UPDATED 13:05 EST / JANUARY 05 2022

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Collaboration startup Miro joins the unicorn club with $400M funding round and $17.5B valuation

Investors continue to throw money at technology aimed at improving collaboration among remote workers.

Today, Miro, the business name of RealtimeBoard Inc., said it has closed a $400 million funding. The Series C round brings its total amount raised to $476 million and its valuation to $17.5 billion.

Miro makes a digital whiteboard that teams can use to visualize complex problems using an assortment of pre-built or customized templates along with embedded video, chat, concurrent collaboration and screen sharing on what it calls an “infinite canvas.”

The company, which is profitable, said it has grown its user base from 5 million to 30 million in less than two years. During that time, its paid customer base grew from 20,000 to 130,000 and includes heavyweights such as Cisco Systems Inc., Dell Technologies Inc., Deloitte LLP, Kaiser Permanente and Liberty Mutual Insurance Co. Some 20 enterprise customers pay more than $1 million per year for the service, the company said.

Although collaborative whiteboarding is nothing new, Miro has folded in other capabilities such as prebuilt templates for common tasks, handwritten sticky notes, image and file embedding and videoconferencing along with enterprise-friendly features such as single-sign-on security and compliance with major global regulations. It connects to more than 100 other applications and has integration partnerships with collaboration platforms from Atlassian Corp. Plc., Cisco Systems Inc., Google LLC, Microsoft Corp. and Zoom Video Communications Inc.

The company’s freemium sales model offers a no-cost edition with limited capacity and templates as well as team, business and enterprise editions. Miro’s growth has been largely bottom-up until now, with users of its freemium addition driving enterprise sales.

But the firm has its eyes clearly set on the enterprise market. Over the past year, it has opened offices in Berlin, Munich, London, Sydney, and Tokyo and doubled its headcount to more than 1,200. The new capital will be spent on product development and programs to cultivate the enterprise customer base, the company said.

Miro is one of several collaborative applications that have spawned a feeding frenzy by investors recently. In December, Airtable Inc. closed a $735 million investment round that put its valuation at $11 billion. Two months earlier, Clickup hauled in $400 million on a $4 billion valuation.

Miro’s last funding round was a $50 million Series B investment in April 2020 that at the time valued the company at $725 million. Investors in the latest round include Iconiq Capital LLC, Accel Partners LP, Atlassian, Dragoneer Investment Group LLC, GIC Pte., Salesforce Ventures LLC and Technology Crossover Ventures LP.

Image: Miro

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