French start-up Pigment has closed a new round of funding less than a year after raising a $73 million Series B round. In case you are unfamiliar with Pigment, the company is developing a business planning and forecasting platform.
For small businesses that are growing, it can replace Microsoft Excel as it is generally more secure and solid. For larger organizations already using a business planning product from Oracle or SAP, Pigment can replace those legacy platforms with something more modern.
The company is calling this new $65 million round a Series B+ because it’s more or less the same size as the Series B. Though Pigment doesn’t disclose the startup’s valuation, it’s rising after today’s deal.
So why did Pigment rise again so quickly? Because there was an opportunity and because the current economic environment is not looking good. IVP and Meritech Capital lead the round.
Pigment’s co-founder and CEO, Eléonore Crespo, told me that she doesn’t need to raise more money to make her company a long-term, stable business. Of course, market conditions could change and Pigment could rake in more over the next year.
I also asked them if Pigment uses Pigment as a forecasting tool. The answer is yes, obviously.
Pigment connects to the tools your teams already use like Salesforce, NetSuite, Workday and Snowflake. Customers use the platform to import, cleanse and enrich data from these other products. Once the data is in, you don’t have to enter the same number in multiple sheets because you can automatically reflect your metrics across the board. 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 talk to each other directly on the platform.
After that, 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 coming on board, or—unfortunately—a round of layoffs.
Pigment currently employs around 170 people. Annual recurring revenue is growing well (5x in six months) and the company now has 100 customers including Webhelp, PayFit, Forto, Gong, Figma, Carta and ClickUp.
Business planning products are very relevant right now, as companies are dealing with the worst. Having a tool that allows you to view all important metrics accurately and make important decisions has become indispensable. And Pigment hopes its platform will stand out from other tools in this industry.