Business collaboration company Miro chalks up $17.5B valuation

With a hybrid or fully remote work environment likely here to stay for the foreseeable future, investor interest in companies that develop digital collaboration tools is growing stronger than ever.

A number of business collaboration startups achieved multibillion-dollar valuations during 2021. Notable examples include Benchling, a platform helping scientists collaborate on biotech R&D that raised a $100 million round at a valuation of $6.1 billion in November. Another is Notion, a note-taking and project management tool whose valuation jumped to $10 billion in October, according to PitchBook data.

But investors seem especially bullish on Miro, the developer of an online whiteboard and visual collaboration platform, which just fetched a $400 million Series C at a valuation of $17.5 billion.

The round catapulted Miro to the 10th most valuable VC-backed company in the US, right behind neobank Chime, according to PitchBook data.

Headquartered in San Francisco and Amsterdam, Miro said that its user base grew by 500% from 5 million to 30 million since it closed a $50 million Series B led by Iconiq Capital in 2020. Backers of the latest round include institutional and angel investors such as Iconiq Capital, Accel, Salesforce Ventures and Snowflake CEO Frank Slootman.

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