Total amount raised
$64.6 Million
Latest funding date
1/1/2018
Location
Lucid has successfully navigated six funding rounds, attracting notable investors such as Revolution and Revolution’s Rise of the Rest Seed Fund. The company was recently acquired by Cint, further solidifying its position in the market research and advertising technology sectors.
Keep reading to explore the intricacies of Lucid's fundraising journey and the investors backing this innovative platform.
What Is Lucid?
Lucid, based in New Orleans, Louisiana, operates in the market research, advertising technology, and business consultancy industries. The company has a workforce of 101-250 employees.
Lucid provides direct human data to various sectors and has been acquired by Cint. The company has successfully raised funding over six rounds, with notable investors including Revolution and Revolution’s Rise of the Rest Seed Fund.
How Much Funding Has Lucid Raised?
- Seed Round
- Amount Raised: USD 355,000
- Date: July 2010
- Lead Investors: Not publicly disclosed
- Valuation at Round: Not publicly disclosed
- Motivation Behind the Round: To establish the company and its initial product offerings.
- Series A
- Amount Raised: USD 2,800,000
- Date: November 2011
- Lead Investors: Sopris Capital Associates
- Valuation at Round: Not publicly disclosed
- Motivation Behind the Round: To support early-stage growth and product development.
- Series Unknown
- Amount Raised: USD 399,451
- Date: February 2015
- Lead Investors: Not publicly disclosed
- Valuation at Round: Not publicly disclosed
- Motivation Behind the Round: To continue scaling operations and expanding market reach.
- Series Unknown
- Amount Raised: USD 1,020,000
- Date: April 2015
- Lead Investors: Not publicly disclosed
- Valuation at Round: Not publicly disclosed
- Motivation Behind the Round: To further enhance product offerings and market penetration.
- Series B
- Amount Raised: USD 60,000,000
- Date: April 2017
- Lead Investors: North Bridge Venture Partners & Growth Equity
- Valuation at Round: Not publicly disclosed
- Motivation Behind the Round: To scale globally and become the leading player in market research.
- Series Unknown
- Amount Raised: Not publicly disclosed
- Date: January 2018
- Lead Investors: Not publicly disclosed
- Valuation at Round: Not publicly disclosed
- Motivation Behind the Round: To support ongoing growth and expansion efforts.
Total Amount Raised: USD 64,574,451
Current Valuation: Not publicly disclosed
Key Investors
- Revolution
- Details: Revolution is a venture capital firm founded by Steve Case, the co-founder of AOL. The firm focuses on investing in companies outside of traditional tech hubs.
- Investment Focus Areas: Technology, healthcare, consumer products
- Notable Investments: Sweetgreen, DraftKings, BigCommerce
- Revolution’s Rise of the Rest Seed Fund
- Details: This fund is an initiative by Revolution to invest in startups located in emerging startup ecosystems across the United States. It aims to support entrepreneurs outside of Silicon Valley, New York, and Boston.
- Investment Focus Areas: Technology, healthcare, consumer products
- Notable Investments: AppHarvest, Catalyte, BacklotCars
- North Bridge Venture Partners & Growth Equity
- Details: North Bridge is a venture capital and growth equity firm that invests in innovative companies across various stages of development. They focus on helping companies scale and achieve market leadership.
- Investment Focus Areas: Technology, healthcare, software
- Notable Investments: Acquia, Dyn, Demandware
- Sopris Capital Associates
- Details: Sopris Capital is a private equity firm that invests in growth-stage companies. They focus on providing capital and strategic support to help companies expand and succeed.
- Investment Focus Areas: Healthcare, technology, business services
- Notable Investments: Health Fidelity, MedNet Solutions, Verisma Systems
What's Next for Lucid?
Lucid's future looks promising as it aims to expand its global footprint, particularly in Europe, the Middle East, and Africa. Leveraging its automated sample marketplace, Fulcrum, the company is poised to become a dominant player in the market research industry. With a 70% year-over-year revenue growth, the opportunities for Lucid are vast, and the company is well-positioned to attract further investment.
Future fundraising efforts could be bolstered by Lucid's strong market position and growth trajectory. However, the company may face challenges such as competition from established players like Survey Monkey and Qualtrics, and the complexities of scaling operations globally. Despite these hurdles, Lucid's innovative approach and strategic vision make it a compelling candidate for continued success and potential acquisitions.
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