Pigment Raises $250 Million at $2.3 Billion Valuation
Pigment raised $250 million in a Series E round led by EQT's Scale Up Europe fund, after its annual recurring revenue exceeded $100 million.
Pigment, a corporate business planning platform, raised $250 million in a Series E funding round at a $2.3 billion valuation, led by the Scale Up Europe fund managed by EQT.
WIL, Greenoaks, ICONIQ, IVP, and Meritech participated in the round, while Nvidia's investment was described as planned, according to the company's statement.
The company's annual recurring revenue crossed $100 million, doubling year-over-year following rapid growth in demand for financial planning and forecasting tools.
The funds will be allocated to R&D, hiring engineers, and developing an autonomous AI planning feature.
What do these terms mean?
Series E Round: A late-stage funding round that usually precedes an IPO or major expansion, following Series A, B, C, and D rounds.
Annual Recurring Revenue (ARR): The total amount a company receives from recurring annual subscriptions, used to measure software business growth.
Autonomous AI Planning: A system that automatically suggests and updates plans and budgets based on company data.
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