HR technology platform Darwinbox raises US $72 Million round led by Technology Crossover Ventures (TCV) at $1 billion+ valuation

SINGAPORE and HYDERABAD, India, Jan. 25, 2022 /PRNewswire/ — Darwinbox, Asia’s fastest growing HR tech platform, marks another milestone with a $72MN funding round led by Technology Crossover Ventures (TCV) along with participation from existing investors Salesforce Ventures, Sequoia India, Lightspeed India, Endiya Partners, 3One4Capital, JGDEV and SCB 10X. The company’s valuation post this round will cross the $1B mark and takes the total investment raised thus far by the company to over $110Mn. The company has grown 200% since the last fund raise from Salesforces Ventures, exactly 12 months ago.

Founded in late 2015 by Chaitanya Peddi, Jayant Paleti and Rohit Chennamaneni, Darwinbox currently stands as the youngest and the only Asian-origin player on Gartner’s Magic Quadrant for enterprise Cloud HCM. It is also rated the highest (4.8) globally on Gartner’s customer reviews platform, Peer Insights, racing ahead of its peers like SAP, Oracle, and Workday – a position they secured on the back of innovative technology, deep understanding of market context, intuitive user experience and great customer traction.

“We get most excited investing behind visionary founders that are fundamentally transforming large industries with a highly resonant product,” said Gopi Vaddi, General Partner, TCV. “I am delighted to back an outstanding team that is doing exactly that in a highly impactful, fast-evolving HR technology space and partner with them on their journey to global HCM leadership.” With a quarter century of investing experience, TCV is known for taking a long-term view on its investments and holds a record of 79 IPOs in their portfolio including the likes of Netflix, Facebook, Expedia, Spotify, Airbnb, GoDaddy and Gitlab.

“This investment energizes our mission to continue building technology that enables organizations to unlock the highest potential of their people. We have done this by building a product that puts employees squarely at the center and crafting meaningful experiences for them. This has especially found resonance in this rapidly evolving world of work over the last 2 years with companies having to rethink how they attract, manage and retain their talent,” shared Jayant Paleti, Co-founder, Darwinbox.

The new funding will supercharge Darwinbox’s global expansion plan by allowing the company to accelerate its platform innovation agenda, strengthen its product, engineering, and customer success teams along with scaling its go-to-market presence in South Asia, SEA, and MENA. The company is expecting the overall team to grow by 100% and is also setting up to launch in the US in 2022.

“Investing behind technology to manage talent has become inevitable for organizational success. Darwinbox’s demonstrated ability to build agile, innovative, and user-friendly solutions along with deep customer centricity has made them a platform of choice for several leading enterprises,” added Jessica Neal, former Chief Talent Officer at Netflix, and a Venture Partner at TCV.

2021 represented one of the most entropic and pivotal years in defining the future of work. The world witnessed “remote” and “hybrid” become common words and the “Great Resignation” impacted organizations all over, forcing them to rethink their talent strategy. The result is a 3-5 year forward shift in digital-first thinking for all things talent.

Darwinbox is at the heart and center of this movement, enabling more than 650 large enterprises to empower and engage their talent with its mobile-first HR lifecycle platform providing Workforce & Talent Management, Employee Engagement, Compensation and Benefits, People Analytics, HR service delivery suites amongst other offerings. More than 1.5 million employees from large conglomerates, fast-growing technology giants and leading global brands like Nivea, Starbucks, Dominos, T-Systems, AXA, Tokio, Cigna, JSW, Adani, Vedanta, Mahindra, Kotak, NSE, Ujjivan, Makemytrip, Swiggy and Tokopedia were able to adapt to the new normal with Darwinbox.

Expanding on the product investments, Chaitanya Peddi, Co-founder and Product Head of the company shares: “Building for extraordinary agility and delivering stellar employee experience have been critical in defining success for Darwinbox’s customers. We will continue to invest in new and innovative technology to deliver a frictionless experience for the work-from-anywhere workforce.”

“In addition, this year, we will be bolstering our platform offering with a host of ancillary services and solutions that enterprises can plug and play to compose an integrated HR tech ecosystem,” he added.

About Darwinbox

Darwinbox is a cloud-based HR Technology platform which caters to an organization’s HR needs across the entire employee lifecycle including Recruitment, Onboarding, Core Transactions (Leaves, Attendance, Directory), Payroll, Travel and Expenses, Employee Engagement, Performance Management, Rewards & Recognition and People Analytics. The innovative platform combines highly configurable workflows, intelligent insights and smart interfaces to help enterprises unleash the true potential of their workforce.

Rated the highest globally among HCM players on Gartner’s customer review platform, Peer Insights, Darwinbox is trusted by 650+ global enterprises with more than 1.5 million employees spread across 90+ countries and is backed by leading investors including Salesforce Ventures, Sequoia Capital, Lightspeed India, TCV, SCB 10X, JGDev, Endiya Partners and 3One4Capital.

More at www.darwinbox.com

Media Contact: Gowthami Kanumuru, Darwinbox | Gowthami.k@darwinbox.in | +91 7702436644

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, HireVue, Mollie, Nubank, Razorpay, Netflix, Nerdy, 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/.

Media Contact: Katja Gagen, TCV| kgagen@tcv.com | +1 415 690 6689


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