Mural, a business that creates software for digital collaboration with an emphasis on visual presentation, said that Mural has received a $50 million Series C round of funding. The firm is valued at more than $2 billion thanks to the fresh funding, which is being co-led by prior investors Insight Partners and Tiger Global.
When Mural concluded a $118 million round in August of last year, the company had a prior valuation of about $500 million. At the beginning of 2020, Mural also raised $23 million in Series A.
As executive chairman of the board of directors, Bill Veghte, a previous Microsoft SVP, HP COO, and founder of AthenePartners were chosen. As an advisor to Mural, Ryan Smith, the founder and executive chairman of Qualtrics, was also appointed.
Mural, a collaboration platform run by CEO Mariano Suarez-Battan, gives teams in product development, consulting, technology, leadership, innovation, sales, and customer success, among other areas, a digital environment for visual collaboration as well as techniques for co-creation.
Enterprise teams can collaborate remotely with MURAL’s guided visual collaboration. The intensely engaged and collaborative atmosphere of an in-person session was something they wanted to keep. They discovered that MURAL facilitated many crucial exercises, including group voting, prioritization, and retrospective sessions, with a focus on effective planning. This reduced travel costs made asynchronous participation possible, and accelerated the program.”
Many teams work visually with MURAL at large corporate firms including IBM, Facebook, Microsoft, Booz Allen Hamilton, SAP, Atlassian, Publicis Sapient, and the company’s other clients. In order to facilitate team engagement and creativity, they employ visual tools to direct their collaborative work.
“Numerous company teams benefit from the use of MURAL to conduct productive workshops and meetings. Now more than ever, these teams can move quickly from creativity to ideation “John Curtius, a Partner at Tiger Global, remarked. “Organizations may rethink what it means to collaborate thanks to MURAL’s platform and best-in-class member services. Finally, you can watch as a team’s concepts come to life, are molded by techniques and skilled facilitators, and are then transformed into concrete plans of action. This is happening thanks to MURAL, and it’s just the beginning.”
Sachdev emphasized the idea by telling TechCrunch that COVID was a “major pull ahead” in the long-standing trend of remote work. According to him, COVID did not invent organizations that carried out remote collaboration or creative work; rather, it only accelerated this reality.
Insider demand caused the fundraising event, which for Mural implies both a major upsizing in its valuation and incredibly minimal dilution. The mural was essentially given the freedom to enter the market and acquire whatever smaller businesses or talent it desires without having to worry about dilution or financial constraints.
Not all of Tiger and Insight’s reasons for wanting to purchase more Mural were related to its rapid expansion. The firm had maintained high levels of efficiency as it scaled, which is venture capitalist jargon meaning the capacity to rapidly increase sales without also increasing the rate at which cash is used.
With the additional funding, MURAL intends to advance platform development to accommodate remote and hybrid workforces. This features brand-new software integrations with Atlassian, Webex by Cisco, Zoom Video Communications, Inc., and Microsoft Teams. These integrations and additional ones to come to guarantee that teamwork is still available and inclusive from wherever.
The money will also be used to support programs for the many facilitators, group leaders, and open innovation and Agile specialists that makeup MURAL’s expanding community. Pioneers in visual collaboration—MURAL refers to them as “PlaymakersTM”—will be assisted by these programs in sharing strategies, playbooks, and best practices while learning from one another.
The company also plans to increase its global go-to-market initiatives and make additional progress toward its hiring goals.
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