San Francisco company, Mural is the leading digital workspace for visual collaboration in the enterprise. Founded in 2011, the company helps teams understand and solve problems using visual methods like online whiteboards and design thinking methodologies. Today, Mural is used by companies such as IBM, IDEO, Autodesk, Intuit, GitHub, and Atlassian.
Mural’s offerings have never been more important than now, as the world transforms under the global pandemic pressure. “The world went home for work,” said Mariano Suarez-Battan, the company’s Chief Executive Officer and Co-founder. “And we were there at the right moment, at the right time, and with a product that served their needs.”
Subsequently, Mural has experienced rapid revenue growth and increased usage in 2020. The announcement, then that Mural recently raised $118 million in a Series B financing round, comes as no surprise. It is a massive feat for the company, who as recently as January announced a $23 million Series A round of capital.
The most recent funding round was led by Insight Partners and also included investments by Tiger Global, Slack’s corporate venture fund, and the World Innovation Lab. Qualtrics’ Ryan Smith and Allison Pickens, also took part in the round. Insight Partners managing director Jeff Lieberman has joined Mural’s Board of Directors and Insight Partners managing director Nikhil Sachdev has joined the Board as an observer.
According to Sachdev, Mural was already operating in a “big horizonal category,” and that its pre-COVID sales into enterprise companies, engagement metrics, and net retention trends were predictors of Mural’s recent growth and success.
Mural tripled its annual recurring revenue in the last year. The company has added more than a million monthly active users so far in 2020. Prior to 2020, the company’s monthly active users were in the hundreds of thousands.
With this new capital, Mural plans to invest in its global go-to-market capabilities, product work, and community engagement initiatives. The company will continue to work with the consultants who use its product. The more robust that network is, the longer Mural will be able to sustain its current revenue growth.