Planning startup Pigment raises $65M for product development and expansion

Planning startup Pigment raises $65M for product development and expansion

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Business planning platform startup Pigment SAS said today it has raised $65 million in new funding for product and customer development and expansion in the U.S.

IVP and Meritech Capital led the Series B+ round. Including the new funding, Pigment has raised $163.9 million to date, according to Crunchbase. Previous investors include FirstMark Capital, Blossom Capital and Greenoaks Capital.

Founded in 2019 by Eléonore Crespo, a former data analyst at Google LLC, and Romain Niccoli, former chief technology officer and co-founder of advertising technology company Criteo SA, Pigment offers a cloud-based business forecasting platform that handles business strategy in real time.

Pigment’s platform provides what it says is an intuitive, full-spectrum view of a company that allows users to plot future scenarios in real time through charts, simulations and continuous modeling. Pitched as allowing users to take control over their business modeling, the platform includes the ability to animate future scenarios to assist strategic decision-making.

The platform includes the ability to break down silos through a single system of record and the provision of “shared understanding.” Pigment’s service ensures data integrity and consistency across models and shared metrics, the ability to replace email for conversations directly on Pigment and a focus on having employees aligned on definitions for critical metrics with syntax formulas and dependency diagrams similar to Microsoft Corp.’s Excel.

Pigment’s platform includes scheduled imports to create and maintain reports without information technology dependency. Data import works with dozens of available services, including those from Salesforce Inc., NetSuite Inc., Workday Inc. and Snowflake Inc.

Recent product enhancements include “one-click” scenario planning capabilities that offer complex “what-if” scenarios in minutes, enabling companies to react to unforeseen circumstances quickly. Just two weeks after launch, 80% of Pigment’s customers were already using it, signaling what the company describes as an “appetite for better decision-making.”

The new funding will partially go toward attracting large enterprises to the platform, particularly in the U.S. where Pigment is already making strides. The company has 33 employees supporting North American operations at an office in New York and plans to double this number in the next year, including opening a new office in Boston.

“With so much economic uncertainty, it’s more important than ever for companies to be confident about their decision-making,” Chief Executive Officer Crespo said in a statement. “Shifting market conditions make it vital to have the best possible planning and forecasting capabilities. With Pigment, rather than fearing change, companies can embrace it with the assurance that they will be able to make and execute informed decisions.”

Since raising $73 million in funding in November, Pigment has seen strong growth, including annual recurring revenue increasing five times in the last six months and its customer numbers increasing by a multiple of 10 over the previous year. The company didn’t provide absolute numbers. Notable clients include Webhelp SAS, PayFit Ltd., Forto Logistics GmbH & Co., Figma Inc., Inc., Carta Inc. and ClickUp.

Image: Pigment

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