Lucid Software Raises $5 Million Series A to Take on Microsoft and Adobe
Funding to Fuel Mission to Democratize Work Tools With Easy-to-Use Web-Based Apps for Compelling and Effective Visual Communication
SALT LAKE CITY, Utah, May 29, 2014-- Lucid Software, the company behind cloud-based apps Lucidchart and Lucidpress, today announced that it raised $5 million in Series A funding from Kickstart Seed Fund, Grayhawk Capital, and others. This is the first raise for Lucid since its $1 million seed round from investors including Google Ventures and 500 Startups in 2011. The funding will be used to expand and improve product development, marketing and sales, and support.
"With the continued popularity of Lucidchart and the momentum we're gaining with Lucidpress, now is the moment to dramatically scale our business and customer base," says Karl Sun, CEO, Lucid Software. "Today's workforce is moving away from enterprise monopolies to embrace a cloud-based 'bring your own app' world. We'll use this funding to continue to hone in on the value of our tools and get them in the hands of more people."
The round will accelerate Lucid's early disruption of massive industry incumbents like Microsoft and Adobe with its easy-to-use, collaborative apps. Lucidchart and Lucidpress not only challenge existing tools to help users create compelling and attractive visual communications, but also expand the marketplace by providing powerful solutions to previously underserved professionals.
"The team at Lucid is ready to do big things with a unique perspective from outside Silicon Valley," said Gavin Christensen, Managing Director, Kickstart Seed Fund. "Lucid is a perfect illustration of the kind of innovation that we are seeing in Utah routinely, with substance over hype, and scrappy teams focused on solving real customer problems with thoughtful products and a keen understanding of the user experience."
"This investment furthers our strategy to fund companies taking advantage of untapped market potential," said Brian Smith, Managing Director, Grayhawk Capital. "Lucid Software is pushing the boundaries of what is possible in the browser, and the power of its tools is unmatched."
Serving over 2 million users in over 110 countries, Lucidchart is one of the most popular productivity apps in the Chrome Web Store and Google Apps Marketplace. Built on the powerful technology underlying Lucidchart, Lucidpress launched in late 2013 to excellent reviews and is outpacing its predecessor's growth. For more information about Lucid Software and its apps visit www.golucid.co.
About Lucid Software
Lucid Software is creating powerful cloud-based tools for the masses. Driving a new way of working, Lucid's lineup includes Lucidchart, the popular diagramming application used to create compelling and attractive visual communications, and Lucidpress, a recently launched publishing tool used to create print and digital content with ease. Founded in 2010 and based in Salt Lake City, Utah, Lucid Software has raised a $5M Series A from investors including Kickstart Seed Fund and Grayhawk Capital, and early angel funding from Google Ventures, 500 Startups and other investors. More information available at www.golucid.co.
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