Pomegra
Paris planning-software firm Pigment raised a $250M Series E led by EQT's Scaleup Europe Fund at a $2.3B valuation, with annual recurring revenue above $100M.
Key Takeaways
- Pigment raised $250M in a Series E led by the EQT-managed Scaleup Europe Fund at a $2.3B valuation.
- Annual recurring revenue passed $100M in 2026, doubling year over year. The valuation is about 23x that figure.
- Nvidia plans to invest in the round. The amount is undisclosed.
Lead
Pigment, the Paris-based business planning platform, announced on October 21, 2026 that it has raised $250M in a Series E at a $2.3B valuation. The Scaleup Europe Fund, managed by Swedish investor EQT, led the round. World Innovation Lab (WIL) joined, along with existing backers Greenoaks, ICONIQ, IVP and Meritech. Nvidia has said it plans to invest, with the stake still to be finalized.
The company sells software that finance, sales and HR teams use to build budgets, forecasts and headcount plans. Its customers include Unilever, Siemens, Snowflake, L'Oréal, Danone, Anthropic and ElevenLabs. Pigment says it will spend the new money on research and development and on a larger engineering team.
What Does the $2.3B Valuation Imply?
The valuation works out to roughly 23 times current annual recurring revenue, based on the $100M figure Pigment disclosed. That is a rich multiple for enterprise software in 2026, but it is paired with growth that has doubled in each of the past two years. The company's chief executive has projected another doubling, to about $200M, in 2027. If that holds, the multiple falls to roughly 11.5x forward revenue.
The round follows a $145M Series D in April 2024, led by ICONIQ Growth. Total funding now stands at about $643M. Three of the Series D investors came back, which suggests existing holders saw enough in the numbers to add to their positions rather than sit out.
The reference point in this market is Anaplan, which Thoma Bravo took private in 2022 for $10.7B. Pigment's valuation is a fraction of that. A planning platform at that scale would need several times its current revenue to justify a comparable exit.
What Does Pigment Actually Sell?
Pigment sells a cloud planning platform that competes with spreadsheets, Anaplan and other enterprise planning tools. The pitch is that models built in Microsoft Excel do not scale across large organizations. L'Oréal, for example, uses the platform to plan salaries for more than 95,000 employees.
The new product push centers on AI agents. A Modeler Agent builds planning models and interfaces from plain-language instructions, and a Planner Agent is designed to run planning cycles end to end. Both run on Graphite, a proprietary, patent-pending compute engine that lets several users and agents work on governed models at once.
Pigment reports that agents now create 85% of new metrics on the platform. It also says 84% of accounts use its AI features weekly. Both figures are company-reported and say little about whether customers trust agent-built models for decisions that carry audit risk.
Why Did a European Public-Backed Fund Lead?
The Scaleup Europe Fund is an EU-backed vehicle managed by EQT, with a target of €5B. The European Commission backs it, along with private investors including Allianz and Novo Holdings. Its stated aim is to keep growth-stage European technology companies from selling early or relocating to the United States.
Pigment is a clean fit for that thesis. It has European roots and US customers, and it has US growth investors on its cap table. Leading a round of this size gives the fund a flagship deal, and it signals that US growth investors no longer set the terms for every European late-stage round.
The Nvidia participation adds a different signal. The chipmaker has been taking stakes in software companies that build on AI workloads, and the Pigment stake would extend that pattern into finance software.
What Comes Next for Pigment?
Pigment's plan has two parts. It will build out engineering around Graphite and its agents, and it will enter new regions. The company has not named which regions. Co-founders Eléonore Crespo and Romain Niccoli, a former Criteo chief technology officer, have said that enterprise planning will change more in the next few years than it has in the last thirty.
The risk sits with incumbents. Anaplan and large suite vendors are adding agents of their own, and a planning tool's value depends on data held in other systems. Pigment's headcount, estimated at about 786 in mid-September, is small next to those rivals.
Another $100M of revenue in 12 months would put Pigment in the company of the largest European software exits. Falling short would leave a $2.3B valuation resting on a growth rate the company has not yet shown it can hold at larger scale.
Outlook
Pigment enters 2027 with fresh capital, a European public-backed lead investor and a revenue base that has doubled in each of the past two years. The valuation prices in another doubling, and the AI agent strategy has to carry it. The next test is whether agent-built plans win approval in finance departments that have kept their models in spreadsheets for decades.
