French startup Pigment has raised a brand new spherical of funding lower than a yr after elevating a $73 million Series B round. If you happen to’re not acquainted with Pigment, the corporate develops a enterprise planning and forecasting platform.
For small firms which can be rising up, it may well substitute Microsoft Excel because it’s safer and extra strong generally. For larger firms that already use a enterprise planning product from Oracle or SAP, Pigment can substitute these legacy platforms with one thing a bit extra fashionable.
The corporate calls this new $65 million spherical a Sequence B+ as a result of it’s kind of in the identical ballpark as its Sequence B. Whereas Pigment isn’t disclosing the valuation of the startup, it’s going up following immediately’s deal.
So why did Pigment increase once more so rapidly? As a result of there was a chance and since the present financial setting doesn’t look nice. IVP and Meritech Capital are main the spherical.
Pigment’s co-founder and CEO Eléonore Crespo informed me that she doesn’t want to lift extra money to show her firm right into a long-term, steady enterprise. After all, market situations might change and Pigment might find yourself elevating extra subsequent yr.
I additionally requested her if Pigment makes use of Pigment as its forecasting instrument. The reply is sure, clearly.
Pigment connects with the instruments that your groups already use, corresponding to Salesforce, NetSuite, Workday and Snowflake. Purchasers use the platform to import, clear and enrich knowledge from these different merchandise. As soon as the info is in, you don’t need to enter the identical quantity in a number of sheets as you may routinely mirror your metrics throughout the board. Pigment helps Excel-like formulation as effectively.
This manner, Pigment turns into the only supply of reality for all of the necessary numbers within the firm. As a software-as-a-service product, Pigment clients can even discuss with one another on the platform straight.
After that, clients can create “what-if” situations from totally different knowledge units. Executives can change parameters to see the influence of a brand new product launch, a big shopper approaching board or — sadly — a spherical of layoffs.
Pigment at present has round 170 staff. Annual recurring income is rising properly (5x in 6 months) and the corporate now has 100 clients, corresponding to Webhelp, PayFit, Forto, Gong, Figma, Carta and ClickUp.
Enterprise planning merchandise are fairly related proper now as firms need to plan for the worst. Having a instrument that allows you to precisely view all of the necessary metrics and make large choices has turn into important. And Pigment hopes its platform will stand out from different instruments on this trade.