Summary: We are thrilled to announce that Pigment has closed $65 million in a Series B extension to continue to expand into North America and the enterprise segment, while serving our existing customer base with an evolving product and customer support. The round was led by Meritech and IVP, renowned US-based investors.
In December 2020, the world was deep in the midst of its first wave of the Covid-19 pandemic.
Business leaders were coming to terms with the “new normal”. Yet, given the level of uncertainty the pandemic brought, SaaS companies were experiencing growth like never before.
That December, Paris-based Pigment made its first public splash, with news of its $25.9 million Series A funding to replace spreadsheets for financial planning. This was followed by a $73 million Series B less than a year later.
And now, the economy has leaped from the “new normal” to the “next normal”, a sea of market downturns, recession, and inflation that is likely here to stay for the long haul. Leaders are searching, more urgently than ever before, for a sustainable path through the new business environment they’ve been placed in.
To answer this urgent call for a better way to sail through uncertainty, we’re ecstatic and humbled to announce our latest funding: a Series B extension of $65 million, led by Meritech and IVP.
Funding arrives to accelerate Pigment’s expansion
Pigment has made great strides in the market since being founded in 2019.
We now serve more than 100 customers across EMEA and North America, including dozens of unicorns and enterprise companies such as Figma, Gong, Carta, ClickUp, and Webhelp. Our global customer base increased 10x in the past year. And, in the past six months alone, our ARR has multiplied 5x, while our US team has grown from 0 to 33.
On the eve of all this growth, the very purpose of our product coincides perfectly with the need for more accurate financial modeling, headcount planning, and sales and revenue forecasts, as explained by Rob Ward, Co-Founder and General Partner of Meritech Capital, one of our latest investors:
“Pigment's superior solution could not be more timely. Businesses of all sizes must equip themselves with the information they need to make the most important decisions. Pigment's suite allows business leaders to do just that.” - Rob Ward, Co-Founder and General Partner, Meritech Capital
Ajay Vashee, General Partner at IVP, who also join as investors in this Series B+, expresses a similar sentiment, from the vantage point of an investor and a Finance leader:
"As a former CFO at Dropbox, I know business leaders at companies of all sizes need to surface actionable insights quickly, particularly in periods of market volatility. Pigment delivers an unmatched business planning platform that finance leaders and executive teams are adopting en masse to accelerate top line growth and strengthen their resource allocation muscle. Under the leadership of the company’s visionary founders, we believe Pigment represents the future of EPM and business planning." - Ajay Vashee, General Partner, IVP
An integrated planning platform that scales: the Webhelp x Pigment story
Webhelp was founded in 2000 to reinvent the customer journey as we know it. The company expanded rapidly to generate multi-billion dollar revenues and establish a global presence. This rapid growth called for a financial planning and analysis system that scaled with it.
“Today, with 110,000 employees, Webhelp serves more than 1,400 clients, from large multinationals to small digital start-ups across 55 countries. With revenues of over €2.5bn, it is vital that our financial plans are robust and precise to best serve our internal clients and support our two-digit growth. That’s why, after a 2-week long hackathon with best-in-breed solution providers, we selected Pigment for our financial reporting. The strong functional capabilities and the scalability of the platform will help Webhelp unify and control complex financial reporting across its operations worldwide, ensuring that we’re always at the top of our game for our clients.” - Bruno Vaffier, CFO, Webhelp
With features such as scenario planning and scheduled imports, leaders can preview the outcomes of acting on insights gleaned from their data, all while being highly confident of the accuracy and timeliness of that data.
As our co-founder and co-CEO, Eléonore Crespo summarizes, Pigment helps companies such as Webhelp make decisions and take risks with confidence.
“With so much economic uncertainty, it’s more important than ever for companies to be confident about their decision-making. With Pigment, rather than fearing change, companies can embrace it knowing they can make and execute informed decisions. We are extremely proud to serve customers like Figma, Webhelp, Brex and Carta, all of whom chose Pigment in the past six months. Our latest round of funding strengthens our ability to shake up traditional EPM and become the next category leader.” - Eléonore Crespo, co-founder and co-CEO, Pigment
Prioritization of superior customer experience above all
Pigment was built for, and will continue to develop with, the end user at its heart.
With quotes such as—
“The tool itself is beautiful. It's well-designed, which is something we care a lot about, and I've honestly never seen that in a financial planning tool before.” - Nicole W., VP Strategic Finance at Figma
"I wouldn't call it Pigment, I would call it a MUST-HAVE for STRATEGIC FINANCE and FP&A teams!" - Lorenzo B., Strategy & Operations at Bryter
—and a G2 review score of 4.7, customers have been outspoken about their love for our product.
With this new round of funding, we’ll deliver the superior Pigment experience to more enterprise customers and expand our presence in the North American market.
Additionally, we’ll continue to innovate through product development and bring never-before-seen features to the planning platform, including increased automation, improvements to the already user-friendly interface, and still more ways to manage and analyze multidimensional data.
Our team, from engineers and solution architects to financial analysts and sales leaders, make it their mission to fully understand the scale of customer needs. At the core of Pigment’s values is the tenet to take ownership of everything we do — and our customers benefit from this attitude every day.