Israeli team and work system Monday.com Valuation has risen sharply due to the Covid 19 crisis and the platform’s ability to facilitate remote work. The Tel Aviv-based company raised $ 150 million last July at a company valuation of $ 1.9 billion, but Monday.com is now valued at $ 2.7 billion, an increase in valuation by 45%, “according to the people familiar with the matter.” Bloomberg “.
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Bloomberg reported Monday.com’s rating skyrocketed “when some of the existing supporters reduced their stake in a secondary stock sale,” said people who asked not to be identified because the terms were private. Sources have confirmed the validity of the report to “Globes”.
Monday.com officials declined to comment on the report.
Monday.com was founded in 2012 by CEO Roy Mann and CEO Eran Zinman. The company has received $ 234 million from investors including Sapphire Ventures, Hamilton Lane, HarbourVest Partners, ION Crossover Partners, Insight Venture Partners, Stripes Group, Entrée Capital, Vintage Investment Partners and Avixai Abrahami, CEO of Wix.com, upset.
Monday.com has developed a system that allows users to manage all aspects of their work: annual strategic planning, current tasks, working with customers, etc. and of course remote working. The system contains many work formats that are suitable for different companies and different employees within the same company. The company also values flexibility for users.
With offices in Tel Aviv and New York, the company’s workforce increased from 260 last July to 360 today. Mann told Bloomberg that Covid-19 had “accelerated” plans to double the workforce to 720 by the end of the year.
“We are solving the same problems that we previously solved, only now they have become more acute at work from home,” Mann said to “Bloomberg”. He said Monday.com has approximately 100,000 paying customers in 160 countries.
Zinman told Bloomberg that the disruptions caused by remote work have increased the importance of finding tools to monitor tasks and prevent communication disruptions.
Monday.com was voted “Globes” the most promising startup of the year in 2017.
Last year Mann told Globes that Monday.com was in no hurry to go public.
Published by Globes, Israel Business News – en.globes.co.il – on May 22, 2020
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