A new round of funding has been secured by the French business Pigment less than a year after it raised a $73 million Series B round. If you’re not familiar, Pigment is a firm that creates a platform for business planning and forecasting.
It can take the role of Microsoft Excel for developing small businesses because it is more reliable and safer overall. Pigment can replace old platforms used by larger firms who currently utilise business planning software from Oracle or SAP with something a little more up to date.
Because it is about on par with its Series B, the company refers to this latest $65 million round as a Series B+. Pigment won’t say how much the start-up is worth, but the transaction today will likely increase it.
— Advisory Excellence (@_aenetworking) September 28, 2022
Why then did Pigment rise so swiftly again? because there was a chance, and the current economic climate doesn’t seem promising. Taking the lead in the round are IVP and Meritech Capital.
Pigment integrates with the software that your teams are already using, including Workday, NetSuite, Salesforce, and Snowflake. Data from those other products is imported, cleaned, and enhanced by clients using the platform. Once the data is in, your metrics will be instantly reflected across all sheets, so you won’t need to enter the same value more than once. Additionally, Pigment enables Excel-like formulae.
In this manner, Pigment takes over as the exclusive authority on all crucial financial data within the organisation. Customers of Pigment, a software as a service offering, can directly communicate with one another on the platform.
Customers can then use various data sets to generate “what-if” scenarios. Executives can alter the parameters to examine the effects of a new product introduction, a major client joining, or, regrettably, a wave of layoffs.
At the moment, pigment employs about 170 people. The company currently has 100 clients, including Webhelp, PayFit, Forto, Gong, Figma, Carta, and ClickUp, and its annual recurring revenue has increased by five times in the past six months.
Products for business planning are very significant right now since businesses need to prepare for the worst. It has become crucial to have a tool that enables you to accurately view all the crucial indicators and make vital decisions. Pigment also expects that its platform will distinguish itself from competing technologies in this field.