Pigment, a business planning platform that helps organisations plan ahead and make better strategic decisions, announced a €133 million Series D funding round, led by ICONIQ Growth, who also spearheaded Pigment’s Series C investment close to a year ago. Sandberg Bernthal Venture Partners as well as several other existing investors including IVP, Meritech, Greenoaks and Felix Capital have also participated in the round, demonstrating continued confidence in Pigment’s long-term growth trajectory.
The funding follows a successful year for Pigment as the company tripled its annual recurring revenue and doubled its customer base globally. The number of enterprise customers using Pigment also tripled. Global brands including Unilever, Merck, Keolis, Datadog, KAYAK and 6sense have all chosen Pigment for its unique combination of usability and scalability needed to make accurate yet timely decisions. Pigment has expanded its partner network, collaborating with leading consulting firms such as Deloitte, Slalom and BearingPoint.
“Our north star has always been to combine an exceptional product and customer experience, so that organizations can build the right plans and execute on them quickly. This funding puts us in an even stronger position to continue fulfilling this commitment,” said Eléonore Crespo, co-CEO, Pigment. “We’re incredibly proud of the trust and confidence our investors place in the entire Pigment team, and we look forward to working alongside them as we enter the next phase of our journey.”
In the past year, Pigment has strengthened its North American presence – the company’s largest market – following the opening of offices in New York and Toronto, along with several strategic hires. Notably, Jay Peir who joined as Global Head of Strategy from Tableau where he was EVP of Corporate Development and Strategy, and Sean Brophy as Global Head of Sales from Alteryx, where he led US Enterprise Sales. In France, Edouard Beaucourt is also joining from Snowflake as Pigment’s Head of EMEA.
Central to Pigment’s growth has been its ongoing emphasis on product innovation. On top of an already easy-to-use solution, notable product developments include generative AI capabilities to improve accessibility for all users and further adoption beyond the finance function. Today, more than 90% of Pigment customers use the platform across multiple departments, including finance, sales, HR, and supply chain.
“Everything we do from a product perspective is designed to simplify decision making and increase agility at scale,” added Romain Niccoli, co-CEO, Pigment. “This spans all elements of product development, from an AI-powered user experience, to innovating on Pigment’s core infrastructure, to deliver the scalable and reliable solutions that enterprises expect.”
Pigment also plans to accelerate its investments in generative AI to further support decision making and agility. Per Niccoli, “so far, our generative AI investments have focused on helping users get insights faster and build reports more efficiently. Over time, our vision is that we will go from gradual improvements in efficiency to AI acting as a true co-pilot in the decision-making process.”
“Since leading Pigment’s Series C less than a year ago, the company has successfully expanded into the enterprise market and across multiple functions and use cases much faster than we expected. This is testament to the extraordinary team and product Eléonore and Romain are building,” added Seth Pierrepont, General Partner, ICONIQ Growth.
“We are exceptionally confident that Pigment is successfully addressing a clear and very large need in the market,” said Matt Jacobson, General Partner, ICONIQ Growth. “This confidence in the market, product and team drove our enthusiasm to continue to support the company’s continued success.”
Read the orginal article: https://www.eu-startups.com/2024/04/paris-based-pigment-bags-e133-million-series-d-to-further-fuel-adoption-of-its-planning-platform-in-north-america/
