How much has Miro raised?

Miro has raised $476 million across four equity rounds: an undisclosed Seed in April 2018, a $25M Series A in November 2018 led by Accel, a $50M Series B in April 2020 led by ICONIQ Growth at approximately $725M valuation, and a $400M Series C in January 2022 led again by ICONIQ Growth at a $17.5B post-money valuation. All disclosed rounds are pure equity — there is no reported venture debt or convertible note in the public record.

The $400M Series C alone accounts for 84% of total capital raised, reflecting the dramatic expansion in market appetite for collaboration software during the 2021–2022 bull cycle. Miro has not sought additional capital since, stating publicly that the business is profitable. That $476M in raises has been sufficient to reach sustainable unit economics — a meaningful signal about the efficiency of Miro's go-to-market and retention model.

Independent analyst firms (Sacra, Contrary Research) estimate Miro's ARR at approximately $630–$665M as of 2024–2025, which implies a revenue multiple well below the ~50–60× ARR at which the Series C was priced. However, absent a public down-round, the official mark remains $17.5B.

ICONIQ Growth is Miro's most committed institutional backer, having led both the Series B and the Series C — a rare double-lead that signals exceptional conviction in Miro's enterprise land-and-expand motion. ICONIQ typically targets growth-stage software companies with strong recurring revenue and Fortune 500 relationships, and its pattern of leading successive rounds suggests long-term hold intentions rather than quick-flip positioning.

Accel has been involved since the Series A in 2018 and participated in every subsequent round — an unusually consistent multi-round commitment spanning four years and representing the full arc from early-stage bet to category-leader confirmation. Strategic investors Atlassian Ventures and Salesforce Ventures add integration leverage: Atlassian's investment underpins Miro's deep Jira and Confluence integrations, while Salesforce Ventures connects to CRM-adjacent workflows. The Atlassian relationship is particularly interesting given that Atlassian also competes with Miro through Confluence Whiteboards — a sign of both the strategic importance and complexity of the relationship.

GIC (Singapore's sovereign wealth fund) and Dragoneer are crossover growth investors with long investment horizons and a history of holding positions through IPO. TCV (Technology Crossover Ventures) has a track record of backing late-stage SaaS companies pre-IPO, including Netflix, Facebook, and Spotify in earlier eras. Their presence adds pre-IPO credibility to Miro's investor table.

The $17.5B valuation was set in January 2022 at peak SaaS multiples, when public market comps for high-growth collaboration software traded at 30–50× ARR. With Miro approaching $300M+ in ARR at the time and growing at 100%+ year-over-year, the valuation implied a ~50–60× forward ARR multiple consistent with category-defining peers like Figma (acquired by Adobe at $20B) and Notion (raised at $10B). The pandemic-era demand surge for remote collaboration tools made investors willing to pay peak multiples for the category leader.

As of mid-2026, Miro has not formally marked its valuation down through a new funding event. The company opted to cut costs (18% workforce reduction in October 2024, following a 7% reduction in February 2023) and grow revenue into the existing valuation rather than raise a repriced round. Growth has continued — independent estimates put ARR at $630–$665M by 2025 — but at a more modest 5–26% year-over-year rate, not the 100%+ of the pandemic era. The last disclosed $17.5B therefore remains the official mark.

Private secondary markets (Equitybee, institutional secondaries) likely reflect compression in line with SaaS multiple contraction since 2022. Analyst models suggest a fair-value range of $10–14B based on current multiples applied to estimated ARR, but no formal repricing event has been announced or confirmed.

Miro's leadership has publicly stated the company is profitable as of 2024, which is notable given its scale of approximately 1,800 employees and global operations. The October 2024 workforce reduction (18%, ~275 employees) was framed as an organizational efficiency and de-layering initiative rather than a cash-preservation emergency — consistent with a company that had already reached or exceeded operating breakeven before the cuts.

As of mid-2026, there is no confirmed IPO filing, banker mandate, or S-1 timeline. Miro displays the hallmarks of a pre-IPO company: large and growing user base (100M+ registered users), deep enterprise penetration (250,000+ paying organizations, 20+ Fortune 100 companies at $1M+ ARR contracts), a credible path to $1B ARR within 2–3 years, and profitability. Its sixth Forbes Cloud 100 listing in September 2025 signals continued private-market prestige.

The March 2026 Reforge acquisition and the Canvas 26 announcements (agentic AI, Prototype-to-code, Connectors) suggest the company is investing in a significant next growth phase — expanding from whiteboard-centric collaboration to a full AI-era innovation OS. This trajectory looks more like a company building toward IPO readiness than one seeking a near-term exit.

A $17.5B-valued company that is also profitable and has been operating without new VC capital since 2022 carries significant but disciplined buying power. Miro's enterprise procurement function is mature — the company has been purchasing six- and seven-figure software contracts for years. Expect formal RFP processes, multi-stakeholder evaluation committees, and rigorous security/compliance reviews (SOC 2, GDPR, data residency) for any meaningful vendor engagement.

The 2023 and 2024 restructurings and ongoing cost discipline mean Miro's finance team is under pressure to demonstrate ROI on new vendor spend. Sellers should quantify time-to-value and show consolidation potential — Miro has been acquiring tools (Uizard in 2024, Reforge in 2026) to reduce its own vendor sprawl, and it values the same pitch from external vendors. The Reforge acquisition opens a new internal budget line around product strategy and innovation management tooling, while the Canvas 26 AI announcements create greenfield budget for AI infrastructure, workflow automation, and developer productivity tooling.

For sellers targeting Miro's enterprise accounts, note that Salesforce is Miro's CRM of record — any tool with a native Salesforce integration has a clear path to adoption discussions. Gainsight's presence signals a sophisticated customer success team with health-scoring metrics; CS-adjacent vendors should speak that language. The MCP server partnership with Anthropic, AWS, GitHub, Google, and Windsurf is the clearest signal of Miro's AI infrastructure vendor preferences.