A European Union vehicle that did not exist two years ago has just signed the biggest check in a French software round. Pigment, the Paris planning platform built to displace spreadsheets in finance, closed a $250M Series E on October 21 at a $2.3B valuation, with the Scaleup Europe Fund as lead.
The vehicle is managed by EQT, and other names came with it. World Innovation Lab, the fund with desks in Palo Alto and Tokyo, put money in too. Greenoaks, ICONIQ, IVP and Meritech, all already on the cap table, did as well. Nvidia intends to take a position too; Jensen Huang announced it in Paris on October 13 without naming a sum.
Anthropic runs its books on it
Finance, sales and workforce figures all sit in one model, and agents then draft plans on top of it. L’Oreal is swapping out its salary planning tool for more than 95,000 staff, and the roster also names Danone, Siemens, Snowflake, ServiceNow, Unilever and Anthropic.
Pigment’s own engine, Graphite, is said to let thousands of people and agents share a single governed model reaching hundreds of billions of data points, with most new metrics – 85% – now generated by agents. The company reports those numbers; nobody outside has audited them.
Revenue and the multiple
Recurring revenue cleared $100M during 2026, another doubling. Founder Eleonore Crespo expects a repeat next year, which would land near $200M and implies roughly 23 times current run rate.
That is a rich multiple for a category Straits Research sizes near $7.5B growing 10% a year, and Gartner finds finance teams slow to adopt AI. Household-name deployments are the argument, exactly the kind the fund was built to reward: European companies that scale from home rather than sell out to an American buyer.
