Miro’s Valuation Soars to $17.5B With $400M Funding Round

The visual collaboration unicorn’s largest U.S. hub is here in Austin, where it employs roughly 200 people.
Written by Jeff Rumage
January 5, 2022Updated: January 5, 2022
Photo: Miro

Miro, a visual collaboration platform, announced Wednesday that it has raised $400 million in new funding at a valuation of $17.5 billion.

The Series C funding comes nearly two years after the company raised a $50 million Series B and brings its total fundraising to $476 million. The Series C round drew investments from a slew of high-profile backers including ICONIQ Growth, Accel, Atlassian, Dragoneer, GIC, Salesforce Ventures and TCV.

Miro has grown as the pandemic has forced teams to shift to remote work. The platform, which has been adopted by 99 percent of Fortune 100 companies, has grown its user base from 5 million to 30 million since its Series B round. Miro’s paying customer base has increased from 20,000 to 130,000 during that time.

In the past year, the company has doubled its headcount from 585 employees to more than 1,200 employees. The company also opened five new hubs this year, bringing its global footprint to 11 hubs.

Co-headquartered in San Francisco and Amsterdam, Miro’s largest U.S. hub is in Austin.

Miro’s Austin team doubled in size last year, growing to 163 employees. The company said in November that it planned to have 200 Austin employees by January 2022 and planned to add another 200 local roles in 2022.

To adjust to its growing Austin workforce, the company will move out of its WeWork space this spring to occupy three floors in Colorado Tower, a 30-story high-rise at 303 Colorado St.

Miro’s digital whiteboard platform allows remote teams to collaborate with the assistance of visual templates that can assist with brainstorming, user experience mapping and workflow planning. It also has a video chat feature that allows people to talk face-to-face during collaboration sessions

The platform integrates with more than 100 software tools, including Slack, Microsoft Teams, Google Workspace, Zoom, Atlassian, Cisco, Salesforce and Dropbox.

Miro said it is profitable and will use the new funding to invest in product development and programs that will bring the platform to more enterprise companies across the world.

“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,” the company’s CEO and co-founder Andrey Khusid said in a statement. “Thousands of organizations 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.”

Miro’s customers include Cisco, Dell, Deloitte, HP, Kaiser Permanente, Liberty Mutual and Okta. Among its enterprise customers, 20 companies each pay more than $1 million per year for Miro’s platform.

“In this all-digital work-from-anywhere world, Miro’s mission to bring impactful collaboration to hybrid work environments is vital,” Alex Kayyal, senior vice president and managing partner of Salesforce Ventures, said in a statement. “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.”

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