French startup Pigment, a SaaS business forecasting platform, has raised €24 million in Series A funding round on 3rd December 2020.
The funding round was led by Blossom Capital. Other participants include investors New York-based FirstMark Capital and First, as well as angel investors including Paul Melchiorre, former CEO of business planning giant Anaplan, and David Clarke, the ex-CTO of Workday.
The funding will be utilized by the company to scale up its operations and first-class engineering team, which includes senior hires from leading tech companies such as Criteo, Datadog, Aircall and Payfit.
Founded in 2019 by CEO Eléonore Crespo and Romain Niccoli, aims to develop a software tool that will be a replacement for Excel spreadsheets when it comes to the financial planning process. The tool is still in beta testing. It will provide an intuitive, full-spectrum view of the company that allows users to play with multiple future scenarios in real-time through charts, simulations and continuous modeling.
Eléonore Crespo is a former data analyst at Google and investor at preeminent European venture capital firm Index Ventures. Romain Niccoli is the former CTO and co-founder of ad tech company Criteo.
“If you’re up to your elbows in the agony of annual budgets right now – we feel your pain. At the moment entrepreneurs have to spend so much time simply trying to build an accurate picture of their own business that they’re eating into bandwidth that they could use for strategic thinking and analysis,” said Eléonore Crespo, co-founder and co-CEO of Pigment.
Pigment wants to replace the experience of using error-prone spreadsheets and inflexible software to forecast the future of businesses. Instead of a rigid annual planning process, the platform allows users to take control over their business data, presenting an intuitive, full-spectrum view of the company that allows users to play with multiple future scenarios in real-time through charts, simulations and continuous modeling. Pigment has secured prominent enterprise and pre-IPO start-up clients for its beta product.
In the future, Pigment plans to allow for reporting in areas including social and environmental accounting. Romain Niccoli said: ‘There’s been little innovation in business planning for over a decade. Pigment has set its sights on becoming more than just a system of record for business data – we allow everyone in the company to see how different metrics interact, to creatively explore the potential behind the numbers, and to imagine fresh possibilities for the future.’
What Investors Have to Say
“Existing planning software was built around 20th-century models of how to do business. Pigment is a 21-st century platform that reflects the way successful companies need to work today – socially and environmentally conscious, proactively scanning the horizon for risks and opportunities, and capable of unlocking new opportunities in an increasingly complex and uncertain world,” said Ophelia Brown, partner at Blossom Capital.
“The strength of Pigment’s team is impressive and unparalleled. With their top-notch engineers and breakthrough technology, they’re in the best possible position to transform this huge and challenging market,” said Matt Turck, partner at FirstMark Capital.
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