The visual collaboration company, Mural has announced that it managed to raise $50 million in the latest round of funding. the total valuation of the company has reached $2billion after this round, as reported by Forbes. The funding was led by Insight Partners and Tiger Global.
Mariano Suarez-Battan, the CEO of Mural wanted his company to help people to become imagination workers rather than knowledge workers. The social and collaborative market is witnessing a rise in its profit with new startups being established. The pandemic has also not reduced the market, instead there has been a rise up to $3.8billion in 2020.
The new funds will help Mural to help its customers to make the most of digital collaboration tools as expected by Suarez-Battan. He adds that its customers buy a lot from them because they “appreciate” their efforts in making new standards of working. It has many customers including well-known companies like IBM, Facebook, and Intuit. Mural which was founded in 2011 has more than $100,000 in revenue per year.
The company has recently appointed former senior VP at Microsoft and HP COO Bill Veghte to its board of directors. Ryan Smith, Qualtrics founder and executive chairman was also appointed as senior adviser to the company. These tech leaders will give the company stronger foundation.
Managing director of Insight Partners, Nikhil Sachdev also sees Mural as one of his firm’s best investments.