Miro — Startup Profile
AI Innovation Workspace: infinite canvas where distributed teams plan, prototype, and build with AI agents. 100M+ users, ~$600M ARR.
HQ: San Francisco, CA, USA / Amsterdam, Netherlands (co-HQ) | Founded: 2011 | Funding: $476M (pre-acquisition) | Website: https://miro.com
About
Miro (legal entity RealTimeBoard, Inc.) is a visual collaboration platform founded in 2011 in Perm, Russia by Andrey Khusid and Oleg Shardin as RealtimeBoard, rebranded to Miro in 2019 after Joan Miró. Co-headquartered in San Francisco and Amsterdam, it serves 100M+ users across 250,000 organizations including Salesforce, Nike, Cisco, Deloitte, WPP, NFL, PayPal, and Red Hat. The product evolved from an online whiteboard into an 'AI Innovation Workspace' — an infinite canvas with AI Sidekicks (agents), Flows (visual AI workflows), MCP server integrations, Prototypes, Insights, Specs, and Portfolios. Miro raised $476M total, peaking at a $17.5B valuation in January 2022, and was profitable from 2016. It cut ~394 employees across 2023-2024 layoffs and made six acquisitions including Uizard (2024), Butter (2025), and Reforge (2026). On 2026-09-10, Bending Spoons agreed to acquire Miro for $1.355B enterprise value — roughly 2.3x ARR and ~90% below its 2022 mark — pending regulatory approval and expected to close Q4 2026.
The Take
Miro is a cautionary-but-resilient ZIRP-era unicorn. Once priced at $17.5B (Jan 2022 Series C led by ICONIQ Growth), it agreed on 2026-09-10 to be acquired by Bending Spoons at just $1.355B enterprise value (~$1.79B equity) — a ~90% markdown. Despite the valuation collapse, fundamentals are real: ~$600M ARR (nearly 90% from business/enterprise), 4M+ paying users, 250,000 organizations, 750+ customers over $100K ARR, and ~$435M net cash. Miro has been profitable since 2016 and did not raise after its 2022 Series C. The 2025-26 AI pivot (AI Innovation Workspace, Sidekicks, Flows, MCP server, Product Acceleration suite) and acquisitions of Butter (2025) and Reforge (2026) repositioned it beyond whiteboarding — but came too late to justify the boom valuation. Employees with 2021-era options face significant underwater equity; Bending Spoons is known for aggressive post-acquisition restructuring.
Key Metrics
- Latest Valuation (acquisition): $1.355B enterprise value / ~$1.79B equity (Bending Spoons deal, 2026-09-10)
- Peak Valuation: $17.5B post-money (Series C, Jan 2022)
- ARR: ~$600M (per Bending Spoons CEO, Sep 2026)
- Total Funding: $476M across 5 rounds (pre-acquisition)
- Users: 100M+ total users; ~4M paying; 250,000 organizations
- Employees: ~1,600 (company); 1,864 (Forbes via Wikipedia)
- Net Cash: ~$435M (TechCrunch, Sep 2026)
- Fortune 100 Penetration: 99% (company claim, 2022 Series C; still cited in enterprise materials)
Funding Rounds
- Round: $1.3M (2017-03) — AltaIR Capital (Altair Capital)
- Round: $25M (2018-11-08) — Accel (Luciana Lixandru joined board)
- Round: $50M (2020-04-23) — ICONIQ Capital (with Accel; angels: Olivier Pomel, Bob Muglia, Bradley Horowitz, Irene Au, Stephen Curry, Daniel Dines, Quentin Clark)
- Round: $400M (2022-01-05) — ICONIQ Growth (with Accel, Atlassian, Dragoneer, GIC, Salesforce Ventures, TCV; angels: Howie Liu, Andrew Ofstad, Frank Slootman, Dan Springer)
- Round: $1.355B enterprise value (all cash) (2026-09-10) — Bending Spoons S.p.A. (NASDAQ: BSP)
Key People
- Andrey Khusid
- Jeff Chow
- Justin Coulombe
- Norman Gennaro
- Brian Balfour
- Tom Willerer
- Melinda Thompson
- Grisha Pavlotsky
Key Competitors
- FigJam (Figma) —
- Mural —
- Microsoft Whiteboard —
- Lucidspark (Lucid) —
- Canva Whiteboards —
Timeline Highlights
- 2026-09-10: Bending Spoons agrees to acquire Miro for $1.355B
- 2026-05-19: Canvas 26: agentic Sidekicks, Connectors, code-to-prototype
- 2026-03-24: Acquires Reforge
- 2026-01-12: AI Workflows launches for enterprise
- 2025-10-14: Canvas 25: AI Innovation Workspace launch + 100M users
- 2025-03-20: Acquires Butter (workshop facilitation)
- 2025-01-14: Appoints Harold Klaje as CRO
- 2024-10-30: Layoffs: 275 employees (~18%)
- 2024-05-27: Acquires Uizard (AI design, Denmark)
- 2023-02-02: Layoffs: 119 employees (~7%)
- 2022-10: Acquires Around (video conferencing)
- 2022-01-05: Series C: $400M at $17.5B valuation
- 2020-04-23: Series B: $50M led by ICONIQ
- 2019: Rebrand to Miro
- 2018-11-08: Series A: $25M led by Accel
- 2011: Founded as RealtimeBoard in Perm, Russia
Recent News
- Bending Spoons to buy Miro in $1.36 billion cash deal (2026-09-10)
- Bending Spoons to buy collaboration tools maker Miro for $1.36B, 90% less than its 2022 valuation (2026-09-10)
- Miro acquires Reforge to help organizations navigate the transition to AI (2026-03-24)
- Miro launches collaborative AI Workflows (2026-01-12)
- Miro puts AI where teams work (Canvas 25) (2025-10-14)
- Productivity Startup Miro To Lay Off Roughly 18% of Staff (2024-10-30)
- Miro CEO: AI tool subscription spending ROI (profitable since 2016) (2026-03-21)
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