Business COVID-19 Venture

Lucid Closes $52M Funding Round; Passes $100M In ARR

Illustration of wallet filled with greens.

Lucid started Thursday off with a bang: The company secured a $52 million round of funding and it passed $100 million in annual recurring revenue.

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The South Jordan, Utah-based company creates Lucidchart and Lucidpress, both cloud-based visual workspace applications. Lucidchart helps businesses visualize their workspace and collaborate remotely, while Lucidpress is a design platform to create branded content. Lucidchart has 20 million users in 180 countries worldwide, according to the company.

With more people working from home during the COVID-19 pandemic, Karl Sun, co-founder and CEO of Lucid, told Crunchbase News via email that the company has seen more demand for its products over the past month, though the growth is not all related to the shift to being at home.

“March was actually a record month for us and in fact, we’ve received over a million Lucidchart registrations in the last four weeks,” he said. “While we believe some of the uptick has come because of the shift to more remote work, I think there will continue to be great demand for Lucidchart because it is strong in collaboration. I believe that most companies are going through a period where insight and agility are paramount and we believe Lucidchart is the perfect platform to help them maximize their potential.”

The new funding round was led by ICONIQ Capital with participation from Meritech Capital, Spectrum Equity and new investor, Cross Creek.

Lucid, founded in 2010, opened its second international office in Melbourne, Australia, last October and had planned to hire 100 people there. That expansion came after opening an office in Amsterdam at the end of 2018, according to the company. Sun said that it will hire around 100 people in the next five years and that “international teams are seeing a lot of success and we plan to continue our investment in international expansion.”

The company’s last funding raise was a $72 million Series C round in October 2018, led by Meritech and ICONIQ, new investors at the time, along with Spectrum. Including Thursday’s announcement, the company’s total venture funding is $166 million, according to the company.

“We look to invest in category leaders that we believe will continue to define the market,” Evan Lintz, principal at ICONIQ Capital, said in a written statement. “We are confident in Lucid’s longstanding recipe for success: product innovation, a highly scalable business model, and capital efficiency. We are eager to help Lucid continue to define the market and scale across the globe.”

Illustration: Dom Guzman

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