Pigment announces $145 million Series D funding round

Today, we’re pleased to announce that we’ve raised $145 million in our Series D funding round, led by ICONIQ Growth. Sandberg Bernthal Venture Partners, as well as several other existing investors including IVP, Meritech, Greenoaks and Felix Capital have also participated in the round. 

The news comes as a strong vote of confidence in everything we’ve been working on since day one, and the growth trajectory we’ve experienced in the past year. 

We started building Pigment with one problem in mind: to simplify and inform how business teams plan and make decisions in an increasingly complex environment. Complexity kills efficiency, and it’s everywhere in modern business: constantly shifting macro-conditions that add uncertainty to decision making, disjointed tech solutions, vast volumes of unmanageable data, and organizational silos all play a role. Indeed, two-thirds of business leaders say their organizations are overly complex, and as a result our own research revealed that 89% of finance leaders are making decisions every month based on inaccurate or incomplete data.

Our mission is to make complex decisions simple. This latest investment round underlines a busy and successful year for Pigment as we work to make this happen.

Here are the highlights...

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On the business side

We’ve tripled our ARR and doubled our global customer base. The number of enterprise customers choosing Pigment has tripled - it’s great to see global brands like Unilever, Merck, Datadog, Keolis and more all putting their trust in Pigment.

Our partnerships have been crucial to getting there, bringing in expertise and hands-on support to our customers. We’re proud to now be working with leading firms like Deloitte, Slalom and BearingPoint.

We’ve also made some important hires - Jay Peir joined as Global Head of Strategy from Tableau and Sean Brophy as Global Head of Sales, from Alteryx. In France, Edouard Beaucourt of Snowflake will be joining us as Pigment’s Head of EMEA. 

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On the product side

We’ve continued to innovate at a fast pace, releasing over 100 new functionalities and upgrades in 2023. We’re proud to receive exceptionally positive feedback on the platform from our customers - we currently maintain world-leading NPS scores, as well as strong customer feedback on both Gartner Peer Insights and G2.

Expanding Pigment adoption beyond finance has continued successfully - 90% of our customers are now using the platform across multiple departments - demonstrating its value as a true xP&A platform. Further validating our strategy is recent recognition from Gartner.

We’ve also continued to develop AI capabilities within the platform to drive better decision making and agility.

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So what’s the plan?

Raising money is fantastic, but it’s important to have a strategy for it. Fortunately, we know a thing or two about planning. Here’s what’s in store for Pigment soon.

1. Build on ease of use to ensure continued adoption

User experience has been a strength of Pigment since day 1 and will continue to be a priority. We want to make it simple for any team member in any department to get involved with the planning process. Generative AI has a substantial role to play here and will be a complete game changer for technical and non-technical users alike. So far, Pigment AI investments have focussed on helping users get insights faster and build reports more efficiently. Our long-term vision is for AI to act as a true co-pilot in the decision-making process.

2. Double down on Pigment’s scenario planning capabilities

To help our customers make better and faster decisions than ever, we’re going to bolster our scenario planning featureset - that’ll mean comparing forecasts to actuals across scenarios much faster. We’ll also be improving data visualization and reporting capabilities, as well as how we integrate with other solutions.

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3. Expand our support for xP&A capabilities

A big focus will be developing specific functionality to serve various departments that are using Pigment. For example, specific visualizations for sales audiences like geo maps, or advanced machine learning forecasting capabilities for demand planners, to support the supply chain optimization process.

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4. Scalability

The reason we’re able to make these upgrades is because Pigment is built on a scalable, secure, and performant platform. We will continue to invest in governance and performance tooling to ensure this stays the case.

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5. Bolster the team

To achieve all of the above, we’re doing some headcount planning of our own. In the year ahead, we’ll grow our customer experience and product support across North America and Europe to meet growing demand. 

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Want to know more?

We’ll be sharing more on our plans at SWTCH, our 3-day online conference from 23-25th April. Sign up here.

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A final note from Eléonore and Romain

That’s all from us. We’d like to take a moment to thank everyone that’s been involved with getting us to this point for your trust, hard work and time. Stay tuned, because there’s much more to come.