Collaboration tools co Monday raises $50m

Monday.com Photo: Shlomi Yosef

Monday.com posted a 300% increase in revenue in 2017.

Israeli project management and workplace collaboration tools company Monday.com, founded Roy Mann and Eran Zinman, has announced the closure of a $50 million C round led by New York investment fund Stripes Group, with the participation of existing investors Insight Venture Partners and Entreé Capital. So far, the company has raised $84.1 million. "Globes" selected Monday as one of its most promising startups in 2017.

As well as the funding round, Monday also announced that it had received a strategic credit line from Leumitech, the investment arm of Bank Leumi (TASE: LUMI). The credit line will allow Monday to continue to expand without diluting its ownership structure.

Monday posted a 300% increase in revenue last year, making it one of the fastest growing SaaS (software as a service) companies in the world. The company tripled its customer base to over 35,000, while adding 130 people to its workforce. Among its customers are Carlsberg, the Discovery Channel, McDonalds, Uber, and WeWork.

The company says that funds raised will be used to expand Monday's global activity, focusing on adaptation to new markets, and development of new capabilities in the system.

Published by Globes [online], Israel business news - www.globes-online.com - on July 11, 2018

© Copyright of Globes Publisher Itonut (1983) Ltd. 2018

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Monday.com Photo: Shlomi Yosef
Monday.com Photo: Shlomi Yosef
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