Monday to Lease 15-Floor Space in Tel Aviv for $580,000 Per Month

Tel Aviv-based team management startup Monday.com Labs Ltd. has signed a lease for a 15-floor, 19,000-square-meter office space in Tel Aviv for NIS 2 million (approximately $580,000) per month, according to two people familiar with the matter who spoke with Calcalist on condition of anonymity. Monday is set to move into the new space in the first half of 2021.

The company will lease the top 15 floors of a 34-floor building currently being built by real estate management company Rubinstein Co., the people said. The lease was signed for a period of ten years, they said. Monday.com intends to house its research and development center and its entire business operation into the newly leased space. The company’s current team is expected to take up nine floors, and the new lease reflects Monday.com’s intention to grow its team, the people said.

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. Approximately 80,000 organizations use the company’s platform, according to company statements, including McDonald’s, streaming company Hulu LLC, website building company Wix.com Ltd., and Danish brewery the Carlsberg Group.

In July, Monday.com raised a $150 million series D funding round at a company valuation of $1.9 billion. The latest round brought Monday.com’s total funding to date to $234 million.