Mural's Shift to Enterprise Workflows

Mural’s post pandemic slowdown shows that digital whiteboarding stopped being an urgent stand alone purchase and became a feature that had to earn its place inside a broader enterprise workflow. Revenue jumped from $14M in 2019 to $78M in 2021, then slowed to $100M in 2022, $115M in 2023, and $125M in 2024 as hybrid work normalized and buyers compared Mural against tools already bundled into Microsoft, Figma, and Miro.

• Mural is strongest when a company wants a facilitator to run a real session, not just give people an empty canvas. Its timers, voting, private mode, and summon features make it easier to run design sprints, planning meetings, and retrospectives with large groups, which helps explain why its revenue base skewed enterprise early.
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• Competition widened fast after the remote work surge. Miro said it reached 30M users in January 2022, and Figma pushed FigJam into whiteboarding as part of a larger design bundle. That meant Mural was no longer selling into a greenfield category, it was defending budget against larger products with built in distribution.
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• Microsoft became the most important structural pressure point. Mural leaned into Teams, Outlook, Microsoft 365, and Copilot integrations to stay embedded in enterprise workflows, but that also trained buyers to expect visual collaboration inside software they already paid for. Slower growth is what that market shift looks like in revenue form.
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The next phase is less about adding more whiteboard users and more about becoming the system companies standardize on for recurring coordination rituals. If Mural can turn workshops into reusable templates, summaries, and AI assisted follow through for sales, operations, and leadership teams, it can grow with larger budgets than design alone and stay differentiated as basic whiteboarding commoditizes.