Tel Aviv-based monday.com raises $150m. in latest funding round
‘We intend to use this funding round to continue our growth, to build our sales force and perhaps open more offices in the US and Europe.’
By EYTAN HALONStaff at monday.com's Tel Aviv headquarters(photo credit: SHLOMI YOSEF)
Tel Aviv-headquartered work management platform monday.com has secured $150 million in a sixth round of funding, the company announced on Tuesday as it considers a possible stock market listing.The Series D round, led by Silicon Valley-based Sapphire Ventures with participation from Hamilton Lane, HarbourVest Partners, ION Crossover Partners and Vintage Investment Partners, brings the company’s total funding to $234.1 million and now values the firm at a reported $1.9 billion. Founded in 2012 by Eran Zinman and Roy Man, monday.com’s web-based team management platform offers a range tools to support project management, tracking tasks, HR processes, sales projections and more. Enjoying rapid growth, the company says it nearly tripled its revenue in the past year.“We intend to use this funding round to continue our growth, to build our sales force and perhaps open more offices in the United States and Europe,” Zinman, chief technology officer of monday.com, told The Jerusalem Post. “Considering the size of the opportunity we have, the company doesn’t have concrete plans but going public in the future is one option. We want to have flexibility in terms of timing, so we took this round as the last round before going public.”Monday.com, which has offices in Tel Aviv and New York, boasts more than 80,000 clients in 140 countries from a broad variety of business verticals, including Carlsberg, Philips, Hulu and WeWork, as well as hundreds of Fortune 500 companies.Aiming to globalize its product, the company recently launched the platform in German, Spanish, French and Portuguese.“I think there is a huge opportunity today and a massive shift of people or companies digitizing their work and understanding the power of what the Internet can bring,” said monday.com CEO Man, who attributes much of the success of the company to the platform’s versatility and simplicity. “Companies really want tools that are easy to use, simple and work really well. Whether running hotels or a newspaper, our platform empowers our users to build whatever they want with really good building blocks.”By the end of 2019, monday.com expects to have integrated 200 cloud applications into its platform, with apps including Mailchimp, Slack, JIRA and Typeform already available to users. The company intends to integrate hundreds of additional applications next year.Advertisement“Monday.com is revolutionizing the workplace software market and we’re delighted to be partnering with Roy, Eran, and the rest of the monday.com team in their mission to transform the way people work,” said Rajeev Dham, managing partner at Sapphire Ventures. “Monday.com delivers the quality and ease of use typically reserved for consumer products to the enterprise, which we think unlocks significant value for workers and organizations alike.”
While many Israeli start-ups consider shifting their headquarters to Silicon Valley or New York as key to their continued success, Zinman wants monday.com to serve as further proof of the ability to build large companies in Israel.“You might need offices and boots on the ground in the United States and Europe, but there is so much talent and knowledge in Israel, that it just makes so much sense to have the headquarters here,” he said.
