The company, now headquartered in Boston, provides open-source product information management (PIM) software for ecommerce companies to gather and assess product data. The new funds will be used to double staff on its research and development team and improve its international sales.
Akeneo assists companies in moving into ecommerce. “Our belief is that there cannot be effective and lasting digital transformation if it does not include product data quality as a core focus,” commented CEO Frédéric de Gombert (pictured).
The company was founded in 2013 by de Gombert, Yoav Kutner, Benoit Jacquemont, and Nicolas Dupont. Kutner was a cofounder of ecommerce platform Magento, which was acquired by eBay in 2011.
More than 40,000 businesses have downloaded the free version of the software, according to Akeneo, and its premium customers include Samsung and Universal.
Akeneo’s software will “set a new standard on the product data management market,” said Reza Malekzadeh, partner at Partech, the round’s lead investor.
The company previously raised $2.3 million from Alven Capital in 2014 and has offices in Nantes and Dusseldorf.