INSUBCONTINENT EXCLUSIVE:
Continuing our coverage of Utah-based startups, this morning we have our second big round of the year from the state
Lucid told TechCrunch in an interview with its CEO Karl Sun that it has crossed the $100 million annual recurring revenue (ARR) mark
Slightly annoyingly, it declined to say when it did so
From prior reporting we know that the firm reached $50 million ARR at some point in 2018
Its growth rate then, if we squint and do half-baked math in our head, looks pretty good.Recently, fellow Utah-based Podium also raised a
new round and crossed the $100 million ARR threshold.In the same vein of nearly telling us what we want to know, Lucid declined to share a
in this Series D than its Series C.Lucid is a software company with two main products, Lucidchart and Lucidpress
Lucidchart is a cloud software tool that lets users (and teams) build visual data representations like flow charts, org layouts and the like
(Incidentally, while prepping this piece, I found out my partner was a big Lucidchart user during her graduate education.) Lucidpress helps
companies build branded materials and content
notice Lucid raised less ($52 million) in this round than it did in its preceding capital event, a $72 million investment
I asked Sun about it, noting that the two most obvious ways to read the smaller figure was that the company was either in trouble or that it
did not need much more money
of the new world it now finds itself in
Capital made sense, Sun said
capital and likely enough runway to get through the impending recession
Prior investors Meritech and Spectrum were joined in the round by new investor Utah-based Cross Creek.
