- Lucid, the creators of Lucidchart and Lucidpress, has just announced some major milestones including $52 million in funding and $100 million in annual recurring revenue
Lucid, the creators of Lucidchart and Lucidpress, has just announced some major milestones. The company revealed it closed $52 million in funding led by ICONIQ Capital with participation from Meritech Capital, Spectrum Equity, and new investor Cross Creek.
And Lucid also revealed that it passed $100 million in annual recurring revenue as Lucidchart has been established as the leading visual workspace. The product helps drive greater productivity and collaboration across over 100,000 companies.
Lucidchart — which has 20 million users in 180 countries — was recently named as one of the most commonly used enterprise applications in Okta’s Businesses @ Work report. Some of Lucid’s customers include Google, GE, NBC Universal, and Johnson & Johnson along with 99% of the Fortune 500.
The Lucidchart platform includes virtual whiteboarding for collaborating on business processes and to visualize cloud infrastructure. And Lucidchart enables teams to work together and understand how to effectively optimize the business in real-time.
This round of funding will be used for further product innovation, including the expansion of the Lucidchart visual reasoning engine that powers intelligent diagrams that are created automatically and incorporate real-time data from external sources. And Lucid also plans to evaluate M&A opportunities that align with its mission and continue its international expansion. Recently, the company opened its second international office and APAC headquarters in Melbourne, Australia.
Key Quotes:
“Our mission is to help people see and understand how their businesses work, so they can make smart changes that will help improve business performance. In our current environment, business insight and agility are more important than ever. We believe that Lucidchart will continue to be an essential platform to help companies navigate change, improve remote collaboration, and transform systems and operational processes to ensure long-term success. We are excited that this message resonates with our users and customers, encouraged by the strong interest we received during this round, and thrilled to continue our partnership with ICONIQ, Spectrum and Meritech while also welcoming Cross Creek.”
-Karl Sun, co-founder and CEO of Lucid
“We look to invest in category leaders that we believe will continue to define the market. 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.”
-Evan Lintz at ICONIQ Capital
