Tel Aviv-based team management and productivity startup Monday.com Labs Ltd. is in the process of raising a new round of approximately $250-300 million at a company valuation of $2 billion, two people familiar with the matter told Calcalist on condition of anonymity.
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In July 2018, the company raised a $50 million funding round led by New York-based growth equity firm Stripes Group LLC, bringing its total equity raised to date to $84 million. The same month the company also received a credit line of tens of millions of dollars from LeumiTech, the technology banking arm of Israeli Bank Leumi.
Monday.com develops and markets a team management platform for organizations and businesses such as academic institutions, manufacturing companies, and the hospitality industry. Customers can use Monday.com’s platform to manage and track projects, manufacturing lines, and schedules.
Founded in 2012 as DaPulse Labs by entrepreneurs Roy Man and Eran Zinman, the company changed its name in 2017. Monday.com now employs some 230 employees in offices in Tel Aviv and the U.S. Monday.com’s customers include coworking real estate company the We Company (formerly WeWork), McDonald’s, website building company Wix.com Ltd., and the Carlsberg Group. Approximately 62,000 organizations use the company’s platform, according to the company.
The company reported $50 million in annual revenues in 2018 and forecasts it will surpass $100 million in annual revenues in 2019.