Lucid raises $60M as it plans to dominate market research

Lucid is saying that it has elevated a $sixty million round led by North Bridge Growth Equity. It’s the company’s first outside funding since raising a somewhat little $two.8 million back again in 2011.

Founder and CEO Patrick Comer explained that in the several years concerning, he intentionally preferred Lucid to “run actually, actually lean and pour every dollar into development of products.” Now, on the other hand, it is no lengthier a query of locating products-market in good shape — the company suggests it is employed by extra than five hundred buyers and that revenue has grown 70 percent year-around-year for the earlier 3 several years.

“Once we go from a place of, ‘What is our products? Is it going to operate and will our consumers buy it?’ and now that it is a worldwide scale concern, then we can fund that scale by increasing funds,” Comer explained. “Because the market is now there — we constructed it.”

For Lucid, scale implies growing globally, where by Comer explained he would like to switch the company into the selection one player in market investigation. He explained the company’s surveys have global achieve, but that’s largely been many thanks to US companies wondering globally. Now, Lucid is searching to establish a presence of its individual in Europe, the Middle East and Africa (it now has offices in London and Delhi).

The company was initially recognized as Federated Sample but rebranded as Lucid in 2015 as its offerings expanded to involve products like Fulcrum, its automated sample market. Comer described Lucid as the market industry’s “programmatic disruptor” — by providing an automated way to test ads and survey consumers, he explained the company is giving entrepreneurs entry to unprecedented “speed and scale.”

“With programmatic [promoting], you could goal the proper effect with the proper message, but you could never exam the message with the proper audience,” Comer explained.

That doesn’t put Lucid in competition with companies like Study Monkey and Qualtrics, he additional. Alternatively, they can use Lucid to find the audience to just take the surveys on their platforms.

Comer also advised that this round must motivate venture capitalists to just take a nearer glance at New Orleans, where by Lucid is headquartered.

“People question the query: Can you build a classification defining unicorn outside of the coasts?” he explained. “The answer is yes.”

Showcased Impression: Lucid