Lucid is announcing that it has raised a $ 60 million round led with the aid of North Bridge growth fairness. It’s the corporate’s first outdoor funding considering that raising a moderately tiny $ 2.eight million back in 2011.
Founder and CEO Patrick Comer said that within the years between, he intentionally needed Lucid to “run really, in point of fact lean and pour each greenback into boom of product.” Now, however, it’s no longer a query of finding product-market fit — the corporate says it’s utilized by greater than 500 clients and that income has grown 70 p.c 12 months-over-year for the earlier three years.
“once we transfer from a position of, ‘what’s our product? Is it going to work and will our clients buy it?’ and now that it’s a worldwide scale issue, then we can fund that scale thru raising capital,” Comer stated. “because the market is already there — we constructed it.”
For Lucid, scale manner increasing globally, where Comer said he needs to turn the corporate into the number 1 player in market research. He said the company’s surveys have international reach, but that’s principally been because of US firms thinking globally. Now, Lucid is taking a look to determine a presence of its own in Europe, the center East and Africa (it already has places of work in London and Delhi).
the corporate was initially often called Federated sample however rebranded as Lucid in 2015 as its offerings elevated to include merchandise like Fulcrum, its automatic pattern market. Comer described Lucid because the market trade’s “programmatic disruptor” — with the aid of providing an automatic method to check commercials and survey shoppers, he said the corporate is giving entrepreneurs access to remarkable “speed and scale.”
“With programmatic [advertising], you could target the best influence with the precise message, but you need to never test the message with the appropriate target audience,” Comer stated.
That doesn’t put Lucid in competition with companies like Survey Monkey and Qualtrics, he brought. as a substitute, they can use Lucid to find the target market to take the surveys on their structures.
Comer additionally urged that this round must encourage undertaking capitalists to take a better take a look at New Orleans, where Lucid is headquartered.
“people ask the query: are you able to construct a category defining unicorn out of doors of the coasts?” he stated. “the answer is yes.”
Featured picture: Lucid
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