Lucid Software, a leading provider of cloud-based visual productivity applications, today announced it received a $36 million investment led by Spectrum Equity, a prominent growth equity firm whose previous investments include successful online subscription businesses Ancestry.com, Lynda.com, Prezi, and SurveyMonkey. Existing investors, Kickstart Seed Fund and Grayhawk Capital, also participated in the round. This financing will fuel the expansion of Lucid's diagramming and design solutions and capitalize on its already wide-scale adoption within large enterprises.
Lucid Software has two market-leading products, Lucidchart and Lucidpress, that are used by over 8 million users and hundreds of thousands of paying subscribers from more than 175 countries. Lucidchart offers an intuitive and collaborative platform for building complex diagrams to improve productivity and visual communication, while Lucidpress enables brand-compliant layout and design for organizations of all sizes.
'With our freemium model, we enabled millions of users to experience Lucid's products before hiring our first sales representative,' said Karl Sun, co-founder and CEO of Lucid. 'Over the last 18 months, we've developed our internal sales and customer success teams to accommodate the incredible demand from these grassroots champions, many of whom work in the world's most successful companies.'
Over the past year, Lucid increased its enterprise customer base by 6x, which includes many industry-leading organizations such as Hubspot, Kohl's, Pearson, Quantcast, Spotify, Uber, and Woolworths.
Freemium to Enterprise
Lucidchart has primarily been discovered and incorporated by teams looking for a collaborative, cloud-based diagramming application to perform a variety of tasks -- from mapping out a core business process, to wireframing and prototyping UI and UX designs, to drawing an organizational chart or designing network architecture. Lucidchart's diverse use cases reflect its broad adoption across all key functions within enterprises.
Lucidchart's popularity within a company increases as people share these diagrams with other team members and clients, resulting in the number of users in a Lucidchart enterprise account growing 5.5x on average in the first year.
Lucidchart is intuitive for the end user yet also meets scrupulous enterprise-specific standards. Because Lucidchart is the only cloud-based diagramming app offering an enterprise solution, it's able to comply with a company's strict security, mobile capability, administrative and integration requirements. Lucid Software integrations include Google Apps, Microsoft Office 365, Confluence, JIRA, Box and Slack.
'The Lucid team has created an intuitive, beautiful user experience which also has robust adaptability to meet the demands of an enterprise environment, 'said Ben Spero, Managing Director at Spectrum Equity. 'Lucid's easy-to-use and collaborative apps enable all users in an organization to do their best work. We are excited to support the company as Lucidchart and Lucidpress continue to rapidly proliferate within enterprises around the world.'
In conjunction with the investment, Ben Spero and Ethan Choi of Spectrum Equity join the Lucid Software board of directors.
About Lucid Software
Lucid Software is a leading provider of cloud-based visual productivity applications. Lucidchart, a diagramming application, and Lucidpress, a design solution, are utilized in over 175 countries by more than 8 million users, including Comcast, NASA, Netflix, Target and Xerox. Since the Utah-based company's founding in 2010, Lucid Software has grown in revenue by over 100 percent each year and has received numerous awards for its business and workplace culture. For more information about Lucid Software, visit http://www.golucid.co.
About Spectrum Equity
Spectrum Equity is a leading growth equity firm providing capital and strategic support to innovative companies in the information economy. For more than 20 years, the firm has partnered with exceptional entrepreneurs and management teams to build long-term value in market-leading internet, software and information services companies. Representative investments include Ancestry.com, BATS, GrubHub, Lynda.com, Passport Health, PicMonkey, Prezi, Jimdo, SurveyMonkey, Teachers Pay Teachers, and WeddingWire. For more information about Spectrum, visit http://www.spectrumequity.com.