{"id":4626,"date":"2017-04-10T17:38:27","date_gmt":"2017-04-10T17:38:27","guid":{"rendered":"https:\/\/www.rsoftsolution.com\/blog\/lucid-raises-60m-as-it-plans-to-dominate-market-research.html"},"modified":"2017-04-10T17:38:27","modified_gmt":"2017-04-10T17:38:27","slug":"lucid-raises-60m-as-it-plans-to-dominate-market-research","status":"publish","type":"post","link":"https:\/\/www.rbsitsoftwaresolution.in\/blog\/lucid-raises-60m-as-it-plans-to-dominate-market-research.html","title":{"rendered":"Lucid raises $60M as it plans to dominate market research"},"content":{"rendered":"


\n<\/p>\n

Lucid<\/a> is announcing that it has raised a $60 million round led by North Bridge Growth Equity. It\u2019s the company\u2019s\u00a0first outside funding since\u00a0raising a relatively tiny $2.8 million<\/a> back in 2011.<\/p>\n

Founder and CEO Patrick Comer said that in the years between, he deliberately wanted Lucid to \u201crun really, really lean and pour\u00a0every dollar into growth of product.\u201d Now, however, it\u2019s no longer a question of finding product-market fit \u2014 the company says it\u2019s used by more than 500 customers and that revenue has grown 70 percent year-over-year for the past three years.<\/p>\n

\u201cOnce we move from a position of, \u2018What is our product? Is it going\u00a0to work and will our clients buy\u00a0it?\u2019 and now that it\u2019s a global scale issue, then we can fund that scale through raising capital,\u201d Comer said. \u201cBecause the market is already there \u2014 we built it.\u201d<\/p>\n

For Lucid, scale means expanding globally, where Comer said he wants to turn the company into the number one player in market research. He said the company\u2019s surveys\u00a0have international reach, but that\u2019s mostly been thanks to US companies thinking globally. Now, Lucid is looking to establish a presence of its own in Europe, the Middle East and\u00a0Africa (it already has offices in London and Delhi).<\/p>\n

The company was originally known as Federated Sample but rebranded as Lucid in 2015 as its offerings expanded to include products like Fulcrum, its automated sample marketplace. Comer\u00a0described Lucid as the market industry\u2019s \u201cprogrammatic disruptor\u201d \u2014 by providing\u00a0an automated way to test\u00a0ads and survey\u00a0consumers, he said the company is giving marketers access to unprecedented \u201cspeed and scale.\u201d<\/p>\n

\u201cWith\u00a0programmatic [advertising], you could target the right impression with the right message, but you could\u00a0never test the message with the right audience,\u201d Comer said.<\/p>\n

That doesn\u2019t put Lucid in competition with companies like Survey Monkey and Qualtrics, he added. Instead, they can use Lucid to find the audience to take the surveys on their platforms.<\/p>\n

Comer also suggested that this round should encourage venture capitalists to take a closer look at New Orleans, where Lucid is headquartered.<\/p>\n

\u201cPeople ask the question: Can you build a category defining unicorn outside of the coasts?\u201d he said. \u201cThe answer is yes.\u201d<\/p>\n

<\/p>\n

Featured Image: Lucid<\/small><\/p>\n

Article source: http:\/\/feedproxy.google.com\/~r\/techcrunchIt\/~3\/gRLMNT9KTik\/<\/p>","protected":false},"excerpt":{"rendered":"

Lucid is announcing that it has raised a $60 million round led by North Bridge Growth Equity. It\u2019s the company\u2019s\u00a0first outside funding since\u00a0raising a relatively tiny $2.8 million back in <\/p>\n","protected":false},"author":1,"featured_media":0,"comment_status":"open","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"jetpack_post_was_ever_published":false,"_jetpack_newsletter_access":"","_jetpack_dont_email_post_to_subs":false,"_jetpack_newsletter_tier_id":0,"_jetpack_memberships_contains_paywalled_content":false,"_jetpack_memberships_contains_paid_content":false,"footnotes":"","jetpack_publicize_message":"","jetpack_publicize_feature_enabled":true,"jetpack_social_post_already_shared":true,"jetpack_social_options":{"image_generator_settings":{"template":"highway","default_image_id":0,"font":"","enabled":false},"version":2}},"categories":[19],"tags":[25],"class_list":["post-4626","post","type-post","status-publish","format-standard","hentry","category-enterprise-software","tag-enterprise"],"aioseo_notices":[],"aioseo_head":"\n\t\t\n\t\n\t\n\t\n\t\n\t\t\n\t\t\n\t\t\n\t\t\n\t\t\n\t\t\n\t\t\n\t\t\n\t\t\n\t\t\n\t\t\n\t\t\n\t\t\n\t\t\n\t\t\n\t\t