Mural Raised a $50M Series C Funding at $2B After Tripling its ARR

Mural, a startup that builds digital collaboration software that focuses on visual presentation, is now valued at more than $2 billion. The company very recently announced a raise of $50 million in Series C funding as per arrwilhelmtechcrunch. The funding was led by prior investors Insight Partners and Tiger Global. Earlier, it was valued at around $500 million when it closed a $118 million round in August of last year.

Given its product focus, that is digital whiteboard, the company had a great Covid cycle when the entire world shifted to the virtual workspace. The Mural is now a unicorn that is generating around $100,00 in ARRR tripled to more than 100 organizations. As per Mural CEO Mariani Suarez-Batten, the company has continued its growth at a torrid pace. As a result, it tripled its annual recurring revenue (ARR) in 2021.               

Mural, also known as Mural.ly through 2019, saw marginal growth pre-pandemic. The company is not concerned about the fact that a lot of organizations are returning to a fully in-office setup as most of its customers have multiple offices in disparate locations. Moreover, a lot of companies are flipping to a hybrid work environment, that is, part-time office cultures, or fully remote organizational structures. Considering these scenarios, Mural is expected to move towards its vision of collaboration at scale sans. According to Nikhil Sachdev, companies practicing collaborative, or creative work at a distance were merely accelerated by COVID and not created by it. In order words, this trend of virtual workspace is here to stay, pandemic or no pandemic. 

The massive upsizing in its valuation will help Mural to go out into the market and acquire smaller companies and needed talents, without worrying about dilution or cash concerns, respectively. The net dollar retention (NDR) of the company is very strong and it is expected to see it grow even further in the years to come.