Bending Spoons buys Miro for $1.8B
Bending Spoons has agreed to buy Miro, the shared online workspace that teams use to plan projects and develop ideas. The deal values the business at $1.355B and its shares at about $1.79B after including net cash. That is almost 90% below Miro’s last funding valuation. The acquisition is expected to close in the fourth quarter of 2026.
Yoram Wijngaarde
Dealroom Next-Gen APIMiro: money in and estimated money out
Dealroom’s estimate · individual cheque sizes and proceeds are modelled.
Assumes 1× non-participating preferences and unchanged share counts. Actual payouts are undisclosed.
Swipe to explore the funding rounds →
Dealroom’s illustration puts proceeds for the listed preferred-share classes at about $842M on $474M invested. Series C takes its $400M preference; earlier classes convert into common shares. About $948M remains for common shares and the assumed option pool. This residual is not a disclosed payout to founders or employees.
We checked the funding history against the Dealroom API and used Forge’s public financing table for share-class counts, invested amounts and 1× non-participating terms. Fully diluted shares are inferred from the $17.5B Series C value and its $35.92 share price. The calculation holds ownership constant after Series C and excludes later dilution, secondary transfers, fees, carry, taxes and option exercise costs. Individual fund allocations are not public.
For the investor rows, we split each round illustratively among its disclosed participants, assigning larger tickets to the lead investors. Each holder receives their assumed share of that round’s proceeds. These cheque sizes are scenario assumptions. The chart’s CSV includes every assumed ticket and its calculated proceeds.
Estimated Miro ownership before the sale
Dealroom’s estimate · assumes no ownership changes since Series C.
- CSCommon & option pool≈66.7%
Accel≈13.4%
AltaIR Capital≈10.6%
ICONIQ Capital≈4.5%
Dragoneer Investment Group≈0.29%
GIC≈0.29%
TCV≈0.29%
Salesforce Ventures≈0.11%
Atlassian≈0.11%- OIOther investors≈3.8%
The ownership wheel uses the same assumed investor allocations as the bubble chart. It shows shares before the sale, not each holder’s percentage of the proceeds. Series C represents only about 2.3% of the fully diluted shares but receives its $400M preference in this model. Common shares and the option-pool residual are grouped because their individual holders are not disclosed.
The business price and the shareholder proceeds
Net cash is implied by the two announced prices.
The transaction announcement gives a $1.355B enterprise value and approximately $1.79B equity value including net cash. Their difference implies about $435M of net cash. It does not separately report a cash balance; net cash is also different from gross cash held in the bank.
Some Miro shareholders will reinvest $295M into Bending Spoons shares. This is part of the sale proceeds, not an additional payment on top of the $1.79B.
Miro’s valuation at each funding round and the agreed sale
Pre-2022 values are estimates from share filings; Series C and sale values were announced.
The agreed shareholder value is 89.8% below the $17.5B valuation Miro announced in January 2022. Earlier values are estimates based on share filings. The bubble chart uses security-level financing amounts, which differ from headline funding totals.
Major Bending Spoons acquisition multiples
Revenue periods vary; estimated enterprise values are marked ≈.
Miro’s agreed business value is 2.3 times its $600M annual recurring revenue. Across the major Bending Spoons acquisitions with sufficient data, business-value multiples range from about 1.0 times revenue for Brightcove to 3.3 times for WeTransfer. The comparison separates enterprise value from the price paid for the equity: substantial cash, as at Vimeo, lowers the business-value multiple.
For WeTransfer, Vimeo, AOL and Brightcove, we estimate enterprise value from the closing acquisition consideration plus disclosed financial debt, less acquired cash, excluding leases. The prospectus’s acquisition-accounting tables and Q2 financial statements provide these inputs; that consideration can exclude payments classified as post-acquisition compensation. Each row identifies the revenue period or recurring-revenue measure used. WeTransfer’s €132M FY2023 revenue is converted at the ECB rate on its acquisition date.
Eventbrite’s equity multiple is shown, but its enterprise-value multiple is left open because creator funds complicate the acquired-cash reconciliation. Tractive’s acquisition values are disclosed, but we did not find a comparable pre-acquisition annual revenue figure. The prospectus reports combined prices for Meetup, StreamYard and Issuu, and separately for Loomly, komoot, MileIQ and Harvest; it does not disclose individual prices for those deals. The CSV records every input, calculation and source.
What this means
Bending Spoons is adding another established workplace software business at a low revenue multiple. For Miro’s investors, the outcome depends on when they invested and the rights attached to their shares. On this model, late investors recover their capital, while earlier investors and common shareholders receive most of the remaining proceeds.
Sources: Miro transaction announcement · Miro Series C · Financing and share classes · Airtable terms · Airtable closing · Bending Spoons prospectus · Q2 acquisition disclosures · WeTransfer revenue. Related: The Bending Spoons portfolio.