Enterprise startup Monday.com nears $2B valuation in latest funding
Mondays don't always get you down -- happy faces at Monday.com and near double-unicorn valuation
Investors have recognized Monday.com as one of the fastest-growing enterprise startups, with funding of $150 million and -- according to industry sources -- a valuation of more than $1.9 billion.
The Series D funding was led by Sapphire Ventures and included Hamilton Lane, HarbourVest Partners, Ion Asset Management, and Vintage Investment Partners. It is three-times the $50 million raised a year ago, for a total of $238 million.
The project management software company has expanded rapidly over the past year by integrating popular enterprise applications into its project management framework and signing up thousands of new customers.
Monday.com is positioning itself in a strategic place with ambitions to become a type of operating system for the entire enterprise and able to work with all types of enterprise apps.
"We certainly want to be the operations hub for the enterprise. The beauty of our approach is that we work with whatever applications and processes our clients use," said Roy Mann, CEO of Monday.com "We plan to have at least 200 enterprise apps integrated by the end of this year."
With a valuation of nearly $2 billion, Monday.com is growing faster than Asana and Stripe -- two enterprise startup IPO success stories. It now just needs to push its sales over the $100-million mark and show predictable quarterly revenues, and it will be ready for an IPO.
The funding will be used to expand into international markets and additional vertical industries.
Its project management software provides a visual approach to managing all types of projects from simple to complex and scalable from teams of two to several thousand.
The Israeli-based company says it has more than 70,000 users in 200 business verticals, mostly in the US.