US and Amsterdam-based Miro raises €353M at €15.4B valuation from ICONIQ Growth, Accel, others

Miro, an online collaborative whiteboard platform designed for distributed team collaboration, announced on Wednesday that it has raised $400M (approx €353M) in a Series C round of financing. 

Investors in the latest round include ICONIQ Growth, Accel, Atlassian, Dragoneer, GIC, Salesforce Ventures, and TCV. 

Additional investors including Howie Liu (Co-founder and CEO, Airtable), Andrew Ofstad (Co-founder, Airtable), Frank Slootman (Chairman and CEO, Snowflake), and Dan Springer (CEO, DocuSign) also participated. 

Fund utilisation

The funding will enable Miro to accelerate product development and international expansion.

“For more than a decade, Miro’s vision has been to create an infinite canvas for better collaboration, both in-person and online, helping organisations unlock creativity and drive meaningful outcomes,” says Andrey Khusid, co-founder and CEO of Miro. 

“We believe that our platform is now more important than ever as organisations around the globe are redefining the way they work — looking for new ways to engage teams and do away with siloed thinking. Thousands of organisations 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,” he adds. 

The Series C round brings Miro’s total funding to $476M (approx €420M) at a post-money valuation of $17.5B  (approx €15.4B). The funding announcement comes two months after expanding its presence in Amsterdam to the Stadhouderskade 1, located in Havas Village

Miro: What you need to know

Founded by Andrey Khusid and Oleg Shardin in 2011, Miro offers a collaborative whiteboard platform that is designed to allow distributed teams to work effectively together. The company was founded as RealtimeBoard in 2011 and rebranded to Miro in 2019.

The platform includes running brainstorming sessions and workshops to planning projects and designing new products and services. 

Since its Series B funding in April 2020, the company has increased its user base by 500 per cent, from 5M to 30M, and its paying customer base by 550 per cent, from 20,000 to 130,000.

At present, the company serves around 30M users worldwide, including more than 100,000 client organisations and 99 per cent of the Fortune 100.

Miro’s customers include 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.

Miro says its customers use the infinite canvas to bring much-needed medical treatments to market, design category-defining products and create new paths for learning.

Currently, Miro employs more than 1,200 employees in 11 hubs around the world.

Investors

ICONIQ Growth is a tech-focused direct investment platform that is affiliated with ICONIQ Capital.

“Since our initial investment, Miro has scaled with tremendous momentum, strong market leadership, and incredible product velocity,” says Matthew Jacobson, General Partner at ICONIQ Growth and Miro Board member. 

“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,” he adds.

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.

“Miro’s platform helps millions of users, organisations, and enterprises around the world to collaborate, strategise, and execute in creative ways using visual collaboration,” says 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.”