LucidLink Raises $20 Million in Series B Funding to Combat Remote Collaboration Challenges
LucidLink has raised $20 million in funding from investors in its Series B funding round.
The new capital infusion was led by Headline’s Global Growth strategy in collaboration with existing investors Baseline Ventures and Bright Cap Ventures – and new investor, Top Tier Capital Partners. LucidLink has raised $40 million to date.
The latest funding comes after a year of tremendous success for LucidLink that includes sustained 12% month-over-month growth resulting in over 400% revenue increase, 154% net customer retention and a doubling of its workforce. During this period, LucidLink also benefited from a 400% increase in storage capacity. In addition, LucidLink Filespaces was recognized with the NAB Product of the Year Award – Cloud Computing and Storage for 2022.
“The progress we’ve made in growing the business over the past year proves LucidLink’s unique approach in solving the market need for a cloud-native file service targeting hybrid and remote collaboration – especially when dealing with big files and large sets of data,” says Peter Thompson, co-founder and CEO, LucidLink. “We are ready to hit the accelerator and can think of no better partners with whom to do this than the investors we already have on board.”
The phenomenal performance of LucidLink to date reflects a strong product market fit and wide technical lead in the cloud native remote collaboration space. The $20 million investment will fuel a number of growth priorities for LucidLink – including the expansion of sales, marketing, and development teams.
“LucidLink is at the forefront of cloud service evolution, and has fulfilled the vision of truly accessible cloud storage,” says Conrad Chu, Partner at Headline, a global venture capital firm with a portfolio that includes notable companies like Segment, Gopuff, SEMrush, and Sonos. “The company has designed a revolutionary file system to handle today’s modern cloud-computing environment and distributed workstreams. A true testament to the explosive growth LucidLink has experienced thus far, we’re excited to continue working with them to expand their global customer base.”
The global pandemic served as a sudden accelerant to accepting the cloud as the critical connective tissue of organizations. According to Pew Research, today 59% of Americans who say they can perform their jobs remotely are currently working from home all or most of the time. LucidLink enables creative talent to collaborate no matter where they are located, without friction or disruption.
“We’ve put together an exciting roadmap significantly extending the lead we’ve already built-in addressing how people and companies utilize the cloud to solve tough remote collaboration problems,” adds Co-Founder and CTO George Dochev. “Part of this round will be used to grow the technical team with world-class engineers, who are interested in solving challenging problems our customers face both today and in the future.”