Lucid recently secured an impressive $60 Million in financing from North Bridge Growth Equity
Earlier this week, Lucid, a global audience platform, announced that it has scooped $60 million funding. The software company delivering human data to answer marketing and advertising challenges is set to take the higher ground in 2017, eyeing new markets with better products and expanded teams.
New Capital for Leadership Expansion and Development
The capital raised builds upon a successful pattern established by Lucid’s leadership and will be used to accelerate growth by advancing product development, design and to expand Lucid’s world-class team, both in the US and internationally.
“The overall goal of the fundraise is to grow the business at the same rate as we’ve been growing it in the category that we’ve created.” – Patrick Comer, Lucid CEO
The Deal Is a Key Martech Event
Lucid’s latest funding round is the largest capital raise in recent memory for a homegrown startup, much less a homegrown tech startup. Patrick Comer, founder and CEO of Lucid worked for a decade at tech startups before he landed in New Orleans in 2008. New Orleans, then, was a “Bizarro land”, as the place hardly had people with experience of working in tech startups.
This deal proves that New Orleans, too, can grow the sprout disruptive tech that draws big investment. According to Comer, the efforts to grow tech locally will bear fruit, given time and the right mix of experience.
“This financing allows Lucid to further invest in our team, build solutions and provide support to our clients at a pace that supersedes our competitors and lead the industry.”
Originally conceived as Federated Sample, Lucid came into its being in 2015, offering high-end support in audience data management through a full-blown product suite. Its product suite includes Federated Sample, Fulcrum, and Proof, representing a substantially differentiated solution that has redefined how market research sample is transacted within the industry.
Lucid pioneered programmatic buying and selling within the market research space with the launch of Fulcrum, which is the first highly automated sample marketplace. Catering to over 500 companies globally, Lucid’s customer list continues to expand, having increased nearly 57% over the last 12 months alone!
Lucid’s Track-Record since 2015
In just over two years, Lucid has tripled in size and revenue, as it continues to record phenomenal momentum and growth.
“I have continued to be impressed with the caliber of the team that we have built and their ability to build disruptive, market-leading products and deliver exceptional service.”
Lucid has experienced accelerating growth – increasing YoY revenue at 70% consistently over the past three years. This continued success has helped Lucid serve an instrumental role in the advancement of the New Orleans technology community and overall economy while defining what is possible in technology in the Southeast, the country and beyond.
The investor in Lucid, North Bridge Growth Equity, has over $1 billion of capital under management and has backed industry-defining companies such as Dyn (acquired by Oracle), IngeniousMed, OutSystems, Proto Labs, RuffaloCody (acquired by financial sponsor), SmartPak (acquired by Henry Schein) and WPEngine.
Russ Pyle, Managing Partner at North Bridge Growth Equity identified Lucid as a fast and efficient audience platform that can cater to building impressive solutions. Pyle affirms, “The need to deliver market research sample and consumer insights quickly and efficiently affect businesses of all sizes. Lucid has done an impressive job of building a solution that leapfrogs the cumbersome methods that came before it.”
“We wanted to invest in a category-defining company, focused on solving the complex needs of market research buyers and we are incredibly excited to be partnering with Patrick and the Lucid team as they begin the next chapter of growth and innovation.” — Russ Pyle, Managing Partner at North Bridge Growth Equity
Lucid is Future-Ready
As per Comer, Lucid has reached a stage where it is big enough to grab the attention of larger competitors that want to do the same stuff as them, only better.
“Just because you’re first that does not anoint you the winner. It just means you’re out of the gate fastest.”- Patrick Comer
Apart from opening new offices in Europe and Indian subcontinent, Lucid will be building a team for Latin America, Middle East, and Africa, apart from expanding its product and technology offerings for audience measurement and advertising performance analytics.
Comer is clear on one thing – Lucid is not on sale as long as the business is growing.