Pigment announces $145 million series D led by ICONIQ Growth

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Apr 04, 2024, 08:00 ET

The funding follows a record year for Pigment in which the company tripled its revenue, doubled its customer base globally, and on-boarded multiple major enterprise brands such as Unilever, Datadog, and Merck.
ICONIQ Growth who spearheaded Pigment's Series C last year also led the Series D round, with participation from Sandberg Bernthal Venture Partners, IVP, Meritech, Greenoaks and Felix Capital.
With the majority of the company's revenue now coming from North America, the capital will be used to expand Pigment's in-market support and accelerate product development

SAN FRANCISCO, April 4, 2024 /PRNewswire/ -- Pigment today announced a $145 million Series D funding round, led by ICONIQ Growth, who also spearheaded Pigment's Series C investment close to a year ago. Sandberg Bernthal Venture Partners as well as several other existing investors including IVP, Meritech, Greenoaks and Felix Capital have also participated in the round, demonstrating continued confidence in Pigment's long-term growth trajectory.

Pigment is a business planning platform that helps organizations plan ahead and make better strategic decisions.

Impressive growth and momentum - particularly in North America and the enterprise - attracted funding

The funding follows a successful year for Pigment as the company tripled its annual recurring revenue, and doubled its customer base globally. The number of enterprise customers using Pigment also tripled. Global brands including Unilever, Merck, Keolis, Datadog, KAYAK and 6sense have all chosen Pigment for its unique combination of usability and scalability needed to make accurate yet timely decisions. Pigment has expanded its partner network, collaborating with leading consulting firms such as Deloitte, Slalom and BearingPoint.

In the past year, Pigment has strengthened its North American presence - the company's largest market - following the opening of offices in New York and Toronto, along with several strategic hires. Notably, Jay Peir who joined as Global Head of Strategy from Tableau where he was EVP of Corporate Development and Strategy, and Sean Brophy as Global Head of Sales from Alteryx, where he led US Enterprise Sales. In France, Edouard Beaucourt is also joining from Snowflake as Pigment's Head of EMEA.

"Our north star has always been to combine an exceptional product and customer experience, so that organizations can build the right plans and execute on them quickly. This funding puts us in an even stronger position to continue fulfilling this commitment," said Eléonore Crespo, co-CEO, Pigment. "We're incredibly proud of the trust and confidence our investors place in the entire Pigment team, and we look forward to working alongside them as we enter the next phase of our journey."

Continued emphasis on product innovation means we've expanded into new use cases and enhanced Pigment with AI-capabilities

Central to Pigment's growth has been its ongoing emphasis on product innovation. On top of an already easy-to-use solution, notable product developments include generative AI capabilities to improve accessibility for all users and further adoption beyond the finance function. Today, more than 90% of Pigment customers use the platform across multiple departments, including finance, sales, HR, and supply chain.

We'll continue to grow responsibly and build a world class product that business teams love to use

Pigment will use the funds to continue driving innovation to fuel adoption of its planning platform. "Everything we do from a product perspective is designed to simplify decision making and increase agility at scale," said Romain Niccoli, co-CEO, Pigment. "This spans all elements of product development, from an AI-powered user experience, to innovating on Pigment's core infrastructure, to deliver the scalable and reliable solutions that enterprises expect."

Pigment also plans to accelerate its investments in generative AI to further support decision making and agility. Per Niccoli, "so far our generative AI investments have focussed on helping users get insights faster and build reports more efficiently. Over time, our vision is that we will go from gradual improvements in efficiency to AI acting as a true co-pilot in the decision-making process."

"Since leading Pigment's Series C less than a year ago, the company has successfully expanded into the enterprise market and across multiple functions and use cases much faster than we expected. This is testament to the extraordinary team and product Eléonore and Romain are building," said Seth Pierrepont, General Partner, ICONIQ Growth.

"We are exceptionally confident that Pigment is successfully addressing a clear and very large need in the market," said Matt Jacobson, General Partner, ICONIQ Growth. "This confidence in the market, product and team drove our enthusiasm to continue to support the company's continued success."

About Pigment

Pigment is a business planning platform that provides organizations with the tools needed to intuitively and intelligently build and adapt strategic plans. Industry-leading companies like Unilever, Merck, Klarna, PVH, Webhelp, Figma and Poshmark use Pigment every day to quickly get an accurate picture of their business, make better decisions, and focus more on executing strategy in a rapidly changing world. Learn more at www.pigment.com.

About ICONIQ Growth

ICONIQ Growth partners with visionaries defining the future of their industries to transform the world. Our investment platform and unique ecosystem help amplify our portfolio companies' success from early growth stage to IPO and beyond. Our portfolio includes Adyen, AirBnB, Alibaba, Alteryx, Automattic, BambooHR, Braze, Chime, Collibra, Coupa, Datadog, Docusign, Gitlab, Marqeta, Miro, Procore, Red Ventures, Relativity, ServiceTitan, Snowflake, Sprinklr, Truckstop, Uber, Wolt, and Zoom, among others. Elevated by our global community of founders, pioneers, and leaders, we are entrepreneurs backing entrepreneurs. For more information, please visit ICONIQGrowth.com.

SOURCE Pigment