Realizing that modern, complex businesses can no longer be adequately managed using spreadsheet-style programs, the founders of Pigment decided there had to be a better solution. Their business forecasting platform has now raised a substantial Series A of $25.9 million, led by Blossom Capital. Also participating was New York-based FirstMark Capital and Frst, as well as angel investors including Paul Melchiorre, former CEO of business planning giant Anaplan, and David Clarke, the ex-CTO of Workday, another business planning incumbent.
Those last two investors are significant because Paris-based Pigment competes with both Anaplan and Workday. Also of note is the fact that another planning product, Adaptive Insights, was sold to Workday for $1.6bn.
Pigment has so far secured large-scale enterprise and pre-IPO start-up clients for its beta product, including a major European bank – although it declines to name any of its clients so far.
Pigment says it aims to overhaul the painful experience of using error-prone spreadsheets and inflexible software to do business forecast forecasting, instead presenting a dashboard-like approach in real-time through charts, simulations and continuous modeling.
Eléonore Crespo, co-founder and co-CEO of Pigment said in a statement: “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.”
Ophelia Brown, partner at Blossom Capital, said: ‘Existing planning software was built around 20th-century models of how to do business. Pigment is a 21-st century platform that reflects the way successful companies need to work today – socially and environmentally conscious, proactively scanning the horizon for risks and opportunities, and capable of unlocking new opportunities in an increasingly complex and uncertain world.”
Pigment was founded in 2019 by Crespo, a former data analyst at Google and investor at Index Ventures, and Romain Niccoli, the former CTO and co-founder of Criteo – the ad-tech company which IPO’d on NASDAQ in 2013.