Collaboration Platform Miro Raises $400 Million Funding Round
The remote and hybrid workplace has been good for collaboration software. Forced to get together virtually without the whiteboards and other familiar brainstorming tools from the corporate office, teams turned to a growing suite of digital whiteboards and online collaboration tools to get the job done. And judging by its latest funding news, visual collaboration platform Miro is a case in point.
The company, with offices in San Francisco and Amsterdam, announced it has closed a $400 million Series C financing round on Jan. 5, bringing its total funding to $476 million and pushing the company into decacorn valuation status at $17.5 billion. Investors in the latest funding round included ICONIQ Growth, Accel, Atlassian, Dragoneer, GIC, Salesforce Ventures and TCV.
Visual collaboration tools like Miro and competitor Mural create a shared online workspace hosted in the cloud so participants can be anywhere with an Internet connection and collaborate with coworkers using text, graphs, images, audio and drawings.
"If an organization had a weak collaboration stack pre-COVID, they could survive, but these technologies have now proven to be absolutely critical," David Hsieh, general manager of advanced collaboration at Austin-based Lifesize, told Reworked back in November 2020. "Being able to work across distributed teams effectively and productively is now a top priority.”
Miro, founded in 2011 by Andrey Khusid and Oleg Shardin, has approximately 1,200 employees working across 11 offices around the world. According to company statistics, the number of users on its platform has grown from 5 million to 30 million, and its paying customer base increased from 20,000 to 130,000 since April 2020. Customers include Cisco, Dell, Deloitte, HP, Kaiser Permanente and Liberty Mutual.
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“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 Khusid in a press release statement. “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."
Miro will use the new funding for product development and to expand the company's global footprint. In the last year, the company introduced integrations with Atlassian, Cisco, Microsoft Teams and Zoom. Miro and Google got together last August to bring the Miro app to users of Google's Workspace suite of tools, including Google Docs, Sheets, Slides and Meet.
“Since our initial investment, Miro has scaled with tremendous momentum, strong market leadership and incredible product velocity,” said Matthew Jacobson, Miro board member and general partner at ICONIQ Growth, in a press release statement. “We believe Miro sits at a powerful intersection between asynchronous and synchronous work that captures and ignites creative processes everywhere."
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