeneo helps companies enhance the quality of their product data and simplify product catalog management.
- The company caters to over 600 customers across 40 countries — some of its clients include Forever21, Fossil, Kurt Geiger, Staples, and ADS.
- Its platform has been downloaded over 80K times, and its installations have grown at a CAGR of 170+% over the past 7 years.
- In 2021, Akeneo’s partner ecosystem expanded by 30%, and its employee count grew by 40% to surpass 300 employees.
- The company has office locations in France, Germany, the Netherlands, the UK, Australia, and the US.
Source: Akeneo
Why does the market matter?
- The product information management market is expected to reach a value of $33.8B by 2026, growing at a CAGR of 23.3%, according to Mordor Intelligence.
- Increasing digitization and data generation has contributed to market growth, as companies are turning to solutions to help manage their growing data stores.
- E-commerce adoption has increased considerably amid the pandemic — in fact, e-commerce sales shot up 35% YoY in 2021, according to McKinsey. This has compelled companies across industries to seek out e-commerce enablement tools to develop and enhance their digital properties.
