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
• profitability

In 2021, Miro had an extreme tailwind narrative. Now it faces an extreme headwind. And narrative is what drives multiples.