Parisian business forecasting platform that deals with business strategy in real-time, Pigment has raised $88 million in a Series C round. The company aims to use the fresh capital to promote further growth, notably by embarking on a recruitment drive that will see team member numbers increase by 25% across enterprise sales, partnerships, and product teams increase. Since late October 2019, Pigment has raised $248 million.
The $88 million Series C round was led by ICONIQ Growth and saw the participation of Felix Capital, as well as previous investors Meritech, IVP, and FirstMark.
Founded by Eléonore Crespo, a former data analyst at Google and investor at Index Ventures and Romain Niccoli, the former CTO and co-founder of Criteo – the ad-tech company that filed a NASDAQ IPO in 2013 with annual revenues of over $2 billion, Pigment is designed to take on the likes of spreadsheets and legacy Enterprise Performance Management (EPM) systems. And a whole lot more.
Pigment’s technology offers customers including Klarna, Miro, PVH (including brands such as Tommy Hilfiger and Calvin Klein), Airtable, Figma, Webhelp, and Poshmark a host of tools that update financial models in real-time. Adding to the Ooos and Ahhs, Pigment also offers a crystal ball feature, allowing for what-if scenarios at the click of a button.
“In today’s economic climate, far too many companies are being held back because they don’t have the right tools in place to get a full view of their business, manage changes, and grow. They’re forced to plan and make decisions with inaccurate, incomplete, and siloed information,” commented Pigment Co-CEO and Co-Founder Eléonore Crespo.
While the company remains decidedly French, it’s clear that the biggest target on the list is the lucrative US market. In the past year, Pigment has opened an office in Toronto and welcomed senior leadership in the US and Canada. Notable recent hires include Sean Brophy, Global Head of Sales, who joined from Alteryx where he led enterprise sales; and Vanessa Brangwyn, Global Head of Customers, who joined from Achievers, where she was Chief Customer and Revenue Officer.
On the investment, ICONIQ Growth General Partner Seth Pierrepont commented, “We’ve been incredibly impressed by Eléonore and Romain’s intense focus on product velocity and remarkable customer care, which has translated into exceptional growth and affinity.”