Pigment Raises Another $65M to Build Modern Business Planning Platform

French startup Pigment has raised a new funding round less than a year after raising a $73m Series B round. If you’re unfamiliar with Pigment, the company is developing a business planning and forecasting platform.

For growing small businesses, it can replace Microsoft Excel as it is more secure and stronger in general. For larger companies that already use a business planning product from Oracle or SAP, Pigment can replace those legacy platforms with something a little more modern.

The company is calling this new $65 million round a Series B+ because it’s more or less in the same ballpark as its Series B. While Pigment won’t disclose the startup’s valuation, it’s rising following the deal today.

So why has Pigment risen so fast? Because there was an opportunity and because the current economic environment is not looking very good. IVP and Meritech Capital lead the round.

Pigment co-founder and CEO Eléonore Crespo told me she didn’t need to raise more money to turn her company into a stable, long-term one. Of course, market conditions could change and Pigment could end up raising more next year.

I also asked him if Pigment uses Pigment as a forecasting tool. The answer is yes, of course.

Pigment connects to the tools your teams already use, such as Salesforce, NetSuite, Workday, and Snowflake. Customers use the platform to import, cleanse and enrich data from these other products. Once the data is entered, you don’t need to enter the same number in multiple sheets because you can automatically reflect your metrics across the board. Pigment also supports Excel-like formulas.

In this way, Pigment becomes the single source of truth for all important company figures. As a software-as-a-service product, Pigment customers can also talk to each other directly on the platform.

After that, customers can create “what-if” scenarios from different datasets. Executives can tweak the metrics to see the impact of a new product launch, the arrival of a big customer, or, sadly, a series of layoffs.

Pigment currently has approximately 170 employees. Annual recurring revenue is progressing well (5x in 6 months) and the company now has 100 customers, such as Webhelp, PayFit, Forto, Gong, Figma, Carta and ClickUp.

Business planning products are very relevant right now because businesses need to plan for the worst. Having a tool that allows you to accurately view all important metrics and make big decisions has become essential. And Pigment hopes its platform will stand out from other tools in this industry.

Picture credits: Pigment


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