TEL AVIV, Israel and NEW YORK, July 30, 2019 /PRNewswire/ -- Today, monday.com, the work management platform that empowers teams to manage their work in a tool they actually love to use, announced it raised a $150 million Series D round, bringing total funding to $234.1 million. Silicon Valley-based venture capital firm, Sapphire Ventures, led the round with participation from Hamilton Lane, HarbourVest Partners, ION Crossover Partners and Vintage Investment Partners. As monday.com continues along its rapid growth trajectory, it is democratizing effective management practises in creating the first fully customizable team management platform.
Launched in 2014 with offices in Tel Aviv and New York, monday.com is a centralized hub for all work processes. From project management to tracking tasks, HR processes to projecting sales, marketing planning to event coordination, and anything in between, the platform is truly customizable to any teams needs. With widespread appeal across over 200 business verticals, including tech-savvy and non-tech savvy teams alike, counted in monday.com's active paying customers are Carlsberg, Discovery Channel, Glossier, Hulu, Phillips, WeWork, and Zippo, with hundreds of Fortune 500 companies and over 80,000 others.
Earlier this year, monday.com added transformative functionalities to the platform upon releasing automations and integrations. These new features empower teams with the ability to connect unlimited cloud apps to monday.com, establishing monday as the central work hub for any organization. What was once only attainable by trained developers, can now be achieved by every team around the world with a simple click. Users now have the ability to integrate every tool they need into monday.com, such as JIRA for development needs, Typeform for surveying, Mailchimp for email outreach, or Slack for chat, to automate millions of workplace actions so they can focus on what really matters. This ability streamlines work and gives teams the power of their own personal assistant that always works. monday.com is projected to have 200 integrated apps by the end of 2019, with plans to add hundreds more next year.
"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," says Roy Mann, co-founder and CEO at monday.com. "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. We're excited to add talented new investment partners to help us bring this goal to life."
In the last year, the rapidly growing company nearly tripled revenue into the tens of millions of dollars and doubled its customer base to more than 80,000 paying teams worldwide. The new funding will be used to accelerate monday.com's ambitious growth strategy, scale international operations, develop further platform integrations, and continue to refine localizations and language offerings.
"monday.com is revolutionizing the workplace software market and we're delighted to be partnering with Roy, Eran, and the rest of the monday.com team in their mission to transform the way people work," said Rajeev Dham, Managing Partner at Sapphire Ventures. "monday.com delivers the quality and ease of use typically reserved for consumer products to the enterprise, which we think unlocks significant value for workers and organizations alike."
In this momentous evolution of the visual and easy-to-use platform, monday.com is further empowering teams around the world to execute their own vision of how software can best work for them.
monday.com is a team management platform designed to connect people to processes while creating an environment of transparency in business. As a web-based SaaS company, monday.com facilitates a more efficient and intuitive way to manage teams and entire operations.
monday.com has raised $234.1 million to date and investors include Sapphire Ventures, Hamilton Lane, HarbourVest Partners, Ion Asset Management, Vintage Investment Partners, Stripes Group, Insight Partners, and Entrée Capital. With offices in Tel Aviv and New York, the tool is fully customizable to suit any business vertical and currently has over 80,000 paying teams around the world, from over 140 countries.
About Sapphire Ventures
Sapphire Ventures is a venture capital firm focused on helping innovative technology companies become global category leaders. Leveraging nearly two decades of experience and an extensive global enterprise network, Sapphire Ventures invests capital, resources and expertise to enable its portfolio companies to scale rapidly. With $2.5 billion under management via direct growth investments and early-stage fund investments, Sapphire Ventures is positioned to elevate companies to the global stage.