Did you miss a session from the Future of Work Summit? Head over to our Future of Work Summit on-demand library to stream.
One of the biggest trends that emerged at the start of the COVID-19 pandemic was the mass exodus of employees out of the office. In 2020, 42% of the U.S. labor force began working from home. As more organizations offer remote work, collaboration solutions are becoming increasingly important to allow employees to collaborate outside of the office.
Visual collaboration tools and digital whiteboards have emerged as one of the key technologies that technical decision-makers can use to empower employees to effectively plan and manage projects as they work from home in virtual workspaces.
For this reason, the visual collaboration market is undergoing a boom. Research indicates that the global visual collaboration platform software market will reach $1. 67 billion in 2021, as organizations look for solutions to enable employees to effectively work remotely.
The market includes a mix of cloud-based and web-based collaboration tools, including online collaboration whiteboard tools such as Miro, Mural, Stormboard, and Stormboard, to visual management systems such as iObeya.
Nearly all solutions are designed to allow remote teams to collaborate more effectively through real-time collaboration via an online whiteboard canvas, or digital workspace.
An expanding market: Miro announces $400M in series C funding
In 2021, the boom of the visual collaboration market doesn’t appear to be slowing down. Earlier this week, infinite canvas provider Miro raised $400 million in its series C funding round with investors including ICONIQ Growth, Accel, Atlassian, Dragoneer, GIC, Salesforce Ventures, and TCV.
The new funding raises Miro’s valuation to $17.5 billion, making it one of the top 20 most valuable private companies in the world, with over 130,000 customers and clients that include 99% of Fortune 100 companies.
Miro has aimed to differentiate itself from competitors by building a vast ecosystem of integrations, featuring over 100 app integrations with solutions including Atlassian, Cisco, Google Workspace, Microsoft Teams, and Zoom.
As the workplace pandemic continues, and employees are more comfortable working remotely, visual collaboration tools like Miro can play an important role in centralizing digital workspaces.
” We believe our platform is more important than ever because organizations around the world are redefining how they work — looking to find new ways for teams to engage and eliminate silo thinking.” stated Andrey Khusid in the official announcement.
“Thousands of organizations use Miro’s platform every day to harness the power of collaboration to nurture new ideas, solve complex problems, and bring new products to market. He said that the “Miro way” will be the spark that allows teams to turn imagination into execution and opportunity into realities.
The visual collaboration boom: Mural, iObeya and the growth of visual management solutions
Miro wasn’t the only provider of visual collaboration solutions to the pandemic. Digital collaboration software vendor Mural also raised $50 million in series C funding and reached a valuation of $2 billion in July 2021.
Like Miro, Mural has also looked to integrations to mesh with other collaboration tools, with more than 300 templates and integrations for popular tools including Zoom, Webex, and Microsoft Teams.
A year before that, another notable investment took place in July 2020 when France-based agil