Lucid said that the investment also marked the formalisation of a strategic partnership between the two firms, which have already collaborated on a number of client projects.

Birmingham-based Lucid, which opened its doors for business last April, said recently that it was on track to report a £1m turnover in its first year of business.

Lucid's founder and managing director Jason Langford-Brown said that its first year of business had seen it pick up accounts for brands including Vantage Insurance, charities including Midlands Air Ambulance, local authorities and marketing agencies such as Edge Creative.

"We have worked on a number of projects in partnerships with GI Solutions Group, which, spotting the solid growth and future potential of Lucid, have made a significant investment in the business," he said.

"This investment is financing accelerated growth at Lucid, as we add value for clients by improving and/or streamlining the ways in which they communicate with their customers."

Robin Welch, GI's chief executive, said: "What's really refreshing about Lucid is that, as well as its very consultative approach and excellent technology platforms, it has not shied away from print production.

"Organisations need integrated providers to help them manage the balance of physical and digital communications that their customers require. This is a common outlook between Lucid and GI Solutions Group and one that we recognise as having major potential."

Lucid's rapid expansion last month saw it announce the acquisition of a Xeikon 5000plus digital colour press in a bid to grow its data-driven digital print offering.