monday.com Raises $50 Million to Accelerate Building New Gen Workplace Collaboration Tools
By TDE News Desk - July 11, 2018
With the launch of transformative new product offerings, monday.com continues rapid growth
Tel Aviv / New York: monday.com, the team management platform on a mission to connect people to workplace processes, announced it raised a $50 million Series C round, bringing their total funding to $84.1 million. New York-based growth equity firm, Stripes Group, led the round with participation from existing Series A and B investors, Insight Venture Partners and Entrée Capital. As monday.com continues along its rapid growth trajectory, the company also secured a strategic line of credit from LeumiTech, the technology banking arm of Bank Leumi, providing the company with additional non-dilutive capital to scale.
The announcement comes on the heels of a tremendous growth year, with last year’s revenue three times the previous financial years as a result of a growing customer base, and an increased employee count now at 130.
Launched in 2014 with offices in Tel Aviv and New York, monday.com is simple and flexible enough to meet the needs of just two people working together, as well as vastly complex workplace operations of thousands, optimizing workflows for different departments and time zones. The product has widespread appeal across over 200 business verticals – including manufacturing, tech startups, sports leagues, entertainment, and even churches – and users from tech-savvy to non-tech savvy alike. Customers include brands like Adidas, Carlsberg Group, Discovery Channel, McDonalds, and WeWork, among several others.
“We are determined to bring the quality and ease of use typically reserved for consumer products to the enterprise, says Roy Mann, co-founder and CEO at monday.com. “To effectively change how teams work, they must actually love the tools they use and that is our goal in building monday.com. We continue to see incredible results from the change the platform inspires in the workplace and the widespread cross team adoption as a result. We’re delighted to bring on a new partner in Stripes Group to blaze this path together.”
In the last year, the fast-growing company tripled revenue into the tens of millions of dollars, tripled its customer base to more than 35,000 paying teams worldwide, and more than doubled overall headcount to 130. The new funding will be used to accelerate monday.com’s ambitious growth strategy, scale international operations, develop further product integrations, and continue to refine vertical-specific customization.
“We are thrilled to be partnering with Roy, Eran, and the rest of the monday.com team in their mission to transform the way people work together,” said Ken Fox, Founder and Managing Partner of Stripes Group. “monday.com’s broad applicability across use cases, verticals, and geographies position it well to be the next truly horizontal platform for the enterprise.”
In conjunction with the closing of this Series C round, monday.com is launching three transformational new product offerings today that will further expand the platform’s ability to manage the core of any business and eliminate silos in the workplace. The new features, listed below, will enable users to further customize the perfect workflow for their team without an arduous development process.
- The Column Center: An addition of 15 new functionalities to the essential structure of the platform that facilitate any sort of data input such as time tracking, creation log, location views, global clock and more
- Board Views: A new way for teams to visualize, understand and extract data from the platform, all while increasing engagement
- monday Stories: A community of monday.com users where use cases and best practices can be shared across over 200 business verticals
The visual and easy-to-use, fully customizable SaaS-based team management platform connects people and processes, while creating an environment of transparency in business operations and is being used by teams across 140 countries.
