Team and Project Management Platform Monday.com Raises $150 Million in Series D Funding
Is now valued at four times more than its valuation at its previous funding round last year.
Currently valued at $1.9 billion, the Tel-Aviv based team and project management company Monday.com has raised $150 million in a Series D round of funding directed by Sapphire Ventures. Other funding partners include Hamilton Lane, Ion Asset Management, HarbourVest Partners, and Vintage Investment Partners. The company’s valuation now is almost four times more than what it was during the previous year.
Earlier, Monday.com had raised around $84 million, including its $50 million Series C round last year, and with another $150 million in the bank.
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Funding to accelerate global operations
The firm revealed that the funding will be used to speed up its operations globally and that the company was planning on developing further integrations with other platforms.
Ever since its inception in 2012 as Dapulse, Monday.com has been providing companies with a tool for team communication, planning, and management. The tool supports allocating workloads, creating tasks, assigning tasks to team members, collecting feedback/comments, sharing files, and a lot more functionalities. Earlier in 2019, the organization introduced two new features – Integration and Automation that allow organizations to connect data and processes from various platforms while reducing duplications.
Gmail, Outlook, Google Calendar, MailChimp, Slack, Shopify, Zendesk, Typeform, and GitHub are some of the notable integrations available on the platform. Monday.com offers four core plans – Basic, Standard, Pro, and Enterprise with prices starting from $39 per month if billed annually.
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At the time of this funding announcement, Monday.com’s co-founder and CEO Roy Mann, said,
“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. 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.”
Monday.com claims to have doubled its workforce to about 300 people since its last raise and tripled its revenue. The company has also doubled its client base globally to an estimated 70,000 teams. Phillips, Hulu, Carlsberg, WeWork, and the Discovery Channel are some of its top clients.
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