The France-based business planning platform secures additional $65M in funding to help companies like Figma, Webhelp, Brex and Carta forecast amid market uncertainty
NEW YORK, Sept. 29, 2022 /PRNewswire-PRWeb/ -- Pigment, the integrated business planning platform helping companies make smarter, more informed decisions announces $65 million in Series B+ funding. IVP and Meritech Capital led the round of this latest funding that comes on the heels of the company's Series A and Series B rounds that totaled more than $100M. This round also follows a period of record ARR growth (to the tune of 5X in six months) and 10x global customer growth in just a year, and the release of several new product features.
In addition to deepening its European foothold with new logos like Webhelp, PayFit and Forto, Pigment is now serving North American brands like Figma, Gong, Carta and ClickUp, displacing other solutions with decades-long history.
"Pigment's superior solution could not be more timely," said Rob Ward, Co-Founder and General Partner of Meritech Capital. "Businesses of all sizes must equip themselves with the information they need to make the most important decisions. Pigment's suite allows business leaders to do just that."
Pigment's investment will be used for product development to attract more large enterprises and further expand in the US, where the company is already making strides. "In the past year, we have grown from 0 to 33 people supporting our North American operations and we expect this to double in the next year", said Eléonore Crespo, co-founder and co-CEO of Pigment. The company has opened offices in New York and will soon set up in Boston.
From high-growth startups to large enterprise companies seeking a better understanding of the numbers that impact their business, Pigment is designed to take on the likes of spreadsheets and legacy Enterprise Performance Management (EPM) systems so there's less time spent number crunching and more time spent focusing on the things that matter most.
"As a former CFO at Dropbox, I know business leaders at companies of all sizes need to surface actionable insights quickly, particularly in periods of market volatility," said Ajay Vashee, General Partner at IVP. "Pigment delivers an unmatched business planning platform that finance leaders and executive teams are adopting en masse to accelerate top line growth and strengthen their resource allocation muscle. Under the leadership of the company's visionary founders, we believe Pigment represents the future of EPM and business planning."
Driving stronger bottom lines through smart decision-making is where Pigment aims to make a difference. Rooted in the belief that "With better planning comes better outcomes," Pigment has updated its state-of-the-art technology with several timely product features designed to tackle the complex work of business planning:
- "One click" scenario planning capabilities offer complex "what-if" scenarios in minutes, a feature first of its kind. This enables companies to quickly react to unforeseen circumstances, for instance, inflation hitting double-digits. Just 2-weeks after launch, 80% of Pigment's customers were already using it, signaling the appetite for better decision-making.
- Scheduled imports to create and maintain reports with no IT dependency, and further data import automations with dozens of available integrations from Salesforce, NetSuite, Workday, Snowflake and more.
- A two-way data connector for Google Sheets to effortlessly build board presentations in one click. With nearly 80% of its users being business-facing, Pigment wants to ensure gathering inputs and reporting company results is seamless.
Pigment co-founders, Eléonore Crespo and Romain Niccoli honor the company's mission and vision by working to create certainty amid the unknown.
"With so much economic uncertainty, it's more important than ever for companies to be confident about their decision-making," said Eléonore Crespo, co-founder and co-CEO of Pigment. "Shifting market conditions make it vital to have the best possible planning and forecasting capabilities. With Pigment, rather than fearing change, companies can embrace it with the assurance that they will be able to make and execute informed decisions. Our latest round of funding strengthens our ability to shake up traditional EPM for best-in-class business strategy."
"We are extremely proud to serve customers like Figma, Carta, Brex and Webhelp, all of whom chose Pigment in the past six months. Pigment's growth and the support of our investors validates why we've chosen to disrupt the planning space. We are thrilled with the momentum we are seeing which shows we are on track to be the next category leader" said Eléonore Crespo.
Pigment is an integrated business planning platform founded in 2019 in an effort to address three major roadblocks in business planning and reporting: 1) a lack of transparency and insight into underlying data; 2) the sheer quantity of data companies have and have to get their heads around; 3) the static way it is often presented, making it hard to change and manipulate. As a result, traditional planning and reporting wastes time and money, and the inevitable mistakes hamper most organizations.
By contrast, Pigment's technology offers an intuitive and visually-driven experience, provides a 360° view of the business, updates financial models in real-time, and allows to run what-if scenarios at the click of a button. With Pigment, Finance, HR and Revenue teams improve cross-functional collaboration, increase internal efficiency, and align financial and operational plans, all while scaling reporting and data management.
IVP turns breakout companies into enduring market leaders. With a 40-year record of driving growth and 130+ IPOs, we've partnered with over 400 companies including Amplitude, Brex, Coinbase, Crowdstrike, Datadog, Discord, Klarna, Slack, Snap, and Twitter. As trusted allies, IVP helps founders and CEOs meet the challenge of leading a rapidly growing company. Our proven system bolsters functions including those that are sometimes overlooked and our partners serve as trusted allies to companies seeking to realize their full potential.
About Meritech Capital Partners
Meritech Capital Partners provides growth stage venture capital to category-defining private technology companies and has been one of the top performing venture firms of the past two decades. The firm was founded in 1999 and has cumulatively managed over $5 billion in total capital. Past and present investments include Alteryx, Anaplan, Auth0, Braze, Box, Coupa, Datadog, Duo Security, Facebook, Looker, MuleSoft, NetSuite, Proofpoint, Roblox, Salesforce, Segment, Snowflake, Tableau and UiPath. The firm has offices in Palo Alto, CA, San Francisco, CA and New York, NY and can be found at http://www.meritechcapital.com.
Michael Aldon, Pigment, 9256420092, [email protected]