Subject: VEN
LucidLink Raises $75M in Series C Funding Led by Brighton Park Capital to Redefine Real-time Collaboration in the New Hybrid Workplace
Startup Delivers Exceptional Growth, Increasing Annual Recurring Revenue by More Than 5X Over the Past Two Years
SAN FRANCISCO, Nov. 20, 2023 /PRNewswire/ -- LucidLink, pioneers in enabling instant access to data and real-time collaboration for the world's most innovative companies, today announced that it has raised $75 million in Series C funding, including secondaries, led by Brighton Park Capital an investment firm focused on entrepreneur-led, growth-stage companies within the software, healthcare, and tech-enabled services businesses space. Major existing investors, including Headline, Baseline Ventures, and Adobe Ventures, also participated. Over the past two years ? despite a challenging environment ? LucidLink has delivered exceptional growth, including growing its annual recurring revenue (ARR) by nearly 5x and the number of users on its platform by over 4x.
Founded in 2016, LucidLink developed the world's first storage collaboration platform designed to help remote and hybrid teams of creative professionals tackle a variety of complex use cases by enabling immediate access to huge files and secure real-time collaboration. LucidLink's system is built specifically for the modern computing environment, eliminating the need to download or synchronize files by allowing users to stream data directly from the cloud.
"LucidLink recognized a substantial need for real-time collaboration in the cloud, and their solution has rapidly become indispensable for hybrid and remote creative professionals, underscored by its robust recent growth and diverse customer base of leading innovative companies," said Mike Gregoire and Sam Kentor, Partners at Brighton Park Capital. "The Company is well-positioned to build on its momentum, and we are excited to support LucidLink's strategic initiatives to drive future growth."
According to a recent Filestage report, three-quarters of creative collaboration now happens remotely, with the average creative review process taking eight days and over three versions to receive sign-off.1 International Data Corporation predicts this trend will drive investment in cloud infrastructure and services to $1.2 trillion by 2027 as the need for businesses to prepare for a hybrid workforce grows more urgent.2 For creative industries that work with complex files and applications, real-time collaboration across a hybrid and remote employee base has become a top pain point organizations face today.
Peter Thompson, CEO and Co-Founder of LucidLink, stated, "Legacy collaboration and storage solutions are not designed for this new hybrid workplace reality, and LucidLink is becoming the go-to solution for companies looking to future-proof their businesses. Our customers are reaching 5x in productivity gains on previously impossible workflows, and we are excited to see how they continue to unlock new possibilities as we help to accelerate the future of collaborative work."
Thompson added, "Brighton Park's deep expertise, broad network, and track record of supporting growth across its portfolio companies make it the perfect partner, and we are grateful to our existing investors for their continued support."
Today, LucidLink customers in creative industries and beyond are collaborating on over one billion files across 40 countries. Customers include Adobe, A&E Networks, Whirlpool, Shopify, Buzzfeed, and Spotify, as well as Hollywood studios, major broadcasters, brands, digital ad agencies, architectural firms, and gaming companies. The new capital will accelerate LucidLink's product and engineering development, customer acquisition efforts, and expansion into new verticals and geographies.
"With this Series C investment, LucidLink will accelerate its most ambitious product updates in the Company's history to expand our technology leadership position, open up new customer use cases, and create more personalized product experiences that enable creative professionals to work more efficiently and effectively," said George Dochev, CTO and Co-Founder of LucidLink.
LucidLink's industry-leading technology and culture has received numerous accolades, including National Association of Broadcasters Product of the Year in 2022 and 2023 and Inc. Magazine's Best US Workplaces in 2023. LucidLink is hiring across departments and geographies. For more information on open roles, please visit Careers. For more information about LucidLink, contact [email protected], follow the Company on X (formerly Twitter) and LinkedIn, and visit www.lucidlink.com.
About LucidLink
LucidLink has created an award-winning storage collaboration platform that enables creative professionals to work together seamlessly from anywhere. This cloud-based SaaS product connects remote teams instantly to project files of any type and size. LucidLink's solution is designed for workflows involving huge files, massive data sets, and real-time collaboration. Used in industries like media and entertainment, advertising, retail, architecture, news, and sports, LucidLink helps teams optimize productivity, costs, and creativity for today's workforce. Headquartered in San Francisco, California, LucidLink has an office in Sofia, Bulgaria, and remote employees across North America, Europe, and Australia.
About Brighton Park Capital
Brighton Park Capital is a Greenwich, Conn.-based investment firm focused on entrepreneur-led, growth-stage software, healthcare, and tech-enabled services companies. The firm invests in companies that provide highly innovative solutions in partnership with great management teams. Brighton Park brings purpose-built value-add capabilities that match the unique requirements of each of its companies. For more information about Brighton Park Capital, please visit www.bpc.com.
References
- Lott, E. (2023, February 1). Report: The State of Creative Collaboration in 2023 ? Filestage. Filestage: The world's best-rated review and approval platform. https://filestage.io/blog/creative-collaboration-report/
- Worldwide Spending on Public Cloud Services is Forecast to Reach $1.35 Trillion in 2027, According to New IDC Spending Guide. (n.d.). IDC: The Premier Global Market Intelligence Company. https://www.idc.com/getdoc.jsp?containerId=prUS51179523
Media Contacts
LucidLink
Clare Plaisted
PRComs
[email protected]
Brighton Park
Julie Rudnick/Elizabeth Lake
[email protected]
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