Figma, Inc. vs Miro (RealtimeBoard Inc.): Strategic Comparison

This in-depth comparison examines Figma, Inc. and Miro (RealtimeBoard Inc.) across revenue, market value, business model, competitive positioning, and long-term growth strategy. Whether you are researching Figma, Inc. on its own, evaluating Miro (RealtimeBoard Inc.), or weighing the two companies side by side, the breakdown below highlights where each company leads and where the gap between Figma, Inc. and Miro (RealtimeBoard Inc.) is widest.

On the headline numbers, annual revenue is $1.1B (FY2025) for Figma, Inc. and N/A for Miro (RealtimeBoard Inc.), while their respective market capitalizations stand at $11.0B and N/A. Both Figma, Inc. and Miro (RealtimeBoard Inc.) are headquartered in United States. Their local markets and applicable rules may still differ.

Figma, Inc.: Figma is a San Francisco software company whose browser-based design canvas became the standard workspace for product teams designing apps and websites. Before Figma, designers typically worked in desktop tools such as Sketch or Adobe XD and passed files around. Figma put the whole file in the browser behind a shareable link, so designers, engineers, product managers and marketers can edit or inspect the same design at the same time. Since 2023 it has added Dev Mode, Slides, Sites, Make and Weave, aiming to cover the path from idea to shipped product. The company is headquartered in San Francisco, California.

Miro (RealtimeBoard Inc.): Miro turned the office whiteboard into a browser-based infinite canvas where many people can add sticky notes, draw diagrams, run workshops and plan sprints at the same time. Remote and hybrid work after 2020 made it a default tool in many companies, and it is now widely used for agile ceremonies, customer journey maps, system diagrams and strategy sessions. In 2026 it is a mature, mostly enterprise SaaS business with about $600 million in ARR that is being sold to Bending Spoons. The company is headquartered in San Francisco, California. The visual collaboration pioneer was founded in 2011 in Perm, Russia, as RealtimeBoard by Andrey Khusid and Oleg Shardin before moving global headquarters to Amsterdam and San Francisco and rebranding to Miro in 2019.

Figma, Inc. and Miro (RealtimeBoard Inc.) pursue distinct approaches to generating revenue, and understanding how each company operates is the foundation of any fair comparison between Figma, Inc. and Miro (RealtimeBoard Inc.).

Figma, Inc. business model: Figma sells per-seat subscriptions on a freemium, product-led model. Individuals can start free, and teams upgrade to Professional, Organization or Enterprise plans for shared libraries, admin controls, SSO and security features. Seats are priced by role (full, dev and collab seats), so engineers using Dev Mode and colleagues using FigJam or Slides can be billed separately from designers. Since 2026 Figma also sells AI credit add-ons consumed by tools such as Figma Make; Q2 2026 was its first full quarter of AI credit monetization. Revenue reached US$1.06 billion in 2025, with a 136% net dollar retention rate showing that existing customers keep adding seats.

Miro (RealtimeBoard Inc.) business model: Miro makes money from software subscriptions. Anyone can use a free plan with a limited number of editable boards; teams then pay per member for Starter and Business plans, and large organizations sign annual Enterprise contracts that add security controls, admin tools, data residency and support. Growth is product-led: boards are shared by link, so invited colleagues become new users and usage spreads inside a company until IT buys a company-wide license. By 2026 nearly 90% of Miro's roughly $600 million in ARR came from business and enterprise customers, and more than 750 customers paid over $100,000 a year. AI features (Miro AI and canvas-based AI workflows) are packaged into paid plans with usage credits.

The durability of a company's moat often decides long-term winners. Here is how the competitive advantages of Figma, Inc. stack up against those of Miro (RealtimeBoard Inc.).

Figma, Inc. competitive advantage: Figma's advantage is its browser-based multiplayer technology and its community. Building a graphics-heavy design tool that runs reliably in a web browser took years of engineering with WebGL. Because it runs in the browser, anyone can open a design from a link, which removes friction for collaborators. Its community also publishes thousands of free templates and plugins, which adds to the cost of switching to another tool.

Miro (RealtimeBoard Inc.) competitive advantage: Miro's edge is breadth of adoption and workflow depth. Because it is used across product, engineering, design, consulting and operations teams rather than one department, it tends to become the shared canvas for workshops, agile planning and diagramming. Its integrations with Jira, Confluence, Microsoft Teams, Slack, Zoom and Google Workspace, a large library of community templates (Miroverse), and enterprise security features make it harder to replace than a basic bundled whiteboard.

Future prospects matter as much as current results. The growth strategies below explain how Figma, Inc. and Miro (RealtimeBoard Inc.) each plan to expand from here.

Figma, Inc. growth strategy: Having established itself in interface design, Figma is extending into the stages before and after design and adding AI. FigJam covers early brainstorming. Dev Mode gives software engineers features for turning a Figma design into working code. Its AI tools generate prototype screens and code. The aim is to be the tool a product team uses from first idea to shipped product.

Miro (RealtimeBoard Inc.) growth strategy: After pandemic-era growth slowed, Miro focused on enterprise accounts, cost discipline and AI. It cut about 7% of staff (119 people) in January 2023 and about 275 roles in late 2024, repositioned itself as an 'AI Innovation Workspace', and pushed AI features such as AI-generated diagrams, summaries and canvas-based workflows. Acquisitions of Around (video, 2022) and Uizard (AI design prototyping, 2024) added product capabilities. In 2026 the company chose a sale to Bending Spoons over an IPO.

A closer look at the financial trajectory of Figma, Inc. and Miro (RealtimeBoard Inc.) rounds out the comparison.

Figma, Inc.: Figma has reported as a public company since its July 2025 NYSE listing. Revenue grew 41% to US$1.06 billion in 2025, and the company generated US$242.7 million of free cash flow, but posted a GAAP net loss of US$1.25 billion, mainly from US$1.36 billion of stock-based compensation tied to the IPO. Growth then accelerated in 2026: Q1 revenue was US$333.4 million and Q2 revenue was US$370.1 million, up 48% year over year, with an 84% GAAP gross margin, a GAAP net loss of US$112.2 million, non-GAAP operating income of US$36.1 million and US$1.7 billion of cash and marketable securities at June 30, 2026. Before the IPO, the 2023 collapse of Adobe's US$20 billion takeover left Figma with a US$1.0 billion termination fee. Figma is a dominant force in collaborative design software, holding a private market valuation of $12.5 billion following the collapse of its proposed acquisition by Adobe.

Miro (RealtimeBoard Inc.): Miro is private and does not publish financial statements, so the most reliable figures come from deal disclosures. It raised $25 million in a 2018 Series A led by Accel, $50 million in a 2020 Series B led by ICONIQ Growth, and $400 million in a January 2022 Series C led by ICONIQ Growth at a $17.5 billion valuation. When Bending Spoons agreed to buy it on September 10, 2026, it said Miro had grown to around $600 million in ARR. The $1.355 billion enterprise value (about 2.3 times ARR, per Forbes) plus Miro's net cash implies an equity value of about $1.79 billion. Certain Miro shareholders agreed to reinvest $295 million of their proceeds in new Bending Spoons equity.