Lucid Software has announced that he company has raised $36 million in Series B funding by Spectrum Equity. The company’s first funding round in 2014 raised $5 million in total. Lucid raised $1 million shortly after opening its doors, founded in 2010, from notable investors, including Google Ventures.
The company has been a success, with large customers, including Box, Ford, Netflix and Spotify.
Lucid offers two cloud products aimed at enterprises. The company’s Lucidchart allows for diagrams and wireframes to be made on the cloud. The company’s second product is Lucidpress, which is used by millions of users, and is a drag-and-drop program that allows for a quick and simple solution to create digital and print publications.
The company boasts 8 million users with hundreds of thousands paying a monthly subscription for the company’s products.
Free users are under strict restrictions. Full access to the company’s products costs $125 per month, but the company’s tiered prices allow users to get started for as little as $5 per month.
The company will use the latest funding round to help propel its growth in the enterprise market. The company’s products are under pressure from bigger companies, such as Microsoft, which offer similar products. The company asserts that its tools offer enterprise security, intuitive design and are based on collaboration, which is something the competition has failed to do.
The company’s app is tied into Office 365, Google Apps, Box and several other products to allow for easier integration.
Lucid’s benefit over its main competitor, Visio, is that the company’s cloud-based approach allows its products to be used on any operating system. Visio, a Microsoft product, is part of Office 365, but the product doesn’t offer the same level of compatibility as Lucid.
The company hopes to use the new funding to also hire 40 additional salespeople, doubling the current number of salespeople at the company.
