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

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

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

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

Whereas we at FirstMark are actually excited to have been part of the journey as buyers because the seed spherical, this spherical can also be noteworthy by way of what it might (or might not) sign concerning the broader market. A couple of ideas:

Progress market: The final 18 months have been extremely gradual within the development market. But this development spherical at Pigment was utterly preemptive, and extremely aggressive, involving quite a lot of prime companies. What does it imply for the expansion market? Perhaps it’s an instance of continued flight to high quality throughout a downmarket part – buyers searching for A+ corporations. However possibly it’s additionally an indication of the expansion market coming again to life, progressively. I actually get an impression, speaking to my development buddies, 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 affordable ranges. The plain caveat is that one shouldn’t derive sample from a small n, however anectodally, one other portfolio firm of mine will even announce a development spherical quickly.

Not AI: The one a part of the enterprise market that has been energetic, in fact, has been Generative AI. Curiously, whereas it rapidly rolled out some nice AI options as a part of its platform, and whereas it has spectacular information infrastructure on the core of it, Pigment is just not an AI firm. As a subsequent technology enterprise planning software program platform, it gives a mission essential product, going after a really giant market alternative. Maybe that is an attention-grabbing instance for quite a lot of corporations on the market, that they don’t have to essentially reposition themselves as AI-native corporations in an effort to get curiosity from buyers.

World firm, with European HQ: It’s nonetheless typically counter intuitive to some within the US that nice, startups might be in-built different geographies and go on to be globally dominant. Sure, the pondering goes, there’s been a technology or two of European and Israeli corporations that dominated their classes, however every time the standard journey was to start out in Europe, after which flip to the US — founders would transfer, corporations would “flip” and change into 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 reside in France; the corporate is a French legislation entity and whereas the US group is more and more giant, HQ stays in Paris. But Pigment has signed most of the most seen logos within the US as prospects – Figma, Brex, Carta, Airtable, and so forth., demonstrating that the world for nice SaaS merchandise has really change into one huge market.

Congrats Eleonore, Romain and all the Pigment group! Excited for the following steps within the journey.

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