Paris-based, Pigment, a business planning platform that assists organizations in strategizing and planning has raised €133 million in a Series D funding round.
The round was led by ICONIQ Growth, which previously backed the Series C round also over a year ago. In addition to several other current investors, such as IVP, Meritech, Greenoaks, and Felix Capital, Sandberg Bernthal Venture Partners also took part in the round, indicating their continued faith in Pigment’s long-term growth trajectory.
The money comes after Pigment had a banner year, tripling its yearly recurring revenue and growing its clientele by double on a global scale. Additionally, Pigment’s enterprise clientele increased. Pigment has been selected by prominent global brands such as Unilever, Merck, Keolis, Datadog, KAYAK, and 6sense due to its exceptional blend of usability and scalability, which is essential for making rapid and correct decisions. Commencing strategic partnerships, Pigment has aligned with top consulting organizations such as BearingPoint, Slalom, and Deloitte, enriching its network of collaborators.
Pigment co-CEO Eléonore Crespo said:
“Our mission has always been to provide customers with an outstanding product and experience so that businesses can develop and implement strategies with speed and accuracy. With this finance, we’re even better positioned to keep up our commitment. We look forward to working alongside our investors as we enter the next phase of our journey. We are immensely proud of the trust and confidence they place in the entire Pigment team.”
Business Expansion Highlights:
Pigment’s largest market, North America, has seen a boost in the last year thanks to the opening of offices in New York and Toronto, as well as several key hires. Notable additions were Sean Brophy, who joined as Global Head of Sales from Alteryx after leading US Enterprise Sales, and Jay Peir, who joined as Global Head of Strategy from Tableau, where he was EVP of Corporate Development and Strategy. Edouard Beaucourt, the Head of EMEA for Pigment, is also joining from Snowflake in France.
Pigment’s continuous focus on product innovation has been essential to company expansion. Notable product advancements include generative AI capabilities to increase accessibility for all users and expand usage outside the finance function, all on top of an existing user-friendly solution. Presently, over 90% of Pigment’s clientele utilize its business planning platform in various departments, such as finance, sales, human resources, and supply chain.
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Romain Niccoli, co-CEO of Pigment, stated:
“Everything we do from a product perspective is designed to simplify decision-making and increase agility at scale. This covers every aspect of product development, from enhancing Pigment’s core infrastructure through innovation to delivering the scalable and dependable solutions that businesses demand.”
Niccoli further added:
“To further enhance decision-making and agility, Pigment also intends to increase the pace at which it invests in generative AI. Our generative AI investments have so far focused on helping users build reports more efficiently and get insights more quickly. Our goal is for efficiency to gradually increase over time to the point where AI truly assists humans in making decisions.”
Less than a year has passed since leading Pigment’s Series C, and the startup has effectively entered the enterprise market and expanded across a variety of functions and use cases considerably quicker than we anticipated. Seth Pierrepont, General Partner at ICONIQ Growth, emphasized how Eléonore and Romain’s outstanding team and product showcase their capabilities.
Matt Jacobson, General Partner at ICONIQ Growth, stated:
“We are exceptionally confident that Pigment is successfully addressing a clear and very large need in the market. This faith in the product, market, and team motivated us to keep assisting the company in its ongoing success.”
