Lucid is announcing that it has raised a $60 million round led by North Bridge Growth Equity. It’s the company’s first outside funding since raising a..
Lucid is announcing that it has raised a $60 million round led by North Bridge Growth Equity. It’s the company’s first outside funding since raising a relatively tiny $2.8 million back in 2011.
Founder and CEO Patrick Comer said that in the years between, he deliberately wanted Lucid to “run really, really lean and pour every dollar into growth of product.” Now, however, it’s no longer a question of finding product-market fit — the company says it’s used by more than 500 customers and that revenue has grown 70 percent year-over-year for the past three years.
“Once we move from a position of, ‘What is our product? Is it going to work and will our clients buy it?’ and now that it’s a global scale issue, then we can fund that scale through raising capital,” Comer said. “Because the market is already there — we built it.
