Miro is still already in the right place at the right time. As remote work continues to rise, or a combination of that and in-person, the online workspace company is finding itself with 30 million users and nearly all of the Fortune 100 companies as customers.
Today, the company announced its biggest round yet, $400 million in Series C which raises its valuation to $17.5 billion. The new capital injection gives Miro $476 million in total funding since the company was founded in 2011 by Andrey Khusid and Oleg Shardin.
CEO Khosid told TechCrunch he considers the company a “pioneer in visual collaboration,” with its early days as a digital whiteboard.
“We’ve seen the market evolve over the past 10 years, and what started as an idea to bring the whiteboard into the browser has enabled us to understand the kind of value we can offer to organizations of all sizes,” he added. “Visual collaboration is something that allows teams in companies to better be on the same page. It is a great opportunity to better explain ideas, problems and design solutions.”
Today, the company’s tools integrate with more than 100 applications — including new partnerships with the likes of Atlassian, Cisco, Google Workspace, Microsoft Teams and Zoom — and offer nearly 1,000 templates designed to quickly get users and their teams working together no matter where they are.
The last time we checked in with Miro, which is headquartered in San Francisco and Amsterdam, was in 2020 when the company raised a $50 million Series B round led by Iconiq Capital. Since then, Khosid said the company has grown its user base by 500%, from 5 million to 30 million users, as well as its paid customer base by 550%. He added that of the Fortune 100 customers, 20 have more than $1 million in annual recurring revenue contract value.
Iconiq Growth is back for the Series C round and is joined by Accel, Atlassian, Dragoneer, GIC, Salesforce Ventures and TCV. Participating individual investors include Airtable founders Howie Liu and Andrew Ofstad, Snowflake CEO Frank Slotman, and DocuSign CEO Dan Springer.
“Since our initial investment, Miro has expanded with tremendous momentum, strong market leadership, and incredible production speed,” said Matthew Jacobson, general partner at Iconiq Growth and member of the Miro board of directors, in a written statement. “We believe Miro sits at a powerful intersection between asynchronous and synchronous work that captures and fires creative processes everywhere. From our point of view, Miro’s customer-centric culture makes it well-positioned to tackle a myriad of use cases across the hybrid work of over a billion workers. World-class knowledge. We are delighted to continue our partnership with Andrei and the entire Miro team.”
Before the increase, Miro was already making profits and growing three times a year before the global pandemic. However, with statistics indicating that 53% of the US workforce is expected to be remote by the end of this year, and with what Khosid predicted will happen in 2022 and will actually happen in 2020, he has created awareness about the problem of communication and collaboration In this. New way of working.
Additionally, with the venture capital market being “fit” right now, and given Miro’s vision of building a company for generations, it makes sense to seek additional funding to provide the resources needed to build a strong customer brand, he said.
Khusid plans to invest the new capital in product and technology development, get its tools in front of more enterprise customers and expand its global presence. It also looks at merger and acquisition opportunities.
Over the past 12 months, the company has doubled its headcount to just over 1,200 in 11 centers around the world, including new ones that opened in Berlin, Munich, London, Sydney and Tokyo.
“We need to make sure that all of our employees are present in all functions from customer support to product engineering,” Khosaid said. “We have tried to meet the demand and make sure that every experience is a good one. We aim to ramp up the pace of innovation, and that would be a great area for investment. It’s quite a challenge to expand at this pace, especially being so far away. I call it ‘building an airplane in flight’.”