Business planning platform company Pigment recently announced it raised an $88 million Series C funding round led by ICONIQ Growth. This Series C investment brings the company’s total amount raised to $248 million in under 3 years. And Felix Capital – as well as previous investors Meritech, IVP, and FirstMark – have also joined the round.
This latest funding round comes off the back of a 600% increase in revenue and a 10x increase in users throughout 2022 with companies such as Klarna, Miro, PVH (including brands such as Tommy Hilfiger and Calvin Klein), Airtable, Figma, Webhelp and Poshmark choosing Pigment to help plan, make decisions, and drive growth.
Pigment is going to use the funds to drive sustainable growth at the company, with headcount expected to increase by 25% by the end of 2023, across enterprise sales, partnerships, and product teams. And the company will also invest in product innovation for decision-makers across disciplines, including:
1.) Pigment AI, a chat-like interface to automate tasks, bring more people into the planning process and accelerate decision-making
2.) New automation to enable collaborative planning across teams to reduce the budgeting cycle and increase forecasting accuracy
3.) New HR and Sales planning features to aid specific teams to plan and report according to their needs, with organizational chart visualizations and territory heat maps
Over the past year, Pigment has strengthened its North American presence, opening an office in Toronto and hiring senior leadership in the U.S. and Canada. And notable recent hires include Sean Brophy, Global Head of Sales, who joined from Alteryx where he led enterprise sales; and Vanessa Brangwyn, Global Head of Customers, who joined from Achievers, where she was Chief Customer and Revenue Officer.
KEY QUOTES:
“In today’s economic climate, far too many companies are being held back because they don’t have the right tools in place to get a full view of their business, manage changes, and grow. They’re forced to plan and make decisions with inaccurate, incomplete and siloed information.”
— Eléonore Crespo, co-CEO and co-founder, Pigment
“Our vision from the beginning has been to help people and organizations of all sizes make better business decisions. With this infusion of funding, we are on a clear path to drive innovation and change the status quo in an industry desperately in need of it. Pigment has never been more critical and relevant than it is today.”
— Romain Niccoli, co-CEO and co-founder, Pigment
“We’ve had a great partnership with Pigment since the beginning and product innovation is a key reason our relationship continues to deepen. With Pigment’s AI and workforce planning investments, I am confident that Klarna is and will continue to be better equipped to make the right decisions about our business in the best interests of our customers.”
— Sebastian Siemiatkowski, co-founder and CEO, Klarna
“At Figma, our finance team wears many hats – we’re responsible for circulating business information, quickly diagnosing issues, and presenting leadership with solutions. Pigment allows us to understand our levers and make timely decisions for the business while remaining lean.”
— Praveer Melwani, CFO, Figma
“We are delighted to support Pigment with our global platform as they continue to expand their footprint in the US and beyond,” said Matt Jacobson, General Partner at ICONIQ Growth. “We’ve been incredibly impressed by Eléonore and Romain’s intense focus on product velocity and remarkable customer care, which has translated into exceptional growth and affinity.”
— Seth Pierrepont, General Partner, ICONIQ Growth
