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Paris - base startupPigmenthas raise a $ 145 million funding round just five years after its origination . The enterprise package companionship offers a business provision weapons platform for large companies to visualize their past financial performance and forecast upcoming quarters .
This financial support round comes as a bit of a surprise as large round have been few and far between in France . According to arecent study from EY , financial support rounds in the Gallic technical school ecosystem were down 38 % in 2023 compared to 2022 .
But if you remove buzzy AI startup like Mistral AI and Das Kapital - intensive infrastructure plays that are not really tech inauguration , like EV charging internet ( Driveco ) and EV battery factories ( Verkor ) , funding round aredrasticallydown . Pure software startups have had a rough twosome of old age .
Pigment come along as an exclusion with its Series D. be investor Iconiq Growth is doubling down by go this Modern support round of golf . Sandberg Bernthal Venture Partners , IVP , Meritech , Greenoaks and Felix Capital are also participate — many of them were existing investors too .
And there ’s a understanding why Pigment do to raise so much at a significantly higher rating less than a twelvemonth after itsprevious funding beat . In 2023 , the startup managed to triple its revenue and double its client base of operations with well - known clients like Unilever , Datadog , Kayak and Merck . Half of Pigment ’s clients are based in the U.S.
“ Our current investors told us ‘ if you ’re going to raise money in 18 month to descale with others , we might as well declare oneself you great terms properly now for an internal cycle . ’ And everything chance very quickly … In one hebdomad , it was a done deal , ” cobalt - founder and co - CEO Eléonore Crespo severalise me .
Before Pigment , Crespo work for VC firm Index Ventures and Google . She co - constitute Pigment with Romain Niccoli , who was the co - founder and CTO of adtech startup Criteo — an early success of the Gallic technical school ecosystem .
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“ intravenous pyelography — one of our backers — benchmarks the growth rate of all SaaS party . And since we ’ve been selling our mathematical product , we ’ve been in the top 5 % of SaaS company with the right maturation rate ever , in terminal figure of tax income increase , ” Crespo said .
Pigment is a flexible business preparation tool that is used by main financial officers and finance teams to make reports and budgets . It ’s a modernistic SaaS platform , mean that you’re able to integrate it with all your company ’s data ( ERP , HRIS , data point lakes , etc . ) and employ it as a collaboration cock .
In addition to finance squad , sales teams can use Pigment to produce quotas and see how everyone is performing against quarterly quota . HR teams can see how they should surmount the workforce up and down based on strategic changes and financial objectives .
“ We ’ve done a lot of piece of work to address other teams , not just finance squad . We ’ve develop a lot of modules that enable us to serve hour teams , supply chain of mountains teams and sales teams , ” Crespo say .
In fact , as more teams bulge out using Pigment , it becomes an crucial putz for cross - team collaboration . And it ’s supposed to bring better than legacy tools from Oracle and SAP .
Like many computer software companies , Pigment has also added AI features . As Pigment acts as the central depositary for all the important metrics of a fellowship , client can ask questions to Pigment AI in instinctive speech to get a quick answer . deterrent example admit “ Can you give me a breakdown of revenue per country ? ” or “ Why was our actual revenue low than our forecast last quarter for this product ? ”
But more importantly , the troupe has optimized its core merchandise so that it function well even with large datasets and complicated computation . The best endeavour software products are must - have product , which mean that companies unremarkably do n’t need to pass a mountain of imagination on amend the intersection — clients need this cock to operate . Pigment is still the challenger in this industry , so it believes it needs to provide a better merchandise to compete with other business planning products .
