Team Management Startup Monday.com Raises $150 Million at $1.9 Billion Valuation
Monday.com develops and markets a team management platform for organizations and businesses to manage and track projects, manufacturing lines, and schedules
Tel Aviv-based team management startup Monday.com Labs Ltd. has completed a $150 million series D funding round, the company announced Tuesday. The round was raised at a company valuation of $1.9 billion, according to two people familiar with the matter who spoke to Calcalist on condition of anonymity. In May, Calcalist reported, citing two people familiar with the matter who spoke on condition of anonymity, that the company was raising a new round at a valuation of $2 billion.
The round was led by Silicon Valley-based venture capital firm Sapphire Ventures LLC, with participation from Nasdaq-listed Hamilton Lane Inc., Boston-based HarbourVest Partners LLC, and Herzliya, Israel-based venture capital firms ION Crossover Partners and Vintage Investment Partners Ltd. The latest round brings Monday.com’s total funding to date to $234 million.
Monday.com develops and markets a team management platform for organizations and businesses such as academic institutions, manufacturing companies, and the hospitality industry. Customers can use Monday.com’s platform to manage and track projects, manufacturing lines, and schedules. Approximately 80,000 organizations use the company’s platform, according to company statements, including McDonald’s, streaming company Hulu LLC, website building company Wix.com Ltd., and Danish brewery the Carlsberg Group.
Founded in 2012 as DaPulse Labs by Roy Man and Eran Zinman, the company changed its name in 2017. Monday.com currently employs some 265 people in offices in Tel Aviv and New York, Man said on Monday in an interview with Calcalist. With the new funding round, the company intends to hire 250 additional employees, Man said.
In 2018, the company garnered $50 million in revenues, and expects to surpass $120 million in revenues in 2019, Zinman said on Monday in an interview with Calcalist.