Key takeaways Miro's acquisition valuation is far below its peak The software company still generates substantial recurring revenue Bending Spoons sees opportunity in discounted technology bu
In January 2022, Miro was one of Silicon Valley's most valuable startups. The online whiteboard company had just raised $400 million, attracted millions of remote workers and reached a staggering $17.5 billion valuation.
Four years later, Italian software group Bending Spoons agreed to acquire the business for just $1.355 billion in enterprise value, approximately 92% below that earlier headline figure.
The remarkable part? Miro isn't bankrupt. It has around 100 million users, nearly four million paying customers and approximately $600 million in annual recurring revenue.
According to Bending Spoons' SEC filing, the September 10 agreement implies an equity value of approximately $1.79 billion after accounting for Miro's net cash. The acquisition is expected to close in the fourth quarter, subject to approvals.
How Miro Became a $17.5 Billion StartupMiro began in 2011 as RealtimeBoard, a virtual whiteboard created by entrepreneur Andrey Khusid to help teams collaborate online.
When COVID-19 pushed millions of employees into remote work, demand exploded.
Miro's January 2022 funding announcement revealed that users had increased from five million to 30 million in less than two years. Paying customers grew 550%, attracting investors including Salesforce Ventures, Accel and Atlassian.
The $400 million funding round valued Miro at $17.5 billion, reflecting expectations that remote collaboration would become an enormous standalone software market.
But a funding valuation represents what investors agree to pay for shares at a particular moment. It does not guarantee that the entire business could later be sold for the same amount.
That distinction has become increasingly important as venture-backed companies face tougher financial expectations. The collapse of Character.AI demonstrated an even more severe outcome, although Miro's profitable operating history makes its circumstances fundamentally different.
Why Is a $600 Million Software Business Selling So Cheaply?Miro continued attracting customers even after the pandemic boom ended.
Today, nearly 90% of its $600 million annual recurring revenue comes from business and enterprise customers. More than 750 customers each generate at least $100,000 annually.
Yet the extraordinary software valuations of 2021–2022 became harder to justify as interest rates rose, companies scrutinized subscriptions and competition intensified.
Miro competes with established products from Microsoft, Canva and Figma, while the emergence of AI-powered collaboration tools has added further uncertainty.
Its agreed enterprise value represents roughly 2.3 times annual recurring revenue, dramatically below the multiples investors once paid for high-growth software businesses.
The shift resembles broader changes in startup investing. While companies such as Mistral continue attracting premium valuations, investors are increasingly distinguishing rapid growth from sustainable future profits.
Why Bending Spoons Is Buying MiroBending Spoons specializes in acquiring established software businesses and changing how they operate.
Its portfolio includes Evernote, WeTransfer, Vimeo and Airtable. The company recently attracted another $330 million investment from Berkshire Hathaway, expanding its financial capacity.
Under the Miro agreement, some existing shareholders will also reinvest $295 million of their proceeds into Bending Spoons stock.
The buyer's broader strategy is to acquire products with substantial existing audiences rather than build every business from scratch. Its own public-market expansion has increased its visibility among technology investors.
