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- Lucid Software
Lucid Software Revenue, Valuation, Funding & Investors
Lucid Software is valued at $3B as of June 2021, a 15.0x multiple on its last reported $200M revenue.
Last Lucid Software valuation
$3B
Secondary · Jun 2021
Last Lucid Software funding round
$52M
Series D · Apr 2020
Lucid Software revenue
$200M
Secondary · Jun 2021
Key investors in Lucid Software
Spectrum Equity
ICONIQ Capital
Kickstart
Meritech Capital Partners
Grayhawk Capital
Tiger Global
About Lucid Software
Lucid Software is a visual collaboration suite headquartered in South Jordan, Utah, founded in 2010. Lucidchart enables intelligent diagramming for flowcharts, org charts, and process maps used by teams at Google, GE, and 99 percent of Fortune 500 companies across 180 countries. Lucidspark facilitates virtual whiteboarding for ideation and brainstorming. Partnerships with Google Workspace, Atlassian, Microsoft, Salesforce, and Amazon Web Services integrate the tools into enterprise workflows. The platform supports over 30 million users worldwide.
Founded
2010
HQ
Website
Status
Privately held
Customer focus
B2B
Revenue model
Subscription
Revenue
$200M (Jun 2021)
Valuation
$3B (Jun 2021)
Lucid Software Valuation
Lucid Software is currently valued at $3B, based on its secondary sale in June 2021.
The $500M round was led by Alkeon Capital, with participation from Steadfast Capital Management and Tiger Global.
Lucid Software's valuation has grown 3.0x from $1B at its Series D in April 2020 to $3B in June 2021, across 2 priced rounds.
Lucid Software valuation by funding round
Revenue multiple| Date | Stage | Valuation | Revenue Multiple |
|---|---|---|---|
| Jun 2021 | Secondary | $3B | 15.0x |
| Apr 2020 | Series D | $1B | 10.0x |
Lucid Software Revenue
Lucid Software's latest recorded revenue is $200M, as of its secondary sale in June 2021. At a $3B valuation, that implies a 15.0x revenue multiple.
Revenue grew from $100M in April 2020 to $200M in June 2021, while the revenue multiple moved from 10.0x to 15.0x.
Lucid Software revenue by funding round
| Date | Revenue * | Valuation | Revenue Multiple | Stage |
|---|---|---|---|---|
| Jun 2021 | $200M | $3B | 15.0x | Secondary |
| Apr 2020 | $100M | $1B | 10.0x | Series D |
* Revenue (or ARR) figures are the values recorded alongside each funding round. Typically run-rate revenue at the time of the deal, or a reported LTM (last 12 months) revenue.
Lucid Software Funding History
Lucid Software has raised a total of $169M across 5 funding rounds, plus 1 secondary share sale.
Lucid Software's first fundraising round was a $4M seed round in March 2014. The most recent completed round was a $52M Series D in April 2020.
Lucid Software funding rounds
| Date | Stage | Investors | Raised | Valuation | Deal Summary |
|---|---|---|---|---|---|
| Jun 2021 | Secondary | Alkeon Capital (lead); Steadfast Capital Management; Tiger Global | $500M | $3B | Lucid Software provides visual collaboration software, including Lucidchart for intelligent diagramming and Lucidspark for virtual whiteboarding, serving customers like Google, T-Mobile, NBC Universal, HP, Microsoft, and 99% of Fortune 500 companies. On June 24, 2021, the company closed a secondary investment round exceeding $500 million that valued it at $3 billion, with new investors Alkeon Capital, Tiger Global Management, and Steadfast Capital Management. This secondary round followed rapid growth, with Lucid surpassing $100 million in ARR in Q1 2020 and achieving over 100% year-over-year bookings growth by April 2021, alongside record revenue that month. One-third of revenue came from international markets. Prior funding included a $52 million Series D in April 2020 led by ICONIQ Capital, when Lucid reached unicorn status valued over $1 billion, and seven prior rounds totaling around $670 million since 2011. The transaction reflected strong demand for Lucid's tools amid the shift to remote and hybrid work, positioning visual collaboration as key to future team efficiency across industries. One analysis implied a 15x revenue multiple at $3 billion valuation assuming ARR doubled to $200 million from prior year growth. |
| Apr 2020 | Series D | ICONIQ Capital (lead); Spectrum Equity; Cross Creek; Meritech Capital Partners | $52M | $1B | Lucid Software, a visual communication platform known for Lucidchart diagramming and Lucidpress tools, announced a $52 million Series D funding round on April 16, 2020, led by ICONIQ Capital with participation from Cross Creek, Meritech Capital Partners, and Spectrum Equity. The round valued the company north of $1 billion, achieving unicorn status, while the firm had surpassed $100 million in annual recurring revenue (ARR), a milestone confirmed around Q1 2020. This followed a $72 million Series C in 2018, with remaining capital from prior rounds supporting ongoing operations. CEO Karl Sun highlighted the company's growth trajectory, including international expansion with offices in Europe (2019) and Australia (January 2020), amid COVID-19 challenges where visualization tools aided remote business navigation. Investors were drawn to Lucid's product innovation, scalable model, and capital efficiency, positioning it as a category leader. Funds were earmarked for further innovation in the Lucidchart visual reasoning engine, potential M&A, and global scaling. At the time, Lucid had grown from $50 million ARR in 2018 to over $100 million by early 2020, demonstrating strong traction. The company powered collaboration for major enterprises and continued momentum post-round, though specific EBITDA figures were not disclosed for this period. |
| Oct 2018 | Series C | ICONIQ Capital (lead); Meritech Capital Partners (lead); Spectrum Equity (lead) | $72M | - | Lucid Software, parent company of Lucidchart, closed a $72 million Series C funding round in late 2018 led by new investors Meritech Capital and ICONIQ Capital, with existing investor Spectrum Equity participating. This brought total venture funding to approximately $114 million. The company offers visual collaboration and diagramming tools, with Lucidchart as its flagship product, used by 15 million users across more than 180 countries. The company had approximately 15 million users at the time and was attracting 700,000 new users monthly. Despite the funding announcement, Lucidchart declined to disclose its valuation or specific revenue figures for the 2018 round. In subsequent communications nearly two years later in April 2020, the company revealed it had surpassed $100 million in annual recurring revenue and reached a valuation exceeding $1 billion by that time, though the exact timing of when the $100 million ARR milestone was achieved relative to the 2018 round was not specified. |
| Sep 2016 | Series B | Spectrum Equity (lead); Kickstart; Grayhawk Capital; Jeff Kearl; Josh James | $36M | - | Lucid Software, a Utah-based provider of cloud-based visual productivity applications including Lucidchart for diagramming and Lucidpress for design, announced a $36 million investment from Spectrum Equity on September 14, 2016. The financing supported expansion of its diagramming and design solutions amid wide adoption in large enterprises like Comcast, NASA, Netflix, Target, and Xerox. Other investors included Grayhawk Capital, Jeff Kearl, Josh James, and Kickstart, with Spectrum Equity joining the board via Ben Spero and Ethan Choi. This Series B round brought total funding to approximately $42 million. The company had grown revenue by over 100 percent each year since its 2010 founding, serving over 8 million users in 175 countries through a freemium model that drove grassroots adoption before building sales and customer success teams. The investment capitalized on demand from enterprise users, enabling collaborative apps with intuitive interfaces and robust enterprise adaptability. Lucid Software continued raising capital in later years, including a Series C in 2018 and Series D in 2020, followed by a 2021 secondary investment exceeding $500 million at a $3 billion valuation from investors like Alkeon Capital and Tiger Global, supported by existing backers such as Spectrum Equity and ICONIQ Capital. The company positioned its visual collaboration suite, later including Lucidspark, as essential for teams at 99% of Fortune 500 companies. |
| May 2014 | Series A | Kickstart (lead); Peterson Ventures; Grayhawk Capital | $5M | - | Lucid Software raised a $5 million Series A round on May 29, 2014, led by Kickstart with participation from Grayhawk Capital. The company develops cloud-based diagramming tools including Lucidchart for visual communications and later Lucidpress for publishing. This followed seed funding and preceded a $36 million round in 2016. |
| Mar 2014 | Seed | - | $4M | - | Lucid Software raised $4.4 million in a venture round on March 31, 2014. Separate sources list a Series A round around March or May 2014 with amounts of $4.55 million or $5 million. Lucid Software provides visual collaboration software, including diagramming and whiteboarding tools like Lucidchart and Lucidspark. The company has raised funding across multiple rounds since 2011, accumulating over $166 million by later stages. |
Who has invested in Lucid Software?
12 investors have backed Lucid Software across its funding rounds, including Spectrum Equity, ICONIQ Capital, Kickstart, Meritech Capital Partners, Grayhawk Capital and Tiger Global.
Lead investors include Alkeon Capital, ICONIQ Capital, Meritech Capital Partners, Spectrum Equity and Kickstart.
Lucid Software Investors
| Investor | HQ | Rounds | Role | First check |
|---|---|---|---|---|
| 3 | Lead | Sep 2016 | ||
| 2 | Lead | Oct 2018 | ||
| 2 | Lead | May 2014 | ||
| 2 | Participant | May 2014 | ||
| 2 | Lead | Oct 2018 | ||
| 1 | Participant | May 2014 | ||
| 1 | Participant | Jun 2021 | ||
| 1 | Participant | Sep 2016 | ||
| 1 | Participant | Jun 2021 | ||
| 1 | Participant | Sep 2016 | ||
This data is available for Pro users. Sign up to see all 12 Lucid Software investors. Start Free Trial | ||||
Benchmark 350K+ Funding Rounds and Disclosed VC Valuation Multiples
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Start Free TrialAcquisitions by Lucid Software
Lucid Software has acquired 1 company to date.
Last acquisition by Lucid Software was on April 3rd 2025. Lucid Software acquired airfocus for undisclosed valuation.
Latest Acquisitions by Lucid Software
| Description | - |
| HQ Country | |
| HQ City | - |
| Deal Date | 3 Apr 2025 |
| Valuation | undisclosed |
| EV/Revenue | |
| EV/EBITDA | |
This data is available for Pro users. Sign up to see all Lucid Software acquisitions and their M&A valuation multiples. Start Free Trial | |
Lucid Software Competitors
Lucid Software competitors include listed companies like AvePoint and SoundHound, and private ones like InVision, Bird, Parloa and Podium.
| Company | HQ | Status | Revenue | EBITDA | Valuation | Revenue Multiple |
|---|---|---|---|---|---|---|
| Private | $100M | - | $1.9B | 19.0x | ||
| Private | $95M | - | $3B | 31.6x | ||
| Private | $50M | - | $3B | 60.0x | ||
| Private | $100M | - | $3B | 30.0x | ||
| Publicly listed | $419M | $42M | $2.9B | 5.1x | ||
| Publicly listed | $169M | $19M | $2.7B | 11.3x |
Lucid Software Public Comps
Lucid Software is still privately-owned, but its public comps include AvePoint, SoundHound, Sinch, Five9, Asana, Calix, Monday.com, Lumine Group, Shanghai Suochen and PDF Solutions.
| Last FY | EV/Revenue | EV/EBITDA | ||||||
|---|---|---|---|---|---|---|---|---|
| Revenue | EBITDA | Last FY | LTM | 2027E | Last FY | LTM | 2027E | |
| $419M | $42M | 5.9x | 5.1x | 58.4x | 27.4x | |||
| $169M | $19M | 14.6x | 11.3x | 132.5x | (35.5x) | |||
| $2.8B | $313M | 1.5x | 1.4x | 13.2x | 11.1x | |||
| $1.1B | $91M | 2.4x | 2.2x | 30.1x | 9.1x | |||
| $791M | ($175M) | 2.8x | 2.7x | (12.8x) | 22.8x | |||
| $1B | $38M | 2.0x | 1.8x | 52.9x | 13.6x | |||
| $1.2B | $8M | 2.4x | 2.1x | 368.8x | 13.3x | |||
| $766M | $278M | 5.3x | 4.2x | 14.4x | 12.6x | |||
This data is available for Pro users. Sign up to see all Lucid Software competitors and their valuation data. Start Free Trial | ||||||||
Common questions about Lucid Software
| When was Lucid Software founded? | Lucid Software was founded in 2010. |
| Where is Lucid Software headquartered? | Lucid Software is headquartered in Salt Lake City, UT, United States. |
| Is Lucid Software publicly listed? | No, Lucid Software is a private, VC-backed company. |
| What is Lucid Software's valuation? | Lucid Software was last valued at $3B in its secondary sale in June 2021. |
| How much funding has Lucid Software raised? | Lucid Software has raised $169M across 5 funding rounds. |
| What was Lucid Software's last funding round? | Lucid Software's last funding round was a $52M Series D in April 2020, led by ICONIQ Capital. |
| Who are Lucid Software's investors? | Lucid Software's investors include Spectrum Equity, ICONIQ Capital, Kickstart, Grayhawk Capital, Meritech Capital Partners, Peterson Ventures, Steadfast Capital Management, Jeff Kearl, Tiger Global, Josh James and 2 others. |
| What is Lucid Software's revenue? | Lucid Software's latest recorded revenue is $200M (June 2021). |
| What is Lucid Software's revenue multiple? | Lucid Software's latest valuation implies a 15.0x revenue multiple ($3B valuation on $200M of revenue). |
| Which companies are comparable to Lucid Software? | Companies comparable to Lucid Software include InVision, Bird, Parloa, Podium, AvePoint and SoundHound. |
| How many companies has Lucid Software acquired? | Lucid Software has acquired 1 company, including airfocus. |
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