Lucid, a visual collaboration software provider, announced that it raised USD 500 million in a secondary investment that valued the company at USD 3 billion. The investment round included participation from existing investors Spectrum Equity and ICONIQ Capital and new investors Alkeon Capital, Tiger Global, and STEADFAST Capital Ventures. 

The financing follows its USD 52 million Series D round in April 2020, tripling its previous valuation. The significant funding and jump in valuation can be attributed to the company’s record-breaking bookings reported in April 2021, which increased by 100% YoY. It had already surpassed the USD 100 million ARR threshold in Q1 2020, with one-third of its revenue coming from outside the US.

Founded in 2010, Lucid is a visual collaboration platform, and its products include Lucidchart, an intelligent diagramming application, and Lucidspark, a virtual whiteboard solution. The company has established partnerships with Google, Atlassian, Amazon Web Services, Salesforce, and Microsoft. Its customers include Google, NBC Universal, and T-Mobile, and around 99% of the Fortune 500 companies. Lucidspark was launched in October 2020 and has more than one million users, including Amazon, Sonos, and Hubspot.