French Startup, Pigment Raises €24 million in a Series A Funding

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French tech platform, Pigment has raised over €24 million in a Series A round that was led by Blossom Capital, with New York-based investors, FirstMark Capital and Frst participating in the founding.

Former Chief Executive Officer, Anaplan, Paul Melchiorre and former Chief Technical Officer at Workday, David Clarke also participated at the event.

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Pigment was founded in 2019 with core strength to overhaul painful experience of using error-prone spreadsheets and inflexible software to forecast the future of businesses.

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.

The funding will allow 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.

Pigment has also secured prominent enterprise and pre-IPO start-up clients for its beta product, including a major European bank.

Pigment was founded in 2019 by Eléonore Crespo, a former data analyst at Google and investor at preeminent European venture capital firm Index Ventures, and Romain Niccoli, the former CTO and co-founder of adtech company Criteo (a prominent tech success story, following a successful NASDAQ IPO in 2013 and annual revenues of over $2 billion USD), approx. €1.6 billion.

At the event, Crespo and Niccoli identified three key roadblocks in planning and reporting that were a lack of transparency and insight into underlying data behind their business; sheer quantity of data they had to get their head around and static way it was presented, which made it hard to change and manipulate.

‘‘We’re a bit like Minecraft for business strategy – with that kind of creative, organic potential for the user. Standard planning solutions are basically mechanical, treating a business like a machine with levers that you just push and pull. But the times call for software that’s more responsive and evolutionary – where you can truly manage the destiny of your company, seizing control over how it evolves from the bottom up.’’, Crespo explained.

Pigment plans to allow reporting in areas that include social and environmental accounting, as this is increasingly requested by users.

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‘‘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.’’, Niccoli said.

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