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Monday.com files publicly for U.S. IPO, reveals $39 million net loss in Q1 2021

Monday.com files publicly for U.S. IPO, reveals $39 million net loss in Q1 2021

The Israeli team management startup didn't disclose how many shares it plans to list and at what price, but previous estimates have placed its value at around $4 billion

CTech and Reuters | 21:30  17.05.2021
Israeli team management startup Monday.com Labs Ltd. announced on Monday that it has filed a Form F-1 with the Securities and Exchange Commission (SEC) relating to its proposed initial public offering on Nasdaq.

The company didn't disclose how many shares it plans to list and at what price, but revealed that it plans to use the ticker symbol "MNDY". Previous estimates have placed the company's valuation at around $4 billion, with Calcalist revealing back in October of last year Monday's plans of going public.

The Tel-Aviv-based company has developed a centralized hub for all work processes ranging from project management to tracking tasks, projecting sales and event coordination. It was launched in 2014 and is led by co-Chief Executive Officers Roy Mann and Eran Zinman.

Monday.com co-founders Eran Zinman (right) and Roy Mann. Photo: Courtesy Monday.com co-founders Eran Zinman (right) and Roy Mann. Photo: Courtesy Monday.com co-founders Eran Zinman (right) and Roy Mann. Photo: Courtesy

The company’s revenue rose 85% to $59 million in the three months ending March 31, its filing showed. Net loss, however, widened to $39 million from $19.9 million in the same period.

Global-e Online Ltd, an Israel-based provider of cross-border e-commerce platform, debuted on Nasdaq last week, closing 7% above its IPO price on Friday.

Goldman Sachs, J.P. Morgan, Allen & Co and Jefferies are among the underwriters for Monday.com’s IPO.

Founded in 2012, Monday has raised $234 million to date, from investors including Sapphire Ventures, Hamilton Lane, HarbourVest Partners, Ion Asset Management, Vintage Investment Partners, Stripes Group, Insight Partners and Entrée Capital. According to the company, it has over 127,000 paying clients in around 200 business verticals.

The company said it employed 799 people as of the end of March, an increase of 199 from January 2019.

Monday's biggest shareholder is U.S. fund Insight Partners, which holds 42.7% of its shares. Sonnipe, part of Entrée Capital, and the company's first major investor, holds a 12.4% stake. Mann has a 15.3% stake, while Zinman holds 5.6% of the shares. Wix founder and CEO Avishai Abrahami owns 4% of the company's shares.
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