Lucid Software raises $36 million for its cloud-based diagramming and publishing tools
Salt Lake City-based startup Lucid Software, creator of cloud-based diagramming and design tools, has just secured $36 million in Series B funding from Spectrum Equity, bringing the company’s total funding to-date up to $42 million. According to the company, the new funding will allow it to further develop its software and strengthen its focus on landing more enterprise customers.
Lucid’s two main cloud-based products are Lucidchart, a flowchart and diagramming tool, and Lucidpress, a design and publishing tool used for creating print and electronic documents. Each program offers the ability for multiple users to collaborate on project, and the tools support integrations with a number of other programs, including Google Apps, Microsoft Office 365, Slack and more. According to Lucid, over 8 million people use its cloud-based programs across 175 countries, and so far, that success has largely been achieved without a large sales team.
“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.”
Growing enterprise users
Lucid noted in a blog post that it is already popular with a number of major companies, including Hubspot, Kohl’s, Pearson, Quantcast, Spotify, Uber and Woolworths. According to the company, its enterprise user base has been growing at a steady pace of roughly 5.5x each year.
“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.”
Lucid’s previous funding includes a $1 million seed round from Kickstart Seed Fund, Grayhawk Capital and others, as well as an additional $5 million in Series A funding from Microsoft Corp. As part of the company’s latest funding deal, both Ben Spero and Ethan Choi of Spectrum Equity will join the Lucid Software board of directors.
Image courtesy of Lucid Software
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