Israeli team and work operating system Monday.com has seen its valuation rise sharply because of the Covid-19 crisis and the platform's ability to facilitate remote working. The Tel Aviv-based company raised $150 million last July at a company valuation of $1.9 billion, but Monday.com is now worth $2.7 billion, a 45% rise in valuation, "according to people familiar with the matter "Bloomberg" said.
The valuation of Monday.com jumped, Bloomberg reported, "when some of its existing backers cut their stakes in a secondary share sale, said the people, who asked not to be identified because the terms were private." Sources have confirmed the validity of the report to "Globes."
Monday.com representatives declined to comment on the report.
Monday.com was founded in 2012 by CEO Roy Mann and CEO Eran Zinman. The company has raised $234 million to date from investors including Sapphire Ventures, Hamilton Lane, HarbourVest Partners, ION Crossover Partners, Insight Venture Partners, Stripes Group, Entrée Capital, Vintage Investment Partners and Wix.com CEO Avishai Abrahami.
Monday.com has developed a system that enables 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 suitable for different enterprises and different employees within the same enterprise. The company also emphasizes flexibility for users.
With offices in Tel Aviv and New York, the company's work force has increased from 260 last July to 360 today. Mann told "Bloomberg" that Covid-19 had "accelerated" plans to double the work force to 720 by the end of the year.
"We’re solving the same problems we used to solve, only now they’ve gotten more acute when working from home," Mann told "Bloomberg." He said that Monday.com has about 100,000 paying customers in 160 countries.
Zinman told "Bloomberg" that the disruptions caused by remote working have boosted the importance of finding tools to help keep tabs on assignments and avoid communication breakdowns, he said.
Monday.com was chosen as "Globes" most promising startup of the year in 2017.
Last year Mann told "Globes" that Monday.com is not in a hurry to hold an IPO.
Published by Globes, Israel business news - en.globes.co.il - on May 22, 2020
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