PIGMENT RAISES $250 MILLION IN SERIES E ROUND

Pigment said on Wednesday that it had raised $250 million in a Series E round, valuing the Paris-based business planning software company at $2.3 billion. The Scaleup Europe Fund, managed by Swedish investment firm EQT, led the round. World Innovation Lab joined existing investors Greenoaks, ICONIQ, IVP and Meritech. Nvidia also plans to invest, but its stake has not been finalised and Pigment has not disclosed an amount. Pigment previously raised $145 million in an April 2024 round led by ICONIQ Growth.

Companies use Pigment’s software to plan budgets, sales targets and hiring in a shared model. Pigment says its AI agents now create 85% of new metrics on the platform. The company said its annual recurring revenue passed $100 million earlier this year after doubling year on year. Its named customers include Danone, DirecTV, Siemens, Snowflake, ServiceNow, Unilever, Anthropic, ElevenLabs and Uber. Pigment said L’Oréal had selected its software for salary planning covering more than 95,000 employees worldwide.

Pigment said it would direct most of the new funding towards research and engineering hires. That work will focus on Graphite, the computing engine behind its software, and agents designed to complete planning tasks. Co-founders Eléonore Crespo and Romain Niccoli said: “Enterprise planning will change more in the next few years than it has in the last thirty.” The Scaleup Europe Fund has backing from the European Commission and private investors including Allianz and Novo Holdings. The fund aims to raise €5 billion to invest in growing European technology companies.