Excel rival Pigment raises $250M at $2.3B from EU’s Scaleup Europe Fund as Nvidia plans a stake

Pigment has landed a $250 million Series E at a $2.3 billion valuation, with the EU-backed Scaleup Europe Fund leading the round. That makes it one of the bigger bets yet on a very old problem: finance teams still spend too much time in spreadsheets, and Pigment is trying to pull them into a more automated system.

The Paris company says annual recurring revenue passed $100 million and then doubled again. It also says it now has customers such as L’Oréal, Danone, DirecTV, Siemens, Snowflake, ServiceNow and Unilever, plus Anthropic, ElevenLabs and Uber. One headline customer example is L’Oréal, which is replacing a salary-planning tool for more than 95,000 employees.

Pigment was founded in 2019 by Eléonore Crespo and Romain Niccoli. Crespo previously worked as a financial analyst at Google and later became an investor at Index Ventures. Niccoli co-founded Criteo and served as its chief technology officer. The company’s pitch is to connect finance, sales and workforce data in one governed platform, then let AI agents build and run plans on top of it.

That pitch is arriving into a market that is large but slow. Straits Research puts enterprise performance management at $7.51 billion in 2026, rising 10.4% a year through 2034, while Gartner’s 2025 survey found only 59% of finance leaders using AI in their finance function, barely above 58% a year earlier. Pigment is aiming at the gap between the demos and the day job.

The company says its Graphite engine can let thousands of agents and people work on one model, with traceable results, and that agents now create 85% of new metrics on the platform. Those figures come from Pigment, not an outside audit. The new money is going into research and development, especially Graphite and the agents that sit on top of it. Nvidia has also planned an investment, though no amount was disclosed when Jensen Huang announced it in Paris on October 13.