Israeli team and project management developer Monday.com has raised $50 million in a series C round of funding led by New York investment fund Stripes Group, with participation of existing investors Insight Venture Partners and Entrée Capital. The company has raised to date $84.1 million.
Co-founded by Roy Mann and Eran Zinman in 2012, Monday.com (formerly named Dapulse) posted a 300% increase in revenue in 2017, making it one of the fastest growing SaaS (software as a service) companies.
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The company tripled its customer base to over 35,000 while adding 130 people to its workforce. Among its customers are Carlsberg, the Discovery Channel, McDonald’s, Uber, and WeWork.
Monday is a team communication, planning, and management tool that lets firms create and assign tasks, plan workloads, make comments, notify teammates, share files, and visualize everything that everyone is currently working on.
Monday.com also announced that it had received a strategic credit line from the investment arm of Bank Leumi, Leumitech. The credit line will allow the company to expand more without diluting ownership shares.
Monday.com has previously raised more than $34 million in outside funding, and with another $50 million in the bank and new credit line it will expedite plans to build the “new generation of workplace collaboration tools,” according to a statement.
Monday.com also launched new tools and features, such as Monday Stories, which is basically a community of Monday.com users where use cases and best practices are shared across businesses. And there’s something called “board views,” which serves as a new way to visualize projects and processes.
A strong competitor Asana recently raised $75 million before going on to launch a new timeline tool that helps companies visualize project tasks. Asana was co-founded by Facebook co-founder Dustin Moskovitz.
Another competing platform Trello was acquired last year for $425 million by software company Atlassian.