monday.com Raises $50 Million to Accelerate Building the New Generation of Workplace Collaboration Tools
TEL AVIV, Israel & NEW YORK--(BUSINESS WIRE)--Jul 11, 2018--Today, 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 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.
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monday.com (Graphic: Business Wire)
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, spanning different departments and time zones. The product’s intuitive design, uniquely flexible structure and exceptional scalability has driven widespread appeal across over 200 business verticals, from tech-savvy to non-tech-savvy alike. Active paying customers include Carlsberg Group, Discovery Channel, McDonalds, and WeWork, among over 35,000 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 will enable users to further customize the perfect workflow for their team without an arduous development process.
Introducing: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, 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
In this exciting evolution of the visual and easy-to-use platform, monday.com is further empowering teams around the world to work better together.
Press kit available here.
monday.com (formerly dapulse) is a team management platform designed to connect people to processes while creating an environment of transparency in business. As a web-based SaaS company, monday.com facilitates a more efficient and intuitive way to manage teams and entire operations. monday.com has raised $84.1 Million to date and investors include Stripes Group, Insight Venture Partners, Entrée Capital, and Genesis Partners. With offices in Tel Aviv and New York, the tool is fully customizable to suit any business vertical and currently has over 35,000 paying teams around the world, from over 140 countries.
About Stripes Group
Stripes Group is a leading growth equity firm that brings a unique, entrepreneurial culture to investing in Internet, Software and Branded Consumer Products businesses around the world. For over a decade, Stripes Group has been partnering to support high growth market-leading companies with exceptional business models. For more information on Stripes Group, please visit www.stripesgroup.com.
About Insight Venture Partners
Insight Venture Partners is a leading global venture capital and private equity firm investing in high-growth software companies that are driving transformative change in their industries. Founded in 1995, Insight has raised more than $18 billion and invested in over 300 companies worldwide. Our mission is to find, fund and work successfully with visionary executives, providing them with practical, hands-on growth expertise to foster long-term success. Across our people and our portfolio, we encourage a culture around a core belief: growth equals opportunity. For more information on Insight and all its investments, visit www.insightpartners.com or follow us on Twitter @insightpartners.
About Entrée Capital
Entrée Capital, with offices in Israel, UK, and the US, was founded in 2009 to provide multi-stage funding to innovative seed, early and growth stage companies all over the world. Entrée Capital manages over $300m across a number of funds and its portfolio includes SnapChat, Stripe, Deliveroo, Prospa, monday.com, Riskified, HouseParty, Stash, PillPack, SeatGeek, Coupang and over 60 other investments.
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PUB: 07/11/2018 06:30 AM/DISC: 07/11/2018 06:31 AM