French startup Akeneo has raised a $45 million Series C round led by Summit Partners, with existing investors Alven, Partech, Salesforce Ventures and Stephan Dietrich also participating. The company develops a popular product information management (PIM) service to manage all information about products in your stores, online and in paper catalogs.
Akeneo started as a sort of CRM for product information. Instead of managing your catalog using Excel spreadsheets or an outdated ERP, Akeneo provides a service that works across all your communication channels. You can also collaborate in Akeneo directly.
Akeneo started as an open source PIM application. Today, thousands companies actively use that open source version. But Akeneo also offers an enterprise edition with a more traditional software-as-a-service approach. The startup has managed to attract 300 clients, such as Sephora, Fossil and Auchan.
“With the open source edition, we have 60,000 companies actively using Akeneo. It means that we are the most used PIM solution in the world,” co-founder and CEO Frédéric de Gombert told me.
Over the years, Akeneo has expanded beyond product information management. The company acquired Sigmento, a startup that collects public data about millions of products in order to automatically generate descriptions, specifications, keywords and more.
Akeneo has integrated Sigmento into its core product and now has a database of 50 million different products. Akeneo uses machine learning to clean up that data set. For Akeneo customers, it lets you automate several tasks and fix mistakes in specifications for instance.
“Investing in this technology is one of the goals of this funding round,” Frédéric de Gombert said.
With today’s funding round, the company also wants to hire more people and focus even more on the U.S. — it currently has 180 employees and they will be 300 by the end of 2020. 75% of its revenue is coming from abroad, and the company generates 20% of its revenue in the U.S.