Miro
Miro runs an online whiteboard where teams brainstorm, plan, and diagram together.
On the record
Checkpoint: Next quarterly ARR and net revenue retention disclosure, plus Reforge acquisition integration progress
The call
Miro sits deep inside enterprise workflows but growth has stalled twice into layoffs while Microsoft gives away a rival product for free.
Miro lets teams brainstorm and plan together on digital whiteboards, and it has built a real customer base of 250,000 organizations including most big companies. But Microsoft is giving away a similar tool free inside Teams, and generic AI chat programs can now do basic brainstorming and sketching that Miro used to own. Miro's growth has slowed from very fast (triple digits during the pandemic) to barely growing (single digits by 2024), leading to two rounds of layoffs, and the company is betting that adding AI features like Sidekicks and Flows will win back momentum, but that has not yet happened in the numbers.
Why
01
AI pressure: Generic AI canvas/chat tools (ChatGPT canvas, Claude, Copilot chat). Free AI chat tools now generate sticky notes, diagrams, and synthesis on the fly, eating the basic brainstorming use case Miro built its base on. Could AI do the core job? Only partly.
02
Bigger players: Microsoft Whiteboard, bundled free inside Teams and Microsoft 365. Microsoft ships whiteboarding free with software most enterprises already pay for, and Miro's own 2024 layoff cited this competitive pressure directly. Could a giant copy it? Yes, easily.
03
What protects it. 99% of Fortune 100 already run workflows, integrations, and stored boards inside Miro, making ripout costly even as growth slows.
What would change this call
Miro reports next 2-3 quarterly ARR and net revenue retention figures. Would show whether the AI-workspace pivot is reaccelerating growth or growth keeps flattening.
A third round of Miro layoffs occurs. Would confirm deepening competitive pressure beyond the two already disclosed.
Fortune 100 accounts publicly shift primary whiteboarding to Microsoft Whiteboard/Copilot. Would show Microsoft's bundled offering is displacing Miro in its core enterprise base.
A third round of Miro layoffs occurs. Would confirm deepening competitive pressure beyond the two already disclosed.
Fortune 100 accounts publicly shift primary whiteboarding to Microsoft Whiteboard/Copilot. Would show Microsoft's bundled offering is displacing Miro in its core enterprise base.
Key numbers
- 100M+ users, 250K+ orgs, 99% of Fortune 100
- 18% staff cut (~275 people), blamed on rivals
- ARR ~$630-665M 2024, growth slowed to single digits
Named risks
- Microsoft Whiteboard bundled free in Teams/M365 erodes core whiteboarding TAM with no P&L pressure.
- Generic AI chat and canvas tools commoditize basic brainstorming and synthesis jobs.
- ARR growth decelerated to single/low double digits by 2024-2025 versus pandemic triple-digit rates.
- Two rounds of layoffs in under two years signal margin and competitive pressure.
- Valuation estimates suggest secondary market marks may have halved from $17.5B peak by mid-2024.
Rivals, as read in July 2026
| Rival | Direction | Evidence |
|---|---|---|
| Microsoft | losing to | Free Whiteboard bundled with Teams/M365/Copilot cited as competitive pressure behind Nov 2024 layoffs |
| Figma | contesting | FigJam competes for design teams already inside Figma ecosystem, as of 2026 comparison coverage |
| Mural | contesting | Positioned by third-party reviewers as strongest rival for facilitated workshops as of Jul 2026 |
| Lucid Software | contesting | Lucidspark/Lucidchart paired diagramming and whiteboarding suite competes directly, 2026 |
| Atlassian | contesting | Confluence whiteboards compete despite Atlassian also being a Miro Series C investor since Jan 2022 |
Questions people ask
- Is Miro profitable in 2026?
- Miro has cited profitability as the reason it has not raised new equity since its $400M Series C in January 2022, per company statements. No audited financials are public since Miro remains privately held with no IPO filed as of mid-2026.
- Has Miro had layoffs?
- Yes, twice. Miro cut 7% of staff (about 119 people) in February 2023, then 18% (around 275 people) in November 2024, with the second round explicitly attributed to competitive pressure in a crowded productivity software market.
- Could AI replace Miro?
- Generic whiteboarding, sticky note brainstorming and basic diagramming are increasingly commoditized by AI chat and canvas tools like Microsoft Copilot in Whiteboard. Miro's counter is its 100M plus user base and October 2025 AI Innovation Workspace with Sidekicks and Flows, unproven at scale yet.
- Who is Miro's biggest competitor?
- Microsoft Whiteboard, bundled free inside Teams and Microsoft 365 with Copilot integration, is Miro's most structurally dangerous rival since it faces no separate P&L pressure. Mural, Figma FigJam, and Lucidspark are also named direct competitors as of July 2026.
- Is Miro still growing?
- Growth has decelerated sharply from pandemic era triple digit rates. Sacra estimated Miro's 2024 ARR at roughly $630 to $665 million, growing only about 5 to 26% year over year, a marked slowdown that preceded the November 2024 layoffs.
- Who owns Miro and is it publicly traded?
- Miro is privately held and venture backed, with no IPO filed as of mid 2026. It raised about $476M total across four rounds, most recently a $400M Series C in January 2022 at a $17.5B valuation led by ICONIQ, Accel, Atlassian, Dragoneer, GIC and Salesforce Ventures.
Timeline
- 2026-05-19Canvas 26 event announces expanded agentic AI, new Connectors, AWS and OpenAI partnerships
- 2026-03-23Miro announces acquisition of Reforge; Brian Balfour named Chief Growth Officer
- 2025-12-12Miro named to Forbes Cloud 100 for sixth consecutive year
- 2025-10-13Miro launches AI Innovation Workspace, AI Canvas, Sidekicks and Flows at Canvas 25
- 2024-11-04Miro lays off 18% of workforce (about 275 people), cites competitive pressure
- 2024-06-13Sacra estimates Miro 2024 ARR at $630 to $665M, growth decelerated to 5 to 26% YoY
- 2024-06-01Uizard, Danish AI design startup, acquired by Miro
- 2023-02-01Miro lays off 7% of workforce (about 119 people)
- 2022-04-18Miro raises $400M Series C at $17.5B valuation
- 2019-01-01RealtimeBoard rebrands to Miro
Revision history
22 July 2026
First assessed. Losing its protection. The text above is fixed as of this date and is not edited afterwards.
In the same band
Sources
- Miro (collaboration platform) (2026-06-15)
- How to Buy or Sell Miro Stock Before the IPO (2026-05-12)
- Miro Valued at $17.5bn Following Latest Funding (2022-04-18)
- Miro acquires Reforge to help organizations navigate the transition to AI (2026-03-23)
- Miro revenue, valuation & funding (2024-06-13)
- $290M Est. ARR, $17.5B Valuation (2026-07-02)
- The Miro Recap: Top 25 updates of 2025 (2025-12-12)
- Miro is named to the 2025 Forbes Cloud 100 (2025-09-08)
- Miro, a unicorn startup, laying off 18% of its workforce (2024-11-04)
- Miro puts AI where teams work (2025-10-13)
- Miro launches Miro for Product Acceleration (2025-10-13)
- 10 product highlights from Canvas 25 (2025-12-12)