Investment affirms Lucid’s category leadership in the visual collaboration space with industry-defining products Lucidchart and Lucidspark.
Lucid, the leading provider of visual collaboration software, today announced the closing of a more than $500 million secondary investment that values the company at $3 billion. New investors in the secondary financing include Alkeon Capital, Tiger Global and STEADFAST Capital Ventures.
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“We are incredibly fortunate to have experienced unprecedented growth over the last year,” said Karl Sun, co-founder and CEO at Lucid. “The need for visual collaboration is increasing as companies seek out sustainable, efficient practices that will help hybrid teams over the long term. Our visual collaboration suite is a critical element in the future of work, and we’re excited for the opportunity ahead as visual collaboration becomes an even more important part of how teams in every department, and across every industry, get work done.”
The company continues to experience impressive growth. Lucid surpassed $100 million in ARR in Q1 of 2020 and saw record bookings in April 2021, with growth up over 100% from the prior year. Lucid has also experienced tremendous success internationally, with a third of its revenue coming from outside the United States.
Lucidspark, the company’s virtual whiteboarding solution which was launched in October 2020, has experienced incredible market receptivity and growth. Since its launch, Lucidspark has amassed more than one million users, and is quickly becoming a staple in companies across a broad array of industries, including customers like Amazon, Sonos, Jaguar Land Rover and Hubspot.
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“Lucid’s whiteboarding and diagramming capabilities are unrivaled. The ability to simply ideate, design, and communicate the most complex processes while collaborating in real time fundamentally transforms the way that modern organizations work.” said Deepak Ravichandran, general partner at Alkeon Capital. “Their impressive growth over the past year is a testament to their category leadership in the broader collaboration space, and we’re excited to work with the Lucid team through the next phase of their journey.”
Lucid’s visual collaboration suite continues to power some of the biggest names in business, including Google, GE, NBC Universal and T-Mobile and 99% of the Fortune 500. The suite, which includes the recently launched virtual whiteboard application Lucidspark and leading intelligent diagramming application Lucidchart, provides users with an end-to-end experience that helps teams see and build the future.
The company continues to be supported by existing investors Spectrum Equity, ICONIQ Capital, Meritech Capital, Grayhawk Capital, and Kickstart.
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