Miro, a US-based collaboration software provider for remote working, completed a $400m series C round yesterday featuring enterprise software provider Salesforce and software development technology producer Atlassian as cash continues to flow to remote working technology.
Investment firm Iconiq Capital’s Iconiq Growth affiliate led the round and was also joined by GIC, Accel, Dragoneer and TCV while Salesforce took part through Salesforce Ventures. It brought the company’s total funding to $476m and valued it at $17.5bn post-money.
Founded in 2011 as RealtimeBoard, Miro provides an online platform that allows organisations to have meetings, brainstorm ideas, monitor workflows and strategise using an intuitive visual medium.
Remote and hybrid workplace technology has been seeing investment intensify throughout the covid-19 pandemic and are based on fundamentals that look likely to stay.
According to Global Workplace Analytics, two-thirds of workers want to work from home at least part of the time, with many employees even willing to take a pay cut in order to do so.
Salesforce Ventures’ portfolio includes Guru, which allows companies to organise their information and make it accessible to employees anywhere they are, and Salesforce invested $75m in workflow management software provider Monday.com’s June 2021 initial public with a similar amount from communication software producer Zoom.
Atlassian has also been pumping money into the space, counting the likes of Zoom, enterprise chat platform developer Slack and meeting management software providers Meetical and Hugo among its investments, as well as workflow management platform developers Process.st, Screenful and Jexo.
Even competitors have been collaborating on how to allow teams to communicate across their platforms. Last month, Zoom and networking software provider Cisco took part in a $8.7m series A round for Mio, a developer of cross-platform chat interoperability software.
Miro has increased headcount from 585 to 1,200 over the past year and claims a user base of 30 million covering 99% of Fortune 100 companies.
Andrey Khusid, co-founder and chief executive of Miro, said: “For more than a decade, Miro’s vision has been to create an infinite canvas for better collaboration, both in-person and online, helping organisations unlock creativity and drive meaningful outcomes.
“We believe that our platform is now more important than ever as organisations around the globe are redefining the way they work — looking for new ways to engage teams and do away with siloed thinking.
“Thousands of organisations 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.”
Iconiq Capital also led Miro’s $50m series B round in April 2020, participating alongside Accel and private investors including Olivier Pomel, Bob Muglia, Bradley Horowitz and Irene Au. Accel had led its $25m series A round in 2018, investing with Altair Capital.
Alex Kayyal, senior vice-president and managing partner at Salesforce Ventures, said: “In this all-digital work-from-anywhere world, Miro’s mission to bring impactful collaboration to hybrid work environments is vital.
“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.”
