It may be Tuesday, but the day’s biggest tech news is actually all about monday.com. Today, the NYC and Tel Aviv-based workflow platform provider announced it has raised $150 million in Series D funding, bringing the company’s funding total to more than $234 million.
Co-founder and CTO Eran Zinman explained that the funds will be used to expand both the company’s international presence, as well as the platform’s capabilities:
“We plan to use this new funding to continue growing the company and scaling international operations so that as many people can experience monday.com as possible,” he told Built In. “We will develop further platform integrations, and continue to refine localizations and language offerings. This new round of funding allows us to accomplish all of these goals and we’re excited to start implementing them in the near future.”
We plan to use this new funding to continue growing the company and scaling international operations.”
Zinman founded monday.com in Tel Aviv back in 2012 alongside CEO Roy Mann. Following years of rapid growth, the company has firmly established itself in the workflow tool space. WeWork and Discovery are among the 70,000 companies (many of them in the Fortune 500) that rely on monday.com’s customizable task management hub that also includes hundreds of integrations such as Salesforce and Mailchimp.
Monday.com’s employee headcount has grown just as quickly as its clientele base, with nearly 300 employees working around the world. While such rapid scaling is capable of introducing a whole host of problems, Zinman told Built In that monday.com has relied heavily on its own tools to adapt to its newfound scale:
We try to operate with the same values today at nearly 300 employees, as did when we were a team of 30.”
“We try to operate with the same values today at nearly 300 employees, as did when we were a team of 30,” he said. “Using our own platform is actually a huge help with that. The concept for monday.com came from trying to solve our own challenges of connecting the marketing team to the development team, the design team to the product team, the operations team to the management team, and so on and so on.”
He continued: “When everyone has insight into broader company operations and goals, each employee understands how their part impacts the greater outcome. We will continue to employ this model as we grow across multiple offices on different continents.”
Today’s funding was led by Silicon Valley-based VC firm, Sapphire Ventures. Hamilton Lane, HarbourVest Partners, ION Crossover Partners and Vintage Investment Partners also participated in the funding. The news comes roughly a year after the company’s $50 million Series C round, raised in July 2018.
