Miro exceeds $17 billion in value

We may only be six days into January, but HR tech companies are wasting no time.

Hot on the heels of Justworks launching its initial public offering, visual collaboration company Miro has closed a $400 million Series C.

This influx of capital brings its total funding since it was founded in 2011 to $476 million and gives Miro a valuation of $17.5 billion, according to TechCrunch.

Investors in the Series C include ICONIQ Growth – the investment firm that led Miro’s $50 million 2020 Series B – Accel and Salesforce Ventures.

Other individual investors involved are Snowflake CEO Frank Slootman and DocuSign CEO Dan Springer.

The future for Miro

This investment comes after a stellar couple of years for Miro. Since its 2020 Series B, the visual collaboration company has increased its user base by 500% from 5 to 30 million users.

Its paying customers have increased 550% - Miro’s virtual whiteboard technology is now used by 99% of Fortune 100 companies.

The company has also doubled its headcount to 1,200 employees across 11 hubs globally.

With hybrid working set to become the norm, Miro has a bright future. However, this funding will help it to continue to innovate in order to increase productivity and strengthen collaboration for its clients, according to a blog post by CEO Andrey Khusid.

Khusid wrote: “This represents a significant round of funding by a company in the collaboration space, and illustrates the enormous opportunity we have to revolutionize the workplace.

“I truly believe the 'Miro way' will be the spark that enables teams to transform imagination into execution and opportunity into impact. And, we are just getting started.”“I truly believe the 'Miro way' will be the spark that enables teams to transform imagination into execution and opportunity into impact. And, we are just getting started.”

Talking about the round, ICONIQ Growth managing partner and Miro board member Matthew Jacobson told TechCrunch, “Since our initial investment, Miro has scaled with tremendous momentum, strong market leadership, and incredible product velocity.

“We believe Miro sits at a powerful intersection between asynchronous and synchronous work that captures and ignites creative processes everywhere.

“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.

“We are thrilled to continue our partnership with Andrey and the entire Miro team.