pigment, a next-generation business forecasting platform that aims to “restart the spreadsheet,” raised $ 73 million in a Series B funding round led by Greenoaks.
Any business looking to leverage and unlock big data information to make better decisions has no shortage of tools at their disposal. But two-year French startup Pigment is challenging the incumbents of business planning technology like Anaplan and dusty old Excel spreadsheets offering a more flexible visual alternative that allows anyone in a business to incorporate forecasts into their applications, fine-tune their parameters, and continually update their forecasts.
A visual approach
Founded in Paris in 2019 by Eléonore Crespo, a former Google financial analyst and investor at Index Ventures, and Criteo co-founder Romain Niccoli, Pigment is addressing a series of fundamental problems which, in his opinion, hinder the planning and reporting processes of companies. These include the lack of transparency and insights into business data, particularly as it relates to expansive data pools, and the “static” way in which it is typically presented by existing tools that make it difficult to manipulate.
Pigment integrates with business tools like NetSuite, Workday, Snowflake and Google Sheets to bring future scenarios to life through charts, models and simulations to support real-time strategic decisions, including running quick what-if scenarios and changing hypotheses to compare scenarios through tables and waterfall charts. Ultimately it is presented as a more visual approach to business forecasting,
Also, at a time when countless businesses have been forced to embraces remote workPigment includes various tools to support team collaboration, including the ability to comment on specific figures or fields and tag colleagues to start conversations.
“The need for an online collaborative tool for business data has never been greater – teams need to work on a common language when it comes to numbers,” co-CEO Crespo told VentureBeat. “They need to seamlessly collaborate on business and strategic data, and that’s not easy with spreadsheets. Anyone in a company can use pigments, view data and enter numbers in real time. “
It’s been a busy 12 months for the pigment. The company announced its $ 25.9 million Series A round last December while still in private beta, and since it launched fully to the public in May, it has added a slew of popular customers to its roster, including European food delivery giant Deliveroo, company search API Algolia, and multi-billion dollar sales enablement company Gong.
And this, according to Crespo, represents Pigment’s ideal customer profile: scale-ups that have risen to C-Series levels and beyond. However, it is ultimately aimed at any business looking to modernize their business forecasting capabilities.
“The reason these companies are at our sweet spot is because they are growing rapidly and at least 80% of them use Google Sheets or Excel to complete their planning processes,” explained Crespo. “They need a platform that can scale and adapt to their rapid changes so they can continue to stay ahead of the business and make the best decisions.”
Aside from lead investor Greenoaks, Pigment’s Series B round included all Series A backers, such as FirstMark Capital and Blossom Capital.
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