Bending Spoons

Bending Spoons buy Miro for $1.36B, 90% less than its 2022 valuation

Miro sold for $1.4B. In 2021, it was valued at $17.5B. That is a 92% (!) decrease. Only 2x revenue multiple. Miro has a great business:• $600M in ARR• 100M users• 4M+ paying users• 90% of revenue from business and enterprise• $435M in net cash• profitabilityIn 2021, Miro had an extreme tailwind narrative. Now it faces an extreme headwind. And narrative is what drives multiples.