Miro raises $400 in Series C funding taking its valuation to $17.5 billion

With remote work continuing to rise, online workspace company Miro finds itself with 30 million users and counts nearly all of the Fortune 100 companies as clients. The company has recently announced its raising of $400 million in a Series C funding that propels its valuation to $17.5 billion.

The new capital infusion gives Miro a total funding of $476 million since the company was founded in 2011 by Andrey Khusid and Oleg Shardin.

CEO Khusid considers the company a “pioneer of visual collaboration,” with its early days as a digital whiteboard.

“We’ve seen the market evolving over the last 10 years, and what started as an idea to bring a whiteboard into a browser has enabled us to understand the kind of value we can bring to organizations of all sizes,” he added. “Visual collaboration is something that allows teams in companies to better be on the same page. It’s a great opportunity to better explain ideas, problems and design solutions.”

The company’s tools integrate with over 100 apps - including new partnerships with the likes of Atlassian, Cisco, Google Workspace, Microsoft Teams and Zoom - and offer nearly 1,000 templates designed to get users and their teams quickly working together no matter where they are.

Miro, co-headquartered in San Francisco and Amsterdam, had in 2020 raised a $50 million Series B round led by Iconiq Capital. Since then, the company grew its user base by 500%, from 5 million to 30 million users, and also its paying customer base by 550%. Among its Fortune 100 clients, 20 have more than $1 million in annual recurring revenue contract value, he added.

Over the past 12 months, the company doubled its headcount to just over 1,200 employees in 11 hubs around the world, including new ones opened in Berlin, Munich, London, Sydney and Tokyo.

Iconiq Growth is back for the Series C round and is joined by Accel, Atlassian, Dragoneer, GIC, Salesforce Ventures and TCV. Individual investors involved include Airtable co-founders Howie Liu and Andrew Ofstad, Snowflake CEO Frank Slootman and DocuSign CEO Dan Springer.

Miro plans to invest the new capital into product and technology development, getting its tools in front of more enterprise clients and expanding its global footprint. The company is also looking at M&A opportunities.