Visual collaboration/whiteboarding platform Miro has raised $400 million in a Series C funding round, now giving the company a post-money valuation of $17.5 billion. The new investment round will enable to company to continue to develop the platform and help companies across the globe foster innovation through collaboration. The Russian-founded company now splits headquarters between San Francisco and Amsterdam, and over the course of its 10+ year history, the profitable company has raised approximately $476 million.
As much as it pains me to say it, Miro is clearly one of the winners of the global pandemic. For when there’s no board room to gather in and no whiteboard to gather ‘round, much like any number of our seemingly “normal” activities, the activity of innovation took to online collaborations. And as no one could predict the shock waves an invisible enemy could produce, Miro found itself in the right place at the right time.
Perhaps a stroke of good luck, perhaps fate, perhaps neither or both, Miro announced the close of a $50 million Series B round in April of 2020, only a month into the pandemic, and priming the pumps for what would be an explosive year for the company. Since that time, Miro has seen its userbase numbers increase by a whopping 500%, up from 5 million to 30 million, with paying customer numbers leaping 550% from 20,000 to 130,000.
Running with this momentum, the ideas exchange platform has doubled the company size from 585 employees to over 1,200, and increased its global footprint by opening five new regional hubs in Berlin, Munich, London, Sydney, and Tokyo for a total count of 11.
Beginning as a blank canvas, and augmented through a series of app integrations, Miro puts just about every problem-solving tool at your fingertips, and invites your colleagues to join in. Tackling complex problems, designing products and services, improving processes, creating new ways of learning; all on the table for Miro. The only limitation of the service is the end-users imagination.
The company’s client list reads like a dream, working with 99% of Fortune 100 companies; Cisco, Dell, Deloitte, HP, Kaiser Permanente, Liberty Mutual, Okta, and many more, all on board. So strong is the offer that Miro reports that it has at least 20 enterprise customers each paying more than $1 million per year each.
Investors in Miro’s $400 million Series C round include ICONIQ Growth, Accel, Atlassian, Dragoneer, GIC, Salesforce Ventures, and TCV. Additional investors include Howie Liu (Co-founder and CEO, Airtable), Andrew Ofstad (Co-founder, Airtable), Frank Slootman (Chairman and CEO, Snowflake), and Dan Springer (CEO, DocuSign).
“For more than a decade, Miro’s vision has been to create an infinite canvas for better collaboration, both in-person and online, helping organizations unlock creativity and drive meaningful outcomes,” commented Miro co-founder and CEO Andrey Khusid. “We believe that our platform is now more important than ever as organizations around the globe are redefining the way they work — looking for new ways to engage teams and do away with siloed thinking.”