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The more that we digitise our interactions with work colleagues, the more we will need tools to help handle that process more smoothly. Today, Monday.com — one of the wave of startups that works in the larger category of workplace collaboration tools — is announcing a significant growth round that speaks to this demand. The company (formerly known as Dapulse when it was founded in Tel Aviv) has raised $50 million that sources close to the company tell me was made at a pre-money valuation of $500 million.
Monday.com has only raised $84.1 million since 2014, and its big valuation boost is down to its strong growth. It currently has 35,000 businesses and organisations as paying customers (no freemium tier as with Slack: simply a short free trial before you pay), with the list featuring many illustrious, big business names such as Carlsberg Group, Discovery Channel, McDonalds, and WeWork.
Company - Investors - Series - C - Round
Equally impressive are the company’s investors: this Series C round was led by Stripes — the firm that has backed a number of big tech startups including Blue Apron, Udemy and Refinery29 — along with participation from previous investors Insight Venture Partners and Entrée Capital. LeumiTech, part of Israel’s Leumi Bank, has also extended a line of credit to the company to help with growth. The equity funding is coming in at $20 million, with the credit accounting for the remaining $30 million.
Startups/products like Slack and Yammer have most definitely put the concept of workplace collaboration on the map as something that can be useful and well used in an office environment, a significant thing, since one of the big issues with a lot of enterprise software is simply getting people to — at best — actually engage with it and — at worst — not just develop longstanding grudges against it.
Roy - Mann
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