Business planning platform startup Pigment SAS today announced it has raised $88 million in new funding to facilitate further growth and product development.

Founded in 2019, Pigment offers a cloud-based business forecasting platform that handles business strategy in real time. Pigment’s platform is pitched as offering an intuitive, full-spectrum view of a company that allows users to plot future scenarios in real time through charts, simulations and continuous modeling.

The Series C round was led by ICONIQ Capital LLC and included participation from previous investors Meritech, IVP and FirstMark Capital LLC. With this latest round, the total amount raised by the Paris-based company now stands at $248 million.

The new venture capital comes as Pigment continues to grow, with some impressive stats. The company saw a 600% increase in revenue and a 10-fold increase in its customer base through 2022, though it didn’t reveal absolute numbers. Notable Pigment clients include Klarna Bank AB, Miro, PVH Corp. (Tommy Hilfiger and Calvin Klein), Airtable Inc., Figma Inc., Webhelp SA and Poshmark Inc.

“In today’s economic climate, far too many companies are being held back because they don’t have the right tools in place to get a full view of their business, manage changes and grow,” Eléonore Crespo, co-founder and co-chief executive of Pigment, said ahead of the announcement. “They’re forced to plan and make decisions with inaccurate, incomplete and siloed information.”

Along with using the new funding to grow its platform further, Pigment also plans to increase its workforce by about 80% by the end of 2023.

Pigment was last in the news in May when it announced a new artificial intelligence-based version of its business planning platform. Pigment AI offers a chatlike interface that automates tasks and engages more stakeholders in the planning process to accelerate decision-making within businesses.

Key features of Pigment AI include data querying, pattern identification, smart insights, automated analysis and reporting, and assisted modeling and scenario building. With the AI feature, Pigment customers can use natural language in a chatlike interface to obtain answers to questions in a quicker and more intuitive way.

Image: Pigment