Miro plans to use the funding to support product development and explore M&A opportunities. Here are the top-line bullets you need to know.
Miro, a whiteboarding platform, has raised $400M in Series C round that drew participation from Accel, ICONIQ Growth, Atlassian, GIC, and Salesforce Ventures, among others.
HOW’S THE COMPANY PERFORMING?
- California-based Miro develops workplace tools — such as apps, integrations, and templates — to promote collaboration among cross-functional teams.
- Since April 2020, the company’s user base has grown by 500% to reach 30M, and its paid customer base has grown by 550% to hit 130K.
- It has established partnerships with companies like Cisco, Google Workspace, Atlassian, Microsoft Teams, and Zoom.
- Miro caters to a wide range of Fortune 100 companies, such as Cisco, HP, Dell, Deloitte, Kaiser Permanente, Pivotal, Okta, and Liberty Mutual. Around 20 enterprise customers have $1M+ annual recurring revenue contracts.
- While the company is co-headquartered in San Francisco and Amsterdam, it also maintains hubs in London, Munich, Berlin, Sydney, and Tokyo.
- Over the last 12 months, Miro has doubled its employee headcount to 1,200.
WHY DOES THE MARKET MATTER?
- The global team collaboration software market is expected to reach a value of $26.5B by 2027, growing at a CAGR of 13.2%, according to Allied Market Research.
- Increasing administration and maintenance costs have contributed to growth in this market.
- The demand for this software has risen amid the Covid-induced shift to distributed/remote workforce models.