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May 19, 2023

ICONIQ invests $70m in French startup Pigment

Business insights powered by Pigment AI will be faster and more accurate company says

Pigment, a French SaaS scaleup, has secured $70 million in new funding, valuing the company at $850 million, according to sources familiar with the deal. The funding round was led by prominent US investor ICONIQ. This comes after Pigment's previous funding round in September, where it raised $65 million in a "Series B+" round, led by IVP and Meritech Capital.

While Pigment's annual recurring revenue (ARR) is reportedly around $10 million, which is a key factor in determining valuations, the resulting valuation appears to be quite aggressive. SaaS multiples globally stood at just 5.7x as of September last year, as reported by Accel.

Pigment's spokesperson has refuted the accuracy of the reported numbers but did not provide alternative figures. Investors, however, have indicated that the aggressive valuation is likely a result of Pigment's strong focus on AI and its growing momentum in the US market. The fintech company specializes in assisting businesses with tasks such as business forecasting, budget planning, and revenue forecasting. Earlier this month, Pigment unveiled a new AI-based product, further highlighting its commitment to leveraging artificial intelligence technologies.

Pigment's latest funding round and valuation showcase the confidence that investors have in the company's potential, particularly in the AI-driven fintech sector. As Pigment continues to expand its product offerings and establish a stronger presence in the US, it remains poised for further growth and disruption within the industry.

Neil Hodgson Coyle
Neil Hodgson-Coyle
Editorial chief at TechNews180
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