Collaborative startup Miro joins unicorn club with $ 400 million funding round and $ 17.5 billion valuation

Investors continue to spend money on technology aimed at improving collaboration between remote workers.

Today, Miró, the trade name for RealtimeBoard Inc., said it closed a $ 400 million financing. The Series C round of funding brings its total amount raised to $ 476 million and its valuation to $ 17.5 billion.

Miro creates a digital whiteboard that teams can use to visualize complex issues using an assortment of pre-built or custom templates along with built-in video, chat, simultaneous collaboration, and screen sharing on what he calls an “infinite canvas”.

The profitable company said it grew its user base from 5 million to 30 million in less than two years. Meanwhile, its paying customer base has grown from 20,000 to 130,000 and includes heavyweights such as Cisco Systems Inc., Dell Technologies Inc., Deloitte LLP, Kaiser Permanente and Liberty Mutual Insurance Co. About 20 companies clients pay more than a million dollars a year. for the service, the company said.

While the collaborative whiteboard is nothing new, Miro has incorporated other features such as predefined templates for common tasks, handwritten sticky notes, image and file integration and video conferencing as well as user-friendly features. for the business such as single sign-on security and compliance with key regulations. It connects to over 100 other applications and has integration partnerships with collaboration platforms from Atlassian Corp. Plc., Cisco Systems Inc., Google LLC, Microsoft Corp. and Zoom Video Communications Inc.

The company’s freemium sales model offers a no-cost edition with limited capacity and models, as well as editions for teams, businesses, and businesses. Miro’s growth has been largely bottom-up so far, with users of its freemium addition driving business sales.

But the firm clearly has its eyes on the corporate market. Over the past year, it has opened offices in Berlin, Munich, London, Sydney and Tokyo and doubled its workforce to over 1,200. The new capital will be dedicated to product development and programs aimed at cultivate business customers, the company said.

Miro is one of many collaborative apps that have sparked a binge eating among investors recently. In December, Airtable Inc. closed a $ 735 million investment round that valued its valuation at $ 11 billion. Two months earlier, Clickup had raised $ 400 million on a valuation of $ 4 billion.

Miro’s last funding round was a $ 50 million Series B investment in April 2020 that at the time valued the company at $ 725 million. Last round investors include Iconiq Capital LLC, Accel Partners LP, Atlassian, Dragoneer Investment Group LLC, GIC Pte., Salesforce Ventures LLC and Technology Crossover Ventures LP.

Image: Miró

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