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Visual collaboration company Miro valued at $17.5B following $400M in new funding – FiratNews

Visual collaboration company Miro valued at $17.5B following $400M in new funding – TechCrunch

Miro is certainly nonetheless in the correct place on the proper time. With distant work persevering with to rise, or a hybrid of that and in-person, the net workspace firm finds itself with 30 million customers and counts practically the entire Fortune 100 corporations as shoppers.

And now at present, the corporate introduced its largest spherical up to now, $400 million in a Collection C that propels its valuation to $17.5 billion. The brand new capital infusion provides Miro $476 million in complete funding because the firm was based in 2011 by Andrey Khusid and Oleg Shardin.

CEO Khusid informed FiratNews he considers the corporate a “pioneer of visible collaboration,” with its early days as a digital whiteboard.

Andrey Khusid, Miro

Andrey Khusid, co-founder and CEO of Miro. Picture Credit: Andrey Khusid

“We’ve seen the market evolving over the past 10 years, and what began as an concept to convey a whiteboard right into a browser has enabled us to grasp the sort of worth we will convey to organizations of all sizes,” he added. “Visible collaboration is one thing that enables groups in corporations to higher be on the identical web page. It’s an amazing alternative to higher clarify concepts, issues and design options.”

At this time, the corporate’s instruments combine with over 100 apps — together with new partnerships with the likes of Atlassian, Cisco, Google Workspace, Microsoft Groups and Zoom — and provide practically 1,000 templates designed to get customers and their groups shortly working collectively regardless of the place they’re.

The final time we checked in with Miro, co-headquartered in San Francisco and Amsterdam, was in 2020 when the corporate raised a $50 million Collection B spherical led by Iconiq Capital. Since then, Khusid mentioned the corporate grew its person base by 500%, from 5 million to 30 million customers, and likewise its paying buyer base by 550%. Amongst its Fortune 100 shoppers, 20 have greater than $1 million in annual recurring income contract worth, he added.

Iconiq Development is again for the Collection C spherical and is joined by Accel, Atlassian, Dragoneer, GIC, Salesforce Ventures and TCV. Particular person traders concerned embrace Airtable co-founders Howie Liu and Andrew Ofstad, Snowflake CEO Frank Slootman and DocuSign CEO Dan Springer.

“Since our preliminary funding, Miro has scaled with large momentum, robust market management, and unimaginable product velocity,” mentioned Matthew Jacobson, basic accomplice at Iconiq Development and Miro board member, in a written assertion. “We consider Miro sits at a robust intersection between asynchronous and synchronous work that captures and ignites inventive processes all over the place. In our view, Miro’s tradition of buyer centricity makes it well-positioned to deal with a myriad of use instances throughout hybrid work for greater than a billion information staff globally. We’re thrilled to proceed our partnership with Andrey and all the Miro workforce.”

Previous to the increase, Miro was already worthwhile and rising 3 times 12 months over 12 months earlier than the worldwide pandemic. Nonetheless, with statistics exhibiting that 53% of the U.S. workforce is predicted to be distant by the tip of this 12 months, and with what Khusid anticipated to occur in 2022 really taking place in 2020, it created consciousness round the issue of connectivity and collaboration on this new manner of labor.

As well as, with the enterprise capital market “favorable” proper now, and given Miro’s imaginative and prescient of constructing a generational firm, it made sense to go after extra funding to have the assets in place to construct a powerful model for purchasers, he mentioned.

Khusid plans to take a position the brand new capital into product and know-how improvement, getting its instruments in entrance of extra enterprise shoppers and increasing its world footprint. He’s additionally M&A alternatives.

Over the previous 12 months, the corporate doubled its headcount to simply over 1,200 workers in 11 hubs around the globe, together with new ones opened in Berlin, Munich, London, Sydney and Tokyo.

“We want to verify all of our individuals are in place in all features from buyer help to product engineering,” Khusid mentioned. “We’ve tried to serve the demand and ensure each expertise is nice. We purpose to extend the tempo of innovation, and that can be an enormous space of funding. It’s an enormous problem to scale at that tempo, particularly being totally distant. I name it ‘constructing a airplane whereas flying.’”

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