It was immediately clear when we met Eléonore Crespo and Romain Niccoli that they were building a generational business. As we wrote about here when we began our partnership nearly one year ago, the power and beauty of the product, the criticality of the value proposition, the positive feedback we heard from customers, and the level of ambition for the opportunity ahead was contagious.
We believe Pigment is a very special company, and the last year of working closely with the team and seeing the progress firsthand has only strengthened our belief. With pride, enthusiasm, and humility, we are excited to share that ICONIQ Growth is deepening its partnership with Pigment and leading the company’s $145M Series D fundraise.
Pigment has been purpose-built for the enterprise since day one, but it has been remarkable to see how quickly the company has been able to unlock the enterprise at scale so far. In the last year the team has signed numerous global brands like Unilever, Merck, Keolis, Datadog, KAYAK, 6sense, and more, all of whom are using Pigment for highly scaled, complex, cross organizational use cases. At the same time, the company has seen increased market share in the US, Pigment’s largest market, and has expanded its strategic footprint with leading global partners and consulting firms.
Additionally, while the company started in FP&A, the last year has validated that Pigment is a platform for all teams in an enterprise. New and existing customers are leveraging Pigment in growing, multifaceted, strategic ways across sales, RevOps, workforce planning, supply chain management, procurement, and more. Businesses are replacing single use case point solutions to go deeper with Pigment, enabling the platform to serve as the singular cross organizational planning platform. This was always the promise of modern business planning software and now Pigment has the opportunity to deliver on it.
Building a powerful planning engine, particularly for the enterprise, is highly complex, and Pigment’s team and focus has been on differentiating via product. The company’s rapid pace of innovation in the last year is a testament to this commitment. The team has been able to add new features, expand into new use cases, go further in data integrations and interoperability, evolve the platform with powerful generative AI features, and more – without losing the ease of use, flexibility, and reliability that has always been at the core of the Pigment product. In what could be perceived as a crowded category, Pigment’s architecture, features, UI, and power has enabled the business to compound upon its differentiation and market leadership. We have seen and heard this firsthand from leaders in ICONIQ’s network and portfolio who have become passionate Pigment customers in the last year.
One of Pigment’s values is to never settle and from what we’ve observed, there is nothing more core to the company’s DNA than this. We have felt how their relentless pursuit of excellence shows up in everyone and everything they do.
ICONIQ Growth has been fortunate to work closely with some of the world’s leading enterprise software businesses. A core part of our strategy is to earn the right to lead future rounds as these incredible teams and businesses extend their impact. Our entire platform is thrilled and grateful to continue our journey with Eléonore, Romain, and the Pigment team.
Published:
April 4, 2024
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