Business planning startup Pigment raises $145 million spherical in uncommon French tech megaround

Paris-based startup Pigment has raised a $145 million funding spherical simply 5 years after its inception. The enterprise software program firm gives a enterprise planning platform so that giant corporations can visualize their previous monetary efficiency and forecast upcoming quarters.

This funding spherical comes as a little bit of a shock as giant rounds have been few and much between in France. According to a latest examine from EY, funding rounds within the French tech ecosystem had been down 38% in 2023 in comparison with 2022.

But should you take away buzzy AI startups like Mistral AI and capital-intensive infrastructure performs that aren’t actually tech startups like EV charging networks (Driveco) and EV battery factories (Verkor), funding rounds are drastically down. Pure software program startups have had a tough couple of years.

Pigment seems as an exception with its Series D. Existing investor Iconiq Growth is doubling down by main this new funding spherical. Sandberg Bernthal Venture Partners, IVP, Meritech, Greenoaks and Felix Capital are additionally collaborating — a lot of them had been present traders too.

And there’s a motive why Pigment managed to boost a lot at a considerably greater valuation lower than a yr after its earlier funding spherical. In 2023, the startup managed to triple its income and double its buyer base with well-known shoppers like Unilever, Datadog, Kayak and Merck. Half of Pigment’s shoppers are primarily based within the U.S.

“Our present traders instructed us ‘should you’re going to boost cash in 18 months to scale with others, we’d as effectively give you nice phrases proper now for an inside spherical.’ And all the pieces occurred in a short time . . . In one week, it was a completed deal,“ co-founder and co-CEO Éléonore Crespo instructed me.

Before founding Pigment, Crespo labored for VC agency Index Ventures and Google. She co-founded Pigment with Romain Niccoli who was the co-founder and CTO of Criteo — an early success of the French tech ecosystem.

“IVP — considered one of our backers — benchmarks the expansion fee of all SaaS corporations. And since we’ve been promoting our product, we’ve been within the high 5% of SaaS corporations with the very best progress fee ever, by way of income progress,” Crespo stated.

Image Credits: Pigment

Pigment is a versatile enterprise planning device that’s utilized by chief monetary officers and finance groups to create studies and budgets. It’s a contemporary SaaS platform, that means which you could combine it with all of your firm’s knowledge (ERP, HRIS, knowledge lakes, and many others.) and use it as a collaboration device.

In addition to finance groups, gross sales groups can use Pigment to create quotas and see how everyone seems to be performing in opposition to quarterly quotas. HR groups can see how they need to scale the workforce up and down primarily based on strategic adjustments and monetary targets.

“We’ve completed lots of work to deal with different groups, not simply finance groups. We’ve developed lots of modules that allow us to serve HR groups, provide chain groups and gross sales groups,” Crespo stated.

In reality, as extra groups begin utilizing Pigment, it turns into an vital device for cross-team collaboration. And it’s purported to work higher than legacy instruments from Oracle and SAP.

Like many software program corporations, Pigment has additionally added AI options. As Pigment acts because the central repository for all of the vital metrics of an organization, clients can ask inquiries to Pigment AI in pure language to get a fast reply. Examples embrace “are you able to give me a breakdown of income per nation” or “why was our precise income decrease than our forecast final quarter for this product.”

But extra importantly, the corporate has optimized its core product in order that it really works effectively even with giant knowledge units and sophisticated calculations. The finest enterprise software program merchandise are must-have merchandise, which signifies that corporations often don’t want to spend so much of sources on enhancing the product — shoppers want this device to function. Pigment remains to be the challenger on this business, so it believes it wants to supply a greater product to compete with different enterprise planning merchandise.

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