- LucidLink recently announced it raised $20 million in Series B funding. These are the details.
LucidLink – an innovative SaaS solution connecting creative teams around the world – recently announced it has raised $20 million in funding from investors in its Series B funding round. The new capital funding round was led by Headline’s Global Growth strategy in collaboration with existing investors Baseline Ventures and Bright Cap Ventures and new investor Top Tier Capital Partners. LucidLink has raised $40 million to date.
The latest funding round comes after a year of notable success for LucidLink that includes sustained 12% month-over-month growth resulting in over 400% revenue increase, 154% net customer retention, and a doubling of its workforce. And during this period, LucidLink also benefited from a 400% increase in storage capacity.
The strong performance of LucidLink to date reflects a strong product-market fit and a wide technical lead in the cloud-native remote collaboration space. And the $20 million investment will fuel a number of growth priorities for LucidLink, including the expansion of sales, marketing, and development teams.
“The progress we’ve made in growing the business over the past year proves LucidLink’s unique approach in solving the market need for a cloud-native file service targeting hybrid and remote collaboration – especially when dealing with big files and large sets of data,” said Peter Thompson, co-founder and CEO, LucidLink. “We are ready to hit the accelerator and can think of no better partners with whom to do this than the investors we already have on board.”
“LucidLink is at the forefront of cloud service evolution, and has fulfilled the vision of truly accessible cloud storage,” said Conrad Chu, Partner at Headline, a global venture capital firm with a portfolio that includes notable companies like Segment, Gopuff, SEMrush, and Sonos. “The company has designed a revolutionary file system to handle today’s modern cloud-computing environment and distributed workstreams. A true testament to the explosive growth LucidLink has experienced thus far, we’re excited to continue working with them to expand their global customer base.”
“We’ve put together an exciting roadmap significantly extending the lead we’ve already built-in addressing how people and companies utilize the cloud to solve tough remote collaboration problems,” added co-founder and CTO George Dochev. “Part of this round will be used to grow the technical team with world-class engineers, who are interested in solving challenging problems our customers face both today and in the future.”