Tel Aviv-based team management and productivity SaaS developer Monday.com Labs Ltd. announced on Wednesday it has closed a $50 million Series C investment round led by New York-based growth equity firm Stripes Group LLC. Existing investors Insight Venture Management LLC and Entrée Capital also participated in the round. To date, Monday.com raised $84 million in total equity funding.
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Monday.com offers a team management platform for organizations and businesses such as academic institutions, manufacturing companies, and the hospitality industry. Customers can use the Monday.com platform to manage and track projects, manufacturing lines, and schedules, among other functions.
Founded in 2012 as DaPulse Labs by entrepreneurs Roy Man and Eran Zinman, the company changed its name in 2017. That year, Monday.com increased its customer base from 4,000 to 25,000 and tripled its revenue, which added up to $24 million. The company now employs a 100-person team in offices in Tel Aviv and New York. Monday.com’s customers include coworking real estate company WeWork, McDonald’s, and the Carlsberg Group.
In a statement, Monday.com said it will use the funding to scale international operations and further develop its product offerings.