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Project management startup Monday.com now a unicorn after raising $150M
The number of organizations using Monday.com Ltd.’s project management service has ballooned from 35,000 last year to 80,000 today, and it didn’t go unnoticed by the venture capital community.
The Israeli startup today announced that it has nabbed a $150 million funding round led by Sapphire Ventures. Hamilton Lane, HarbourVest Partners, ION Crossover Partners and Vintage Investment Partners chipped in as well. The investment reportedly values Monday.com at $1.9 billion, more than triple the $550 million it was worth after its last funding round a year ago.
Monday.com has become a hit among knowledge workers thanks to its straightforward layout and controls. The service enables teams to organize outstanding tasks in boards that function like colorful, customizable spreadsheet tables. Each to-do item shows up in a separate row that has a description of the task, as well as key details such as the expected completion time.
Teams can customize what information their boards display based on the projects they’re working on. And for situations where a user needs something more than the default table-based view, Monday.com provides over a half-dozen alternative modes. These include a timeline, a calendar and a map that organizes tasks by the location at which they need to be carried out.
Monday.com lately has been adding more advanced productivity features to its service. Earlier this year, the company launched Automations, an IFTTT-like tool that enables users to automate tasks such as notifying the team lead when an important task is completed.
Monday.com will use the new funding to keep broadening its capabilities. Chief Executive Roy Mann (pictured, right, next to co-founder Eran Zinman) told Forbes that the startup is aiming to wrap up the year with more than 150 integrations for external productivity tools. He added that Monday.com is also planning new compliance tools for large enterprise customers.
WeWork Inc., Philips NV and Hulu are some of the bigger names that rely on Monday.com. The startup generated $50 million in revenue from its customer base last year and expects to hit $120 million this year.
Photo: Monday.com
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