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French startup Pigment has raised new funding less than a year after raising a $73 million Series B round. If you’re not familiar with Pigment, the company offers a business planning and forecasting platform.
For small companies that are growing, Microsoft Excel can be replaced because it is more secure and generally more robust. For large companies that already use a business planning product from Oracle or SAP, Pigment can replace these legacy platforms with something more modern.
The company is calling this new $65 million round Series B+ because it’s more or less in the same ballpark as Series B. While Pigment did not disclose the starting price, it is increasing following today’s deal.
So why did the color grow back so quickly? Because the opportunity was there and the current economic situation is not good. IVP and Meritech Capital are leading the round.
Eleanore Crespo, Pigment’s founder and CEO, told me she doesn’t need to raise more money to turn her company into a sustainable, stable business. Of course, market conditions may change and color may increase further next year.
I also asked her if she uses pigment color as a projection tool. The answer is yes, obviously.
Pigment connects to tools your teams already use, such as Salesforce, NetSuite, Workday, and Snowflake. Customers use the platform to import, clean and enrich data from those products. Once the data is entered, you can reflect your measurements on the board so you don’t have to enter the same number in multiple sheets. Pigment also supports Excel-like formulas.
In this way, Pigment becomes the single source of truth for all important numbers in the company. As a software-as-a-service product, Pigment customers can also communicate with each other on a live platform.
Customers can then create “what if” scenarios from different data sets. Executives can change metrics to see the impact of a new product launch, a big customer coming on board, or — more tragically — a downsizing cycle.
Pigment currently has approximately 170 employees. Annual recurring revenue is growing well (5x in 6 months) and the company now has 100 clients including Webhelp, PayFit, Forto, Gong, Figma, Carta and ClickUp.
Business planning products are now very useful as companies need to plan for the worst. It has become essential to have a tool that allows you to accurately view all important metrics and make big decisions. And Pigment hopes its platform will stand out from other tools in the industry.
Image Credits: Color
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