Pigment has raised $250 million at a $2.3 billion post-money valuation, the French business planning company announced on October 20. The round was led by the Scaleup Europe Fund, the EU-backed vehicle overseen by EQT, with Nvidia and World Innovation Lab investing for the first time and existing backers Iconiq, IVP and Meritech Capital returning.
Pigment sells software for financial forecasting, scenario modeling and operational planning, the category enterprise buyers call enterprise performance management. Its annual recurring revenue has passed $100 million after doubling over the past year, and co-founder and chief executive Eleonore Crespo said she expects it to double again. The company raised a $145 million Series D in April 2024 and had taken in close to $400 million in total before this round.
The pitch is a direct one: that large companies still run planning cycles in spreadsheets and slide decks. Pigment positions itself against Microsoft Excel and PowerPoint, and competes with Oracle, SAP, Anaplan and Workday for the same budgets. Shannee Braun, a managing director at EQT, described the problem the fund is underwriting.
“A lot of large enterprises are still doing this in Excel, in sort of disparate and disconnected places.”— Shannee Braun, Managing director at EQT
Key facts
- 01Pigment raised $250 million at a $2.3 billion post-money valuation, announced October 20, 2026.
- 02The Scaleup Europe Fund, overseen by EQT, led the round; Nvidia and World Innovation Lab joined as new investors.
- 03Annual recurring revenue has passed $100 million after doubling year over year, and CEO Eleonore Crespo expects it to double again.
- 04L'Oreal uses Pigment for salary planning across 95,000 employees; Anthropic uses it as its financial planning system.
- 05Pigment's next product step is AI agents that run on top of a company's ERP software, covering areas like accounting and HR.
The customer list is the strongest evidence Pigment has. L'Oreal uses the product for salary planning across 95,000 employees. Anthropic uses Pigment as its financial planning system. Unilever, Uber and Siemens are also customers, and Pigment says more than 90% of its customers use the product in more than one department.
The AI layer is where Pigment is spending the new money. Users can work in natural language rather than building formulas by hand, and the product connects to Notion, Google Drive and Slack. In September the company launched Pigment Frames, which generates custom planning interfaces so customers do not have to assemble views themselves.
Crespo's next step is agents. Pigment plans to ship AI agents that run on top of a company's ERP software, the systems of record that hold accounting, HR and procurement data. Braun said the software already helps clients deploy agents for planning across supply, sales and headcount.
Nvidia's participation follows a public hint. Jensen Huang flagged the investment the week before the round was announced during a visit to France, where Pigment was founded in 2019 by Crespo and Romain Niccoli.
Pigment also plans to bring in several Asian investors as it expands into the region.
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