Monday.com Raises $50 Million in Equity Funding

By Brooke Richards — Published July 12, 2018

Monday.com Raises $50 Million in Equity Funding

Colleague interactions on an online platform are becoming more frequent which means that tools to ensure a smooth communication process are becoming more necessary.  Yesterday Monday.com, formerly known as DaPulse, raised a $50 million Series C to help push forward with their workplace collaboration tool. The $50 million figure was made at a pre-money valuation of $500 million. The round, led by Stripes Group who have previously backed tech startups such as Blue Apron and Refinery29, means that total known funding for this project management platform has reached $84.1 million.

Whilst the world of project management and to-do apps is a place of stiff competition, this Israel-based startup are holding their own. Monday.com are able to count 35,000 team subscriptions including huge players in the business game such as Carlsberg Group, WeWork and McDonalds.

With this latest funding under their belt, Monday.com are looking to grow in size. They will be moving forward with plans to grow their international presence as well as exploring ways to make their tools more useful for specific industries such as real estate and construction.

The round also serves as a perfect opportunity for Monday.com to release more features. A Column Center will provide users with 15 new functionalities including creation logs and location views which will be directly trackable from the monday.com dashboard. In addition, Monday Stories will provide businesses that use monday.com with the opportunity to both give and recieve advice on how to get the most from this work collaboration tool.

Monday.com aren’t the only work collaboration tool on the map. Startups such as Slack and Yammer were among the first to make their mark in the world of online communication tools however Roy Mann, co-founder of Monday.com, claims that the focus on text-based communications within other similar platforms is what sets their service apart from the rest. The aim is for Monday.com customers to use this cloud-based tool to track productivity and manage workloads using color-coded boards instead of emails and weekly updates which Mann deems to be a "dead" way of working. "People need real time information," he says, "not just instructions from a single person at the top."

What's more, monday.com pride themselves on providing a technological work collaboration tool to non-tech businesses. "A lot of the opportunity for us is in the non-tech world, which is about 70 percent of our customer base," Mann comments. "We're talking companies like architecture firms and restaurants [which] means that our 'competitors' are Excel files and whiteboards because most of these people have just not found the right tools."

This is an aspect of the startup that attracted funding from various growth equity firms. Ken Fox, founder and managing partner of Stripes Group released in a statement. "Monday.com's broad applicability across use cases, verticals, and geographies position it well to be the next truly horizontal platform for the enterprise." He said "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."

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