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Excel rival from France: Pigment snaps $145M to help businesses make better decisions

Pigment founders
Picture credits: Pigment

Pigment, the French business planning platform, has snapped $145 million in Series D funding. The round was led by ICONIQ Growth (that invested in Twin Health, Ramp, and Writer). It also led Pigment’s Series C round of $88 million last year. Sandberg Bernthal Venture Partners and several other existing investors, including IVP, Meritech, Greenoaks, and Felix Capital also participated in the round. 

Investments in GenAI

The company will use the funds to continue driving innovation to fuel the adoption of its planning platform. Also, it plans to accelerate its investments in generative AI to further support decision making and agility.

“Our north star has always been to combine an exceptional product and customer experience so that organisations can build the right plans and execute 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.”

“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,” said 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.”

Helps organisations make better decisions

Founded by Eléonore Crespo and Romain Niccoli in 2019, Pigment aims to solve the challenges of running a business without centralised business planning. It provides organisations with the tools needed to intuitively and intelligently build and adapt strategic plans. It is designed to be more user-friendly than Microsoft’s Excel, the spreadsheet software. 

Renowned companies like Unilever, Merck, Klarna, PVH, Webhelp, Figma, and Poshmark have chosen Pigment as their preferred platform for planning, decision-making, and driving growth. Over 90% of its customers use the platform across multiple departments, including finance, sales, HR, and supply chain.

Strong growth year 

Pigment witnessed a successful year in 2023 as it tripled its annual recurring revenue and doubled its customer base globally. The number of enterprise customers using Pigment also tripled. Pigment expanded its partner network, collaborating with leading consulting firms such as Deloitte, Slalom and BearingPoint.

The company strengthened its North American presence, its largest market by opening offices in New York and Toronto along with several strategic hires. Some of these new hires include Jay Peir who joined as Global Head of Strategy from Tableau where he was EVP of Corporate Development and Strategy, Sean Brophy as Global Head of Sales from Alteryx, where he led US Enterprise Sales, and Edouard Beaucourt joining from Snowflake as Pigment’s Head of EMEA.

“Everything we do from a product perspective is designed to simplify decision making and increase agility at scale,” said 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.”

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