- Monday.com recently announced it raised $150 million in Series D funding. And it has been reported that the valuation of the company is $1.9 billion.
Work management platform company Monday.com recently announced that it raised $150 million in Series D. The valuation at this round was undisclosed, but several reports have pegged it at $1.9 billion.
Including this round, Monday has raised a total of $234.1 million. Sapphire Ventures led the round. And Hamilton Lane, HarbourVest Partners, ION Crossover Partners, and Vintage Investment Partners also joined the round.
As Monday continues its rapid growth trajectory, it is democratizing effective management practices in creating the first fully customizable team management platform. Monday launched in 2014 with offices in New York and Tel Aviv. And it handles project management, task tracking, HR processes, projects sales, event coordination, etc.
Monday has widespread appeal across over 200 business verticals, including tech-savvy and non-tech savvy teams. Some of the company’s active paying customers include Carlsberg, Discovery Channel, Glossier, Hulu, Phillips, WeWork, and Zippo.
Earlier this year, Monday added transformative functionalities to the platform upon releasing automation and integrations. These new features empower teams with the ability to connect unlimited cloud apps to Monday.
Now Monday users have the ability to integrate every tool they need into Monday such as JIRA for development needs, Typeform for surveying, Mailchimp for email outreach, or Slack for chat to automate millions of workplace actions so they can focus on what really matters.
This ability streamlines work and gives teams the power of their own personal assistant that always works. And Monday is projected to have 200 integrated apps by the end of 2019 with plans to add hundreds more next year.
“To build a tool that is truly helping teams, we created a platform that people actually love to use and one that solves the fundamental problem that every team shares: the ability to work well together,” said Roy Mann — the co-founder and CEO of Monday. “We see the future of software in the workplace as a seamless connection of cloud-based tools and our goal in building monday.com is to create the best platform we can to serve as the hub for those tools. We’re excited to add talented new investment partners to help us bring this goal to life.”
Mann had founded Monday with CTO Eran Zinman in 2014. It was originally called dapulse back then.
There are 80,000 paying businesses that use Monday — which is up from 35,000 a year ago. These businesses include WeWork and Wix. Nino Marakovic — the CEO and managing director of Sapphire Ventures — told Business Insider that this was a “premium valuation for a premium company, and that’s what happens nowadays.”
This past year, Monday nearly tripled revenue into the tens of millions of dollars and doubled its customer base to more than 80,000 paying teams worldwide. The new round of funding will be used to accelerate Monday’s ambitious growth strategy, scale international operations, develop further platform integrations, and continue to refine localizations and language offerings.
“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.”
