Pigment’s Sequence C – And a Few Ideas on the Progress Market – Matt Turck

Pigment simply closed an thrilling $88M Sequence C (TechCrunch protection right here). The corporate is quickly rising as the worldwide chief within the subsequent era of enterprise planning platforms (aka Anaplan substitute), a testomony to the ability of a world-class staff delivering nice execution persistently over years.

Whereas we at FirstMark are actually excited to have been part of the journey as traders for the reason that seed spherical, this spherical can be noteworthy when it comes to what it might (or might not) sign in regards to the broader market. A number of ideas:

Progress market: The final 18 months have been extremely sluggish within the development market. But this development spherical at Pigment was fully preemptive, and extremely aggressive, involving quite a few high companies. What does it imply for the expansion market? Perhaps it’s an instance of continued flight to high quality throughout a downmarket section – traders looking for A+ corporations. However perhaps it’s additionally an indication of the expansion market coming again to life, progressively. I actually get an impression, speaking to my development associates, that everybody is antsy to do extra offers after largely sitting on their fingers for the final 18 months, and the market has recalibrated considerably to extra cheap ranges. The apparent caveat is that one shouldn’t derive sample from a small n, however anectodally, one other portfolio firm of mine may even announce a development spherical quickly.

Not AI: The one a part of the enterprise market that has been lively, in fact, has been Generative AI. Apparently, whereas it rapidly rolled out some nice AI options as a part of its platform, and whereas it has spectacular knowledge infrastructure on the core of it, Pigment will not be an AI firm. As a subsequent era enterprise planning software program platform, it provides a mission essential product, going after a really massive market alternative. Maybe that is an fascinating instance for quite a few corporations on the market, that they don’t have to essentially reposition themselves as AI-native corporations so as to get curiosity from traders.

International firm, with European HQ: It’s nonetheless generally counter intuitive to some within the US that nice, startups will be inbuilt different geographies and go on to be globally dominant. Sure, the considering goes, there’s been a era or two of European and Israeli corporations that dominated their classes, however every time the everyday journey was to begin in Europe, after which flip to the US — founders would transfer, corporations would “flip” and grow to be Delware companies, and the HQ can be relocated to San Francisco or NYC. None of this occurred with Pigment – each Eleonore and Romain, the corporate’s co-CEOs, nonetheless dwell in France; the corporate is a French regulation entity and whereas the US staff is more and more massive, HQ stays in Paris. But Pigment has signed most of the most seen logos within the US as clients – Figma, Brex, Carta, Airtable, and so forth., demonstrating that the world for excellent SaaS merchandise has really grow to be one large market.

Congrats Eleonore, Romain and all the Pigment staff! Excited for the subsequent steps within the journey.

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