French startup Pigment has raised a new round of funding less than a year after raising a $73 million Series B round. If you’re not familiar with Pigment, the company has developed a business planning and forecasting platform.
For small, growing companies, it can replace Microsoft Excel because it’s safer and more robust. For larger companies already using Oracle or SAP’s business planning products, Pigment can replace these legacy platforms with something more modern.
The company refers to the new $65 million round as a Series B+ because it’s more or less on the same level as its Series B round. While Pigment didn’t disclose the startup’s valuation, it’s on the rise with today’s deal.
So why is Pigment rising so fast again? Because of the opportunity, and because the current economic environment doesn’t look good. IVP and Meritech Capital led the round.
Pigment co-founder and CEO Eléonore Crespo told me she doesn’t need to raise more capital to turn her company into a long-term stable business. Of course, market conditions may change, and Pigment may end up raising more capital next year.
I also asked her if Pigment used pigment as her predictive tool. The answer is yes, obviously.
Pigment connects with the tools your team already uses, such as Salesforce, NetSuite, Workday, and Snowflake. Customers use the platform to import, cleanse and enrich data from other products. After you enter your data, you don’t have to enter the same numbers in multiple worksheets because you can automatically get a full picture of your metrics. Pigment also supports Excel-like formulas.
In this way, Pigment becomes the single source of truth for all important numbers for the company. As a software-as-a-service offering, Pigment customers can also talk to each other directly on the platform.
Afterwards, customers can create “what-if” scenarios from different datasets. Executives can change parameters to see the impact of a new product launch, a big customer onboarding, or—unfortunately—a round of layoffs.
The Pigment Company currently has approximately 170 employees. Annual recurring revenue growth is good (5x in 6 months) and the company now has 100 customers such as Webhelp, PayFit, Forto, Gong, Figma, Carta and ClickUp.
Business planning products are very important right now because companies have to plan for worst-case scenarios. It becomes critical to have a tool that allows you to accurately view all the important metrics and make big decisions. Pigment hopes its platform will stand out from other tools in the industry.