Miro Raises $400M in Series C Funding Round to Accelerate Innovation Through Visual Collaboration in the New Hybrid Workplace

January 05, 2022 06:45 AM Eastern Standard Time

SAN FRANCISCO & AMSTERDAM–(BUSINESS WIRE)–Miro, the online platform accelerating innovation through visual collaboration, announced it has closed $400M in Series C financing. This investment will support Miro’s continued focus on helping organizations and enterprises unlock creativity, increase productivity, strengthen collaboration, and rapidly innovate. With the global movement to remote and hybrid work, Miro has increased its user base to 30M and now works with 99% of Fortune 100 companies as they adopt a new, digital-first way of working.

This new infusion of capital brings Miro’s total funding to $476M and a post-money valuation of $17.5B. As a profitable company, Miro will invest the capital in product development and programs designed to bring the visual collaboration platform to more enterprises, and continue expanding its global footprint. Investors in the Series C round include ICONIQ Growth, Accel, Atlassian, Dragoneer, GIC, Salesforce Ventures, and TCV.

Since Miro raised its $50M Series B funding round in April 2020, the company has increased its user base by 500% (from 5M to 30M) and its paying customer base by 550% (from 20,000 to 130,000).

Miro, which pioneered the visual collaboration category, brings teams together in a shared online workspace that begins as a blank canvas to solve complex problems, design products and services, improve processes, exchange ideas and bring them to life in an agile way. The platform enables a new way of working that allows teams to co-create quickly and inclusively — no matter where they are located — through more than 100 app integrations and nearly a thousand templates designed to help teams start quickly.

“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,” said Andrey Khusid, Co-founder and CEO of Miro. “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. Thousands of organizations use Miro’s platform every day to harness the power of collaboration to nurture new ideas, solve complex problems, and bring new products to market. We believe that the ‘Miro way’ will be the spark that enables teams to transform imagination into execution and opportunity into reality.”

Through its advanced collaboration platform, Miro is helping enterprises, non-profit organizations, and universities tackle complex challenges that can impact millions of people around the globe, during critical times of transformation. Miro’s customers use the infinite canvas to bring much-needed medical treatments to market, design category-defining products, and create new paths for learning.

Miro’s customers include many of the world’s most innovative companies, including Cisco, Dell, Deloitte, HP, Kaiser Permanente, Liberty Mutual, Okta, and many more. Miro currently has 20 enterprise customers each paying more than $1M per year each.

Key company milestones over the past 12 months include:

  • Doubling headcount from 585 to more than 1,200
  • Opening five new hubs, including Berlin, Munich, London, Sydney, and Tokyo, bringing the total global footprint to 11 hubs worldwide
  • Deepening partnerships by introducing new integrations with Atlassian, Cisco, Google Workspace, Microsoft Teams, Zoom and others to enable users to add Miro’s visual collaboration layer to their existing workflows, tools and processes

“Since our initial investment, Miro has scaled with tremendous momentum, strong market leadership, and incredible product velocity,” said Matthew Jacobson, General Partner at ICONIQ Growth and Miro Board member. “We believe Miro sits at a powerful intersection between asynchronous and synchronous work that captures and ignites creative processes everywhere. In our view, Miro’s culture of customer centricity makes it well-positioned to address a myriad of use cases across hybrid work for more than a billion knowledge workers globally. We are thrilled to continue our partnership with Andrey and the entire Miro team.”

“Miro’s platform helps millions of users, organizations, and enterprises around the world to collaborate, strategize, and execute in creative ways using visual collaboration,” said Alex Kayyal, SVP and Managing Partner, Salesforce Ventures. “In this all-digital work-from-anywhere world, Miro’s mission to bring impactful collaboration to hybrid work environments is vital. We have been deeply impressed by the company’s product centricity, fast growth and community ecosystem, and view Miro as a generational company that is disrupting productivity.”

“Miro is in a unique category of companies that have built their success on sound business fundamentals and product-led growth,” said John Doran, General Partner at TCV. “Global organizations are adopting the platform to engage teams and collaborate in more meaningful ways, for use cases ranging from designing products, managing business transformation, to implementing complex processes efficiently and productively. Miro’s intuitive, accessible, and purpose-built collaboration platform allows teams to bring everyone to the table to co-create, and positions Miro as a critical element of the new software stack driving modern, hybrid work models.”

“Enterprises are experiencing an undeniable shift in the ways that their teams come together to achieve business objectives and goals, and are eager for technology that can help foster stronger collaboration and engagement,” said Chris Hecht, Head of Corporate Development of Atlassian. “Miro offers organizations technology that has the power to truly transform the way they work to create more, build more, and achieve more together.”

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).

Miro and the Miro logo are trademarks of RealtimeBoard, Inc., in the United States and in jurisdictions throughout the world. All other trademarks, trade names, or service marks used or mentioned herein belong to their respective owners.

About Miro

Miro is an online, visual collaboration platform designed to unlock creativity and accelerate innovation among teams of all kinds. The platform’s infinite canvas enables teams to lead engaging workshops and meetings, design products, brainstorm ideas, and more. Miro, co-headquartered in San Francisco and Amsterdam, serves 30M users worldwide, including 99% of the Fortune 100. Miro was founded by Andrey Khusid and Oleg Shardin in 2011 and currently has more than 1,200 employees in 11 hubs around the world. To learn more, please visit https://miro.com/index/.

About ICONIQ Growth

ICONIQ Growth partners with exceptional entrepreneurs and leaders who drive global impact and change. We are inspired by visionaries defining the future of their industries by building company cultures that endure. Our unique investment platform harnesses the power of ICONIQ Capital’s vibrant ecosystem of founders, pioneers, and business leaders with the goal of delivering tangible value and amplifying our portfolio companies’ success from early growth stage to IPO and beyond. ICONIQ Growth’s portfolio of innovators includes Adyen, AirBnB, Alibaba, Alteryx, Automattic, BambooHR, Braze, Chime, Collibra, Coupa, Datadog, Docusign, Gitlab, Marqeta, Miro, Procore, Red Ventures, Relativity, ServiceTitan, Snowflake, Sprinklr, Truckstop, Uber, Wolt, and Zoom, among others. For more information and a complete list of portfolio companies, please visit https://iconiqgrowth.com/.

About Salesforce Ventures

Salesforce Ventures is the global investment arm of Salesforce and is focused on partnering with the most ambitious enterprise technology companies at every stage in their journey. Since 2009, Salesforce Ventures has invested over $3 billion in over 400 leading companies including Databricks, DocuSign, Guild Education, Hopin, monday.com, nCino, Snowflake, Snyk, Stripe, Tanium, and Zoom. Salesforce Ventures provides portfolio companies with unparalleled access to Salesforce, one of the fastest-growing enterprise software companies in the world, including strategic advisory, customer introductions, and the strongest cloud ecosystem. Salesforce Ventures has invested in more than 25 countries with offices all over the world including in San Francisco, Irvine, New York, London, Tokyo, and Sydney. Follow @SalesforceVC and learn more at salesforce.com/ventures.

About TCV

Founded in 1995, TCV was established with a clear vision: to capture opportunities in the technology market through a specialized and consistent focus on investing in high-growth companies. Since inception, the firm has built a track record of successfully backing public and private businesses that have developed into dominant industry players across internet, software, FinTech, and enterprise IT. TCV has invested over $16 billion to date and has helped guide CEOs through more than 145 IPOs and strategic acquisitions. TCV has invested in cutting edge technology companies including Airbnb, Believe, Brex, Dream Sports, FarEye, Mollie, Nubank, Razorpay, RELEX Solutions, Revolut, RMS, Sportradar, Spotify, Trade Republic, The Pracuj Group, and Zepz. TCV has successfully executed over 350 investments of varying structures, including mid-stage, late stage and public company investments, and has offices in Menlo Park, New York, and London. For more information about TCV, including a complete list of TCV investments, visit https://www.tcv.com/.

Contacts

Allison Menozzi
Miro
allison@miro.com

Katja Gagen
TCV
kgagen@tcv.com