Never Settle: Deepening Our Partnership with Pigment

By Seth Pierrepont, Matt Jacobson, Ritika Pai, Sarah Stebbins | April 04, 2024

Pigment's co-founders Eléonore Crespo and Romain Niccoli

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.

ICONIQ Growth is a trading name of certain ICONIQ businesses, including ICONIQ Partners (UK) LLP. ICONIQ Partners (UK) LLP (Registration Number: 973080) is an appointed representative of Kroll Securities Ltd. (Registration Number: 466588) which is authorised and regulated by the Financial Conduct Authority. ICONIQ Partners (UK) LLP is a limited liability partnership whose members are ICONIQ Capital (UK) Ltd, Seth Pierrepont and Lou Thorne, and it is registered in England and Wales and has its registered office at 27 Soho Square, London W1D 3QR. ICONIQ Partners (UK) LLP acts as an adviser to ICONIQ Capital LLC. The views expressed in this presentation are those of ICONIQ Growth ("ICONIQ" or the "firm"), are the result of proprietary research, may be subjective, and may not be relied upon in making an investment decision. This presentation is for educational purposes only and does not constitute investment advice or an offer to sell or a solicitation of an offer to buy any securities which will only be made pursuant to definitive offering documents and subscription agreements, including, without limitation, any investment fund or investment product referenced herein. Any reproduction or distribution of this presentation in whole or in part, or the disclosure of any of its contents, without the prior consent of ICONIQ, is prohibited. This presentation may contain forward-looking statements based on current plans, estimates and projections. The recipient of this presentation ("you") are cautioned that a number of important factors could cause actual results or outcomes to differ materially from those expressed in, or implied by, the forward-looking statements. The numbers, figures and case studies included in this presentation have been included for purposes of illustration only, and no assurance can be given that the actual results of ICONIQ or any of its partners and affiliates will correspond with the results contemplated in the presentation. No information is contained herein with respect to conflicts of interest, which may be significant. The portfolio companies and other parties mentioned herein may reflect a selective list of the prior investments made by ICONIQ. Certain of the economic and market information contained herein may have been obtained from published sources and/or prepared by other parties. While such sources are believed to be reliable, none of ICONIQ or any of its affiliates and partners, employees and representatives assume any responsibility for the accuracy of such information. All of the information in the presentation is presented as of the date made available to you (except as otherwise specified), and is subject to change without notice, and may not be current or may have changed (possibly materially) between the date made available to you and the date actually received or reviewed by you. ICONIQ assumes no obligation to update or otherwise revise any information, projections, forecasts or estimates contained in the presentation, including any revisions to reflect changes in economic or market conditions or other circumstances arising after the date the items were made available to you or to reflect the occurrence of unanticipated events. For avoidance of doubt, ICONIQ is not acting as an adviser or fiduciary in any respect in connection with providing this presentation and no relationship shall arise between you and ICONIQ as a result of this presentation being made available to you. ICONIQ is a diversified financial services firm and has direct client relationships with persons that may become limited partners of ICONIQ funds. Notwithstanding that a person may be referred to herein as a "client" of the firm, no limited partner of any fund will, in its capacity as such, be a client of ICONIQ. There can be no assurance that the investments made by any ICONIQ fund will be profitable or will equal the performance of prior investments made by persons described in this presentation.