Alven injects $2.4m into Akeneo

The fresh funding will be used by Akeneo to further develop its product base and expand internationally. The company is in the process of setting up new offices in Germany and the US, which are due to open next year.

The company also plans to hire five new software developers by the end of the year.

Alven is currently investing from its fourth fund, Alven Capital IV, which held its final close in March last year on its hard-cap of €120m after nine months on the road. The fund originally had a target of €100m.

The firm most recently took part in a €1m funding round for Textmaster, a Belgian provider of translation, proofreading and web content writing services alongside Belgian incubator eFounders and investor Cédric Siré.

Previous funding
Akeneo has already received backing from Kima and Nestadio. In October last year, the two firms provided Akeneo with €350,000 in capital for the company's first funding round.

Company
Founded in 2012 and headquartered in Nantes, Akeneo is a developer of open-source software specialising in product information management.

The company claims its open-source technology allows for access to cheaper software tools and says it currently has a network of 2,000 developers. It has partnered with 12 businesses across the Netherlands, Germany, Australia and the US.

Akeneo intends to increase the percentage of business conducted outside France from 30% to 50% by 2015, with the aim of eventually increasing this to 70%.

Clients include Feu Vert, Cora and Sergent Major. The company employs 15 staff.

People
Akeneo was founded by CEO Frederic de Gombert, CTO Benoit Jacquemont and lead developer Nicolas Dupont. Jeremy Uzan is a partner at Alven.

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• Topics
• Expansion
• France
• Technology
• France
• Alven Capital