France-based brand management software developer Akeneo has received $46m in funding from investors including Salesforce Ventures, the corporate venturing arm of enterprise software publisher Salesforce.
The round was led by growth equity firm Summit Partners and included venture capital firms Alven and Partech Ventures in addition to entrepreneur and Akeneo board member Stephan Dietrich.
Akeneo’s software platform helps brands and retailers to standardise product information accessed by potential customers across various sales and e-commerce channels. Greater consistency in a client’s online product descriptions can, for example, give suppliers greater confidence in the information passed through retail partners to consumers.
The capital will be used to bolster Akeneo’s US sales and marketing, and to conduct research and development in areas such as methods of aggregating data intelligence on its clients’ products. Akeneo also intends to hire 100 new team members over the next year to support its growth plans.
Fred de Gombert, Akeneo’s co-founder and chief executive, said: “[Product experience management] is becoming a critical business application for brands and distributors to win in omnichannel retail.
“Today’s consumers average more than five touchpoints before they make a purchasing decision, so it is increasingly important for brands to use a platform that delivers an integrated and consistent product experience.”
Salesforce Ventures joined angel investor Stephan Dietrich to invest an undisclosed sum in Akaneo in December 2018, after Partech and Alven Capital had combined to supply $13m of series B funding in early 2017.
Alven had already supplied $2.4m in funding for the company in 2014, following undisclosed amounts from Kima Ventures and Nestadio Capital.