Lucid Secures an Impressive $60 Million in Financing
Apr 11, 2017, 08:04 ET
NEW ORLEANS, April 11, 2017 /PRNewswire/ -- Audience platform, Lucid Holdings, LLC, today announced a $60 million minority investment led by North Bridge Growth Equity, a Boston area based private equity firm. Lucid, based in the US with local offices in London and Delhi, is a software company delivering the power of human answers on a massive scale.
Originally launched as Federated Sample, the Company rebranded in 2015 as Lucid to support its robust and full product suite – Federated Sample, Fulcrum and Proof – representing a substantially differentiated solution that has redefined how market research sample is transacted within the industry.
Building on the success of Federated Sample, Lucid pioneered programmatic buying and selling within the market research space with the launch of Fulcrum, which is the first highly automated sample marketplace.
More than 500 enterprises in 92 countries actively use a Lucid product, and over 14 billion questions have been asked and answered on the Lucid's global platform. Lucid's customer list continues to expand, having increased nearly 57% over the last 12 months alone, as clients turn to Lucid's technology and services to solve complex needs.
"Lucid has tripled in size and revenue since the beginning of 2015, and we continue to see phenomenal momentum and growth since we started the company seven years ago. I have continued to be impressed with the caliber of the team that we have built and their ability to build disruptive, market-leading products and deliver exceptional service," said Patrick Comer, CEO and Founder of Lucid. "This financing allows Lucid to further invest in our team, build solutions and provide support to our clients at a pace the supersedes our competitors and lead the industry."
The capital raised builds upon a successful pattern established by Lucid's leadership, and will be used to accelerate growth by advancing product development, design and to expand Lucid's world-class team, both in the US and internationally.
"The need to deliver market research sample and consumer insights quickly and efficiently affects businesses of all sizes. Lucid has done an impressive job of building a solution that leapfrogs the cumbersome methods that came before it," commented Russ Pyle, Managing Partner at North Bridge Growth Equity. "We wanted to invest in a category defining company, focused on solving the complex needs of market research buyers and we are incredibly excited to be partnering with Patrick and the Lucid team as they begin the next chapter of growth and innovation."
Lucid has experienced accelerating growth – increasing YoY revenue at 70% consistently over the past three years. This continued success has helped Lucid serve an instrumental role in the advancement of the New Orleans technology community and overall economy while defining what is possible in technology in the Southeast, the country and beyond.
Investment bank Petsky Prunier represented Lucid in the transaction.
About Lucid
Lucid is the world's largest audience platform for sourcing and understanding "human answers" -- real, deterministic data about human behavior at scale. The company has built the largest and most powerful programmatic survey marketplace, and has enabled brands, agencies, and partners to ask and answer more than 14 billion questions worldwide. With a pool of 80M+ unique respondents, Lucid delivers unprecedented access to consumers for data-driven decision making -- about everything from marketing to product development -- in real-time. Lucid is headquartered in New Orleans with offices in London and New Delhi.
About North Bridge Growth Equity
North Bridge Growth Equity is a leading growth equity firm that partners with successful technology companies addressing large, dynamic markets including tech-enabled services, software, healthcare IT, communications & infrastructure. North Bridge Growth Equity provides capital and expertise to help to grow into strategic assets. North Bridge Growth Equity has over $1 billion of capital under management and has backed industry-defining companies such as Dyn (acquired by Oracle), IngeniousMed, OutSystems, Proto Labs, RuffaloCody (acquired by financial sponsor), SmartPak (acquired by Henry Schein) and WPEngine. Please visit our website at www.nbge.com.
SOURCE Lucid