At the right time, Miro is in the right place. The online workspace company has 30 million users and counts nearly all of the Fortune 100 companies as clients.
The company just announced its largest round to date, $400 million in a Series C that propels its valuation to $17.5 billion. The company has received $476 million in total funding since it was founded in 2011.
The company's early days as a digital whiteboard are considered a "pioneer of visual collaboration" by the CEO.
As demand for digital whiteboards increases, Miro lands $50 million Series B.
The co-founder and CEO of Miro is Andrey Khusid. The image was created by Andrey Khusid.
Over the last 10 years, the market has evolved and what started as an idea to bring a whiteboard into a browser has enabled us to understand the kind of value we can bring to organizations of all sizes. Teams in companies can be on the same page with visual collaboration. It is a great chance to explain ideas, problems and design solutions.
Today, the company has over 100 apps that integrate with its tools, as well as nearly 1,000 templates designed to get users and their teams working together no matter where they are.
In 2020 the company raised a $50 million Series B round led by Iconiq Capital. The company's user base has grown from 5 million to 30 million, and its paying customer base has grown from 5 million to 50 million. 20 of its Fortune 100 clients have more than $1 million in annual recurring revenue contract value.
The Series C round has Iconiq Growth and other companies. Airtable co-founders Andrew Ofstad and Howie Liu are among the individual investors involved.
Matthew Jacobson, general partner at Iconiq Growth and a board member of Miro, said in a written statement that the company has scaled with tremendous momentum since their initial investment. The intersection of asynchronous and synchronous work is what we believe Miro is. Our view is that the culture of customer-centeredness of Miro makes it well-equipped to address a variety of use cases for more than a billion knowledge workers globally. We are happy to continue our partnership with the entire team.
Before the global pandemic, Miro was already profitable and growing three times a year. With the fact that half of the U.S. workforce is expected to be remote by the end of this year, and with what Khusid expected to happen in 2022, it created awareness around the problem of collaboration in this new way of work.
With the venture capital market favorable right now, it made sense to go after additional funding to have the resources in place to build a strong brand for customers, he said.
The new capital will be invested into product and technology development, getting its tools in front of more enterprise clients, and expanding its global footprint. He is looking at acquisitions.
Over the past year, the company doubled its headcount to over 1,200 employees in 11 hubs around the world, including new ones opened in Berlin, London, and Tokyo.
All of our people need to be in place in all of the functions. We tried to serve the demand and make sure the experience was good. We want to increase the pace of innovation and that will be a big area of investment. Being fully remote is a challenge to scale at that pace. I call it building a plane while flying.
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