Sacra estimates that Mural hit $125M in annual recurring revenue (ARR) in 2024, up 9% year-over-year from $115M at the end of 2023.

Mural’s revenue trajectory reflects a textbook pandemic pull-forward followed by normalization: the company grew from $14M at the end of 2019 to $26M (2020), $78M (2021), and then $100M (2022). The company experienced explosive growth during 2020–2021 as remote work forced enterprises to adopt digital collaboration tools quickly, then shifted into a slower expansion phase as hybrid work stabilized and competition intensified.

Mural’s revenue is heavily enterprise-weighted. As early as 2021, the company reported more than 100 customers paying over $100K annually and seven customers paying over $1M per year. This implies a relatively concentrated revenue base, with a long tail of smaller teams and free users supporting top-down expansion.

Mural was valued at $2 billion in its Series C round in July 2021, when the company raised $50 million. Tiger Global and Insight Partners co-led this round, with participation from individual backers including Bill Veghte from AthenePartners and Ryan Smith from Qualtrics.

The company previously raised a $118 million Series B in August 2020 led by Insight Partners, with participation from the Slack Fund, World Innovation Lab, and Endeavor Catalyst. Prior to that, Mural raised a $23 million Series A in January 2020 led by Radian Capital, with participation from Gradient Ventures, Google's AI-focused venture arm.

Mural has raised approximately $200 million in total funding across all rounds since its founding, with Insight Partners participating in multiple rounds.

Mural is a cloud-native visual collaboration platform designed for structured, facilitated teamwork rather than free-form sketching.

A typical Mural session begins with a facilitator creating a mural using a blank canvas or a pre-built template. Templates cover common enterprise workflows such as design sprints, retrospectives, customer journey mapping, quarterly planning, and stakeholder alignment.

Participants join via a link without needing paid accounts, making it easy to include cross-functional teammates, executives, or external partners. During sessions, users add sticky notes, draw connections, cluster ideas, and build diagrams collaboratively in real time.

Mural’s core differentiation lies in what it calls Facilitation Superpowers. These include timers, private mode to reduce groupthink, summon to bring all participants to the same area of the canvas, structured voting, and locking mechanisms to preserve frameworks during live sessions.

These features are designed to help facilitators run meetings efficiently and consistently, especially at scale. The emphasis is less on creative freedom and more on producing clear outcomes from collaborative work.

Mural has embedded generative AI capabilities to automate common post-meeting tasks. These include clustering large numbers of sticky notes, generating summaries, creating mind maps from prompts, and assisting with idea generation.

The platform integrates deeply with Microsoft Teams, Outlook, and other Microsoft 365 tools, as well as Zoom, Webex, and Slack. Native apps are available across desktop and mobile, with optimizations for large-format displays used in hybrid meeting rooms.

Mural operates as a subscription SaaS business with a freemium distribution strategy designed to encourage viral adoption inside large organizations.

The free tier allows individuals and teams to create and participate in murals with limited features. Paid plans unlock advanced facilitation tools, administrative controls, security features, and expanded AI usage.

Enterprise customers typically purchase organization-wide licenses priced based on seat counts and feature bundles. Contracts are often multi-year and tied to standardization efforts rather than individual team needs.

Revenue expansion occurs through a combination of seat growth and workflow entrenchment. As more teams rely on Mural for recurring rituals, usage spreads laterally across departments. Over time, organizations adopt shared templates and playbooks, increasing switching costs.

Inviting external participants into murals creates natural viral loops, introducing the product to new teams and organizations without traditional sales motion.

Mural’s integration with Microsoft 365 provides meaningful distribution leverage by embedding the product directly into tools employees already use daily. This reduces adoption friction while reinforcing Mural’s position as part of the enterprise collaboration stack rather than a standalone tool.

Mural competes in a market that looks deceptively simple—“digital whiteboards”—but is actually shaped by three distinct competitive forces: category leaders racing for horizontal dominance, platform incumbents bundling collaboration into broader suites, and specialists carving out vertical or regional niches.

The core tension is that visual collaboration has become strategically important but increasingly commoditized. Mural’s challenge is not whether teams will collaborate but where that collaboration lives, who controls the workflow, and who gets paid for it.

Miro is the defining competitive reference point. With tens of millions of users and hundreds of thousands of organizations, Miro has won the land-grab phase of the market by optimizing for breadth: more templates, faster feature shipping, a sprawling integrations ecosystem, and aggressive investment in AI-assisted creation.

Miro’s advantage is scale-driven momentum. Large user volume fuels template creation, community content, and rapid iteration, which in turn attracts more users—a classic collaboration flywheel. For buyers, Miro increasingly feels like the “default” whiteboard, particularly for product, engineering, and cross-functional teams that want flexibility over structure.

Mural competes here by leaning into guided collaboration rather than free-form creation. Where Miro emphasizes open-ended canvases, Mural emphasizes facilitation, governance, and repeatable rituals—design sprints, retrospectives, planning cadences, and executive workshops. This distinction matters most in large enterprises, where meetings are expensive, outcomes matter, and chaos scales poorly.

However, as Miro continues to add facilitation features and enterprise controls, the gap narrows. Mural’s differentiation must therefore remain experiential (how meetings feel and conclude) rather than purely functional.

A second layer of competition comes from tools that approach visual collaboration as an extension of an existing workflow rather than a standalone category.

FigJam (Figma) is deeply embedded in product design organizations. It benefits from being adjacent to where design work already happens, making it a natural choice for early-stage ideation and critique. FigJam is less about enterprise-wide workshops and more about tight integration with design artifacts—but for teams living in Figma, that’s often enough.

Lucidspark (Lucid Software) leverages Lucidchart’s strong enterprise footprint. It competes effectively in accounts where diagramming, process mapping, and compliance documentation already matter, bundling whiteboarding into broader visual communication contracts.

These players don’t need to win the entire collaboration budget; they only need to be “good enough” within their core user base to block Mural from expanding laterally.

The most important competitive force facing Mural is not another startup—it is Microsoft.

By bundling Whiteboard into Teams and layering Copilot-powered ideation, clustering, and summarization on top, Microsoft reframes visual collaboration as a feature, not a product. For hundreds of millions of Microsoft 365 users, Whiteboard is already provisioned, compliant, and improving at effectively zero incremental cost.

This creates asymmetric pressure. Microsoft does not need Whiteboard to be best-in-class; it only needs to reduce friction enough that buyers hesitate to justify a separate vendor. Every improvement to Copilot-powered brainstorming compresses the perceived value gap that Mural must defend with better facilitation, security assurances, and measurable outcomes.

Mural’s close integration with Microsoft 365 cuts both ways: it lowers distribution friction and embeds Mural into enterprise workflows, but it also ties Mural’s fate to a platform that can and likely will continue to encroach on its core use cases.

Mural’s long-term opportunity depends on expanding from visual collaboration into organizational alignment, decision-making, and execution infrastructure.

The first axis of TAM expansion is moving from ad hoc workshops to recurring operating rhythms.

Most large organizations run on rituals: quarterly planning, roadmap alignment, retrospectives, account reviews, launch readiness, postmortems. These are not one-off brainstorming sessions, they are repeatable, high-stakes workflows that determine execution quality.

Mural’s strength is that these rituals can be templatized, governed, and iterated. Over time, the value shifts from “a place to brainstorm” to “the system where our organization plans and aligns.” Once teams standardize on Mural templates and artifacts, switching costs increase not because of data lock-in, but because of process lock-in.

This reframes Mural’s TAM from collaboration software budgets to broader operations, transformation, and enablement spend.

Generative AI expands Mural’s TAM by making collaboration outputs usable after the meeting.

Automatic clustering, summarization, and insight extraction turn ephemeral workshops into durable knowledge assets. In practice, this positions Mural closer to a decision intelligence layer, capturing how ideas were generated, debated, prioritized, and resolved.

As enterprises increasingly adopt Microsoft 365 Copilot, Mural can position itself as the structured environment where Copilot’s reasoning actually has context. Instead of replacing collaboration, AI amplifies its value by reducing synthesis overhead and improving recall.

This opens the door to pricing against productivity gains and decision quality, not just seat counts.

Historically, Mural’s champion was the design or UX leader. The next phase targets go-to-market, operations, and leadership teams.

Sales planning, revenue operations alignment, campaign planning, and cross-functional launch management all suffer from the same pathology: too many meetings, too little shared understanding. Mural’s recent emphasis on GTM alignment and leadership facilitation reflects an attempt to move up the org chart from “tool teams love” to “platform executives standardize.”

Crucially, these buyers often control larger, more durable budgets than design teams, and their workflows are less susceptible to replacement by lighter-weight tools.

Platform dependency: Mural's growth strategy relies on Microsoft 365 integration and distribution, creating vulnerability if Microsoft prioritizes its own Whiteboard product or changes partnership terms. Microsoft's ability to bundle competing functionality at zero marginal cost could undermine Mural's enterprise pricing model.

Market commoditization: The visual collaboration space faces increasing commoditization as core whiteboarding features become table stakes across productivity platforms. Google, Zoom, and other platform players can absorb collaboration tools as loss leaders, pressuring pure-play vendors' ability to maintain premium pricing without continuous innovation.

Remote work normalization: Mural's growth was accelerated by pandemic-driven remote work adoption, but the stabilization of hybrid work patterns may slow new customer acquisition. If organizations reduce investment in digital collaboration tools as in-person meetings return, Mural's may see slower growth.