Pigment, a woman-owned business planning software startup, has recently secured a substantial $88 million in funding, bringing its total funding to $248 million. The investment, spearheaded by ICONIQ Growth, aims to redefine business planning and challenge Microsoft Excel’s dominance in the market. Other notable backers in this funding round include venture capital firms Felix Capital, Meritech, and IVP, with FirstMark also participating.
Co-founded in 2019 by current Co-CEO Eleonore Crespo, Pigment has gained recognition for its user-friendly business planning and forecasting platform. The company’s client roster includes esteemed names such as Klarna, Miro, and Tommy Hilfiger owner PVH.
"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,” said Crespo. “They're forced to plan and make decisions with inaccurate, incomplete and siloed information.”
To facilitate its expansion in the United States and Canada, Pigment has strategically recruited experienced leaders to fill crucial roles. Notably, Sean Brophy, formerly of Alteryx, has joined the company as the Global Head of Sales. Brophy’s track record in driving sales growth positions him to play a pivotal role as Pigment establishes itself in the market.
Pigment’s tools primarily cater to finance teams, empowering them to make informed decisions through financial planning and analysis. While Pigment directly competes with Microsoft Excel, the company also considers software tools offered by industry giants such as Google, SAP, and Oracle as its competitors.
In addition to securing funding, Pigment has prioritized the development of AI products. They recently launched Pigment AI, a service that capitalizes on the growing interest in AI technologies, similar to ChatGPT. This innovative service enables clients to extract valuable insights from data, identify patterns, and automate analysis and reporting processes.
Crespo emphasizes that Pigment’s focus lies not in aggressively expanding its workforce but in pursuing sustainable growth strategies aligned with investor expectations. The company aims to strike a balance between profitability and responsible expansion, responding to the evolving business landscape.
Pigment’s recent funding success accompanies a strong growth trajectory and product innovation. In 2022 alone, the company experienced a remarkable revenue growth of 600% and a tenfold increase in its user base. Crespo highlights that Pigment’s appeal extends beyond finance teams, as the platform serves business leaders across various functions, including HR, sales, marketing, and research and development.
With its recent funding and commitment to sustainable growth, Pigment is well-positioned to challenge established players like Microsoft. By providing a user-friendly and versatile business planning platform, Pigment aims to meet the needs of forward-thinking companies and leaders across industries. As the company allocates resources toward AI development, Pigment demonstrates its commitment to staying at the forefront of technological advancements and meeting the evolving demands of its customers.