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Miro targets $17bn valuation as demand for remote work tools surges

The online collaborative whiteboard app Miro is in talks to raise $ 17 billion worth of funding and is the latest start-up to take advantage of the pandemic demand for software tools to help remote teams collaborate.

People explained the issue that Iconiq Capital, an investment company that manages funds for wealthy entrepreneurs and other investors, is in talks to invest $ 400 million in Miro.

The deal, which is expected to close in the coming weeks, including existing stocks purchased by other investors, could total $ 900 million, one said.

Milo recently received an offer from an investor who is willing to value a $ 20 billion company, the two said they explained the negotiations. Iconiq and Miro declined to comment on the funding.

This investment adds to a series of high-value transactions for software start-ups focused on workplace collaboration and online design. Pandemic..

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In September, investors received $ 200 million in funding and valued Australian design software company Canva as $ 40 billion. Another competitor, Figma, raised $ 200 million in June and the startup was worth $ 10 billion.

Mike Fasciani, Gartner’s Senior Research Director, estimates that interest in visual collaboration software has increased tenfold over the last 18 months.

“There is this tension in returning to office space, whether or not some of these cloud-based applications will survive,” says Fasciani. “Ultimately, hybrid work is a persistent model and its configuration requires a shared virtual surface.”

Founded in Russia in 2011, Miro creates free subscription-based software products that allow teams to collaborate on projects using a shared visual workspace. Based in Amsterdam and San Francisco, the company said its products have more than 25 million users, including 95% of Fortune 100 companies.

Miro, who raised $ 50 million in funding led by Iconiq last April, has tripled last year’s annual revenue of more than $ 300 million, one said.society Said Last year I made a profit without providing details.

Visual collaboration startups are facing competition from large public companies such as Microsoft and Alphabet’s Google. SalesforceAcquiring messaging company Slack for a $ 27.7 billion deal this year also outlines its broad ambition to create a “business operating system” for workers.

The new investment in Milo begins with a recent transaction stumbling on a public software company. DocuSign’s stock, which allows the document to be effectively signed, fell by more than 40% on Friday after the company reported sales that disappointed investors.

The BVP Nasdaq Emerging Cloud Index fell 3.9% last week and rose 8.8% over the past year.

Miro targets $17bn valuation as demand for remote work tools surges Source link Miro targets $17bn valuation as demand for remote work tools surges

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