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Pre-IPO Pedia | Valuation jumping by 2,300% to $17.5B, San Francisco startup Miro is stunning the SaaS field

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Moomoo IPO Buzz wrote a column · Jul 8, 2022 04:14
Pre-IPO Pedia | Valuation jumping by 2,300% to $17.5B, San Francisco startup Miro is stunning the SaaS field
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Kevin Kelly, considered by some people a modern-day prophet, famously predicted a few years ago about the "12 long-term trends of the future. One of his predictions was about sharing, he stated that "The core of sharing is not sharing, it's collaboration".
Kevin Kelly(from Wikimedia Commons)
Kevin Kelly(from Wikimedia Commons)
The unexpected COVID-19 has accelerated the development of collaboration technology and applications. The rapid opening of telecommuting has greatly released the demand for online collaboration. The collaboration platform's accumulating technology through the years is the root of its success.
2020 has been called the first year of online collaboration by industry players. The online collaboration market has exploded to a certain extent, both in terms of growth rate and user acceptance and popularity.
Source: Miro official website
Source: Miro official website
Miro, born in Silicon Valley, is one of these hyper-growth companies. Since the completion of its Series B funding in April 2020, Miro has grown from 5 million to 30 million users, from 20,000 to 130,000 paid accounts, and its valuation has doubled 23 times in two years.
IPO Buzz will take you to the story ofMiro.
Foundation
Andrey Khusid co-founded and served as CEO of a creative design agency called Vitamin Group with his close friends.
In the course of his work, he found that his colleagues in different locations required collaborative work and communication, and there was no product on the market that could provide a solution.
Andrey Khusid(Source: Miro official website)
Andrey Khusid(Source: Miro official website)
In 2011, after discovering the limitations of traditional whiteboards and the value of the visual collaboration market, Andrey Khusid founded RealtimeBoard.Inc.
To Khusid, RealtimeBoard sounded more technical. It didn't resonate with a wider audience, particularly the non-tech-savvy type.
Together with his co-founding partner, they decided to re-brand it as Miro. He named it "Miro" after a renowned Spanish artist whose paintings came in different shapes with extremely conspicuous colors.
The new name is much easier for users to pronounce and remember. Also, Andrey Khusid hopes that users can be more creative while using the whiteboards, just like the Spanish artist.
Business
Miro is a canvas tool that supports collaborative communication among multiple people at the same time.
It has built-in text boxes, sticky notes, pencils and other kinds of shape tools, thus supporting the drawing ofmind maps, Gantt charts, sticky notes, Kanban boards, product prototypesand a range of other content types.
Source: Miro official website
Source: Miro official website
Miro also provides seamless integration with applications such as Sketch, Atlassian, Cisco, Google Workspace, Microsoft Teams, and Zoom.
API integration is also a feature of Miro. Users can implement task management by embedding Jira in their own Miro whiteboard, or enhance the interactivity of video conferencing by installing Miro's plug-ins in Zoom.
Source: Miro official website
Source: Miro official website
According to Miro's official website, it has 30 million users currently. Meanwhile, 99% of Fortune 100 companies have chosen Miro as an online collaboration tool.
Valuation
Miro did not raise funds until the sixth year after its establishment (2017), and it has gone through 4 rounds of funding with major investors such as Atlassian, Accel, TCV, AltaIR Capital, GIC and others.
Pre-IPO Pedia | Valuation jumping by 2,300% to $17.5B, San Francisco startup Miro is stunning the SaaS field
On March 1, 2017, Miro received a $1.3 million seed round of funding led by Accel Partners.
On November 8, 2018, Miro received $25 million in Series A funding led by Accel Partners, valuing the company at $140 million.
On April 23, 2020, Miro received $50 million in Series B funding led by ICONIQ Capital, raising its valuation to $725 million.
Source: Miro official website
Source: Miro official website
On January 5, 2022, Miro announced that it had closed a $400 million Series C round of funding, soaring 2,300% to a valuation of $17.5 billion.
Financial Information
Miro has been profitable since its inception.
It is worth noting that Miro's annual revenue reached $10 million around 2018. Before that, it had made almost no marketing expenses.
In 2021, Miro's annual revenue reached $300 million, a figure that is three times higher than it was in 2020.
Miro also attracts many corporate customers, with 20 enterprise customers paying more than $1 million in annual paying contracts among its paying enterprise customers.
Miro's Chief Revenue Officer (CRO), Zhenya Loginov, mentioned on a podcast that when it comes to converting enterprise customers, social media content and free access are not enough.
It also requires internal product engineering departments, front office sales and customer success departments to work together.
 Zhenya Loginov(Source: Miro official website)
Zhenya Loginov(Source: Miro official website)
He emphasized that what kind of customers and which areas of customers to acquire on the first step is a very important choice, since it somehow determines the size and number of future corporate customers, as well as the expansion path.
IPO Rumors
There are no rumors about Miro's listing on the market.
Given the information that Miro has been profitable and that it raised money six years after its creation, we can deduce that Miro should be as well-funded as Checkout.com, which we mentioned before.
Some professionals have analyzed that after raising funds again this year, Miro will not go public in the near future.
from Miro official website
from Miro official website
Mooers, have you used Miro? The online coworking industry is growing rapidly, are you optimistic about its development?Follow me to join the latest discussion!
Disclaimer: Community is offered by Moomoo Technologies Inc. and is for educational purposes only. Read more
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