Scaleup Europe Fund led the $250 million round, with Nvidia Corp., World Innovation Lab, and prior investors Iconiq, IVP and Meritech Capital participating. EQT oversees the Scaleup Europe Fund, and Nvidia's Jensen Huang flagged the company's investment last week during a visit to France. The financing values Pigment at $2.3 billion and is set to be announced Tuesday.
Co-founder and CEO Eléonore Crespo said Pigment aims to bring several Asian investors into the round to back its planned expansion into Asia.
Founded in 2019, Pigment builds AI tools for forecasting finances, rapidly creating slide presentations, and planning operations - directly challenging Microsoft's Excel and PowerPoint. It serves as the financial planning system for Anthropic PBC, and Crespo said Pigment is targeting customers that currently use SAP SE, Oracle Corp., International Business Machines Corp., Anaplan Inc., as well as Microsoft.
French cosmetics giant L'Oreal SA is deploying Pigment for salary planning across its 95,000 employees. The pitch to office workers is simplicity from day one. "That's the gap that we see," Crespo said.
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Pigment's annual recurring revenue has passed $100 million after doubling from a year earlier, and Crespo said the company anticipates another doubling next year. Next up, Pigment plans to create AI agents that operate atop a company's enterprise resource planning software, which includes accounting and human resources.
Shannee Braun, managing director at EQT, said Pigment's software excels at enabling clients to deploy agents for planning across supply, sales and headcount. "A lot of large enterprises are still doing this in Excel, in sort of disparate and disconnected places," she said. Consolidating those datasets in a single hub is "becoming increasingly important," she said. The company's rise also lines up with Europe's AI approach, where application-focused vendors are scaling even as the region counts fewer frontier model developers.
For investors eyeing enterprise AI, Pigment is a scaled European applications player with fresh capital, a $2.3 billion valuation, customers like Anthropic and L'Oreal, and a planned Asia expansion. The focus on AI agents layered over existing ERP systems points to a practical, budget-line use case - the kind that can drive sticky subscriptions and an ARR curve Crespo expects to double again next year.
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