French-based open-source software developer Akeneo has raised USD2.4m in start-up funds from venture capitalist Alven Capital.
The funds will be used for developing the firm's solutions in product information management (PIM).
Akeneo's use of open-source technology offers affordable access to software tools, contrasting with the domination of international competition by more expensive proprietary solutions. Akeneo has already won backing from investors Kima Ventures and Nestadio Capital.
"Akeneo is an open-source PIM application that is disrupting the market on top of proven technologies, such as PHP, Symfony and Oro Platform," says Yoav Kutner, co-founder of Magento. "It is able to deliver an enterprise grade PIM application for a fraction of the cost compared to other players in this space."
"Big industrial groups no longer have a monopoly on providing this type of software," says Jeremy Uzan, partner at Alven Capital. "That's why we have decided to support Akeneo in developing this new generation of PIM. Making this investment reflects our confidence in Akeneo's prospects for further growth and increased productivity.
"We have been impressed by the PIM system created by Akeneo, which allows clients to enjoy economic and technical advantages. The system offers access to a community of developers as well as inter-operability with other marketing tools. Effectively, this software has created an open source eco system."
The funds raised will be used by Akeneo for further expansion.
Frédéric Gombert, co-founder of Akeneo, says: "This financing from Alven Capital will allow us to speed up our international development, with the opening next year of offices in Germany and the US. We already conduct a sizeable amount of business in these countries, where data management is especially promising. We aim to increase the percentage of business done outside France from 30 per cent to 50 per cent by next year and eventually to 70 per cent."
