Collaboration software company Miro eyes remote working rewardsBlathnaid O’Deaon January 5, 2022 at 17:07 Silicon RepublicSilicon Republic

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Miro, a software company that focuses on facilitating “co-creation” between remote working teams has seen a significant increase in the amount of users over the past 20 months. The virtual whiteboard software company has seen its user count grow from 5m to around 30m.

In a blog post published today, Miro’s co-founder and CEO Andrey Khusid said its “unprecedented growth” spoke to “the urgency with which businesses are redefining the way they work.”

Founded in 2011, the software company is headquartered between Amsterdam and San Francisco. Then called RealtimeBoard, Miro was set up when Khusid, who has a background in design, realised he needed a platform to allow his design agency to collaborate with clients and co-workers who were in a different location. The virtual whiteboard he created eventually evolved into Miro. The platform supports distributed teams in a variety of sectors from engineering to sales and marketing to run brainstorm sessions, design projects and manage workflows.

In line with Khusid’s design background, it offers clients a choice of different working templates so they can visualise and map their strategies together. It also has a resource section on its website where users can find out how to navigate remote working and collaboration.

Image: Miro

It has 11 hubs across Europe, the US, Sydney and Tokyo. Five of these were opened in the past 12 months. The company has a plethora of experienced investors and advisers also, including Google Meet founder Jake Knapp, founder and CEO of UIPath Daniel Dines and Atlassian former exec team members Alex Estevez and Sherali Karimov.

Khusid’s blog post was published to celebrate the announcement of Miro’s successful closure of its Series C funding round. Iconiq Growth, Accel, Atlassian, Dragoneer, GIC, Salesforce Ventures and TCV all participated in the $400m round.

“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,” Khusid said.

“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. We believe that the ‘Miro way’ will be the spark that enables teams to transform imagination into execution and opportunity into reality.”

The company plans to use the fund to advance product development and programmes designed to bring the visual collaboration platform to more enterprises, as well as to continue expanding its global footprint. Its current customers include Cisco, Dell, Deloitte, HP, Kaiser Permanente, Liberty Mutual, and Okta. Miro also has 20 enterprise customers paying more than $1m per year each.

Its post-Series C valuation is $17.5bn. Miro’s Series B funding round closed on $50m in 2020. In the past year, Miro increased its staff headcount from 585 to 1,200 to cope with its rapid expansion.

“Since our initial investment, Miro has scaled with tremendous momentum, strong market leadership, and incredible product velocity,” said Matthew Jacobson, general partner at Iconiq Growth.

“We believe Miro sits at a powerful intersection between asynchronous and synchronous work,” added Jacobsen, who sits on the company’s board. “In our view, Miro’s culture of customer centricity makes it well-positioned to address a myriad of use cases across hybrid work for more than a billion knowledge workers globally.”

John Doran, general partner at Miro’s investors TCV said the company’s “intuitive, accessible, and purpose-built collaboration platform allows teams to bring everyone to the table to co-create,” positioning Miro “as a critical element of the new software stack driving modern, hybrid work models.”

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