Blog

Jul 29, 2023

French startup star Pigment raises $70m round from ICONIQ

French SaaS scaleup Pigment has raised $70m in new funding at a $850m valuation,

French SaaS scaleup Pigment has raised $70m in new funding at a $850m valuation, sources with knowledge of the deal tell Sifted.

The deal was led by US investor ICONIQ. Pigment last raised in September, in a $65m "Series B+" round led by IVP and Meritech Capital.

Two sources tell Sifted that Pigment's annual recurring revenue (ARR) is roughly $10m. Given that investors often base valuations on a "multiple" of revenue, that would make the valuation extremely aggressive. SaaS multiples globally were just 5.7x as of last September, according to Accel.

A spokesperson for Pigment says that the numbers presented were not accurate but declined to share alternative figures.

Investors have told Sifted that they thought the aggressive valuation was due to Pigment leaning into AI and its momentum in the US. The fintech, which helps companies with business forecasting, budget planning and revenue forecasting, announced the launch of a new AI-based product earlier this month.

Sifted Newsletters

Sifted Newsletter

3x a week

We tell you what's happening across startup Europe — and why it matters.

Sifted Newsletters

Sifted Newsletter

3x a week

We tell you what's happening across startup Europe — and why it matters.

Pigment's other existing investors include Accel, Visionaries Club and Blossom Capital.

Sifted has reached out to ICONIQ for comment.