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Thursday, December 1, 2022

Pigment gets $65M more to develop the modern business planning platform

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Pigment, a French firm, has secured a fresh round of investment just over a year after raising a
$73 million Series B round. If you’re unfamiliar with Pigment, the firm creates a platform for business
planning and forecasting.

It can replace Microsoft Excel for small businesses that are expanding since it is more secure and sturdy
in general. For larger organizations who already utilize an Oracle or SAP business planning solution,
Pigment can replace these antiquated systems with something more contemporary.

This new $65 million round is dubbed a Series B+ by the firm since it is roughly in the same ballpark as its
Series B. While Pigment has not disclosed its worth, it is expected to rise as a result of today’s
transaction. So, what caused Pigment to reappear so quickly?

Because there was an opportunity and the present economic situation does not appear to be favorable.
The financing is being led by IVP and Meritech Capital.

Eléonore Crespo, co-founder and CEO of Pigment, told me that she doesn’t need to acquire more funds
to build her firm into a long-term, solid business. Of all, market conditions might shift, and Pigment may
wind up increasing more next year.

Pigment integrates with existing platforms used by your teams, like as Salesforce, NetSuite, Workday,
and Snowflake.

The platform is used by clients to import, clean, and augment data from other products. Once the data is
in, you won’t have to input the same figure on different pages since your metrics will be immediately
reflected across the board. Pigment also supports Excel-style formulae.

As a result, Pigment becomes the one source of truth for all of the company’s critical metrics. Pigment
customers may also communicate directly on the platform as a software-as-a-service solution.

Following that, clients may design “what-if” scenarios using various datasets. Change the parameters to
observe the impact of a new product launch, a significant customer signing on, or, tragically, a round of
layoffs.

Pigment presently employs around 170 people. The company’s annual recurring revenue is increasing
quickly (5x in six months), and it now has 100 customers, including Webhelp, PayFit, Forto, Gong, Figma,
Carta, and ClickUp.

Business planning products are very relevant right now because businesses must plan for the worst. It
has become critical to have a tool that allows you to accurately view all of the important metrics and
make big decisions. And Pigment hopes that its platform will distinguish itself from other tools in the
industry.

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