Israeli startup Monday.com, the developer of software for managing projects in companies and organizations, started a massive round of hundreds of millions of dollars, less than a year after its previous round.
According to Calcalist Monday.com raising $250-300 million at a company value of $2 billion. If Monday completes the round, it is expected to join the $1 billion Israeli Unicorn club. Only recently, the startup Lemonade Insurance joined the club, raising $300 million worth more than $1.5 billion.
Established in 2014 by Roy Mann and Eran Zinman, Monday operates in a software-as-a-service model. Today, many companies operating in this world are receiving high demand from investors, in part because of the transition to the cloud and their ability to show renewed revenues with fixed and significant contracts.
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Mandy.com enables various entities to manage projects, processes and production lines. Universities use research management software, restaurants and hotels to manage work arrangements, and an aircraft manufacturing company uses it in the production process. The product assists in all aspects of the work – from strategic planning to ongoing tasks, including customer management and office operations.
Now the company aspires to transform from an auxiliary software into an independent operating system. To this end, it recently launched automation capabilities to synchronize information from other sources and software into its platform, rather than manually inputting data.
So far, Mondy has raised $84 million, $50 million in the last round in July 2018 at a company value of $ 500 million, and tens of millions of dollars in credit from Leumi Tech.
The reason Mondy.com is embarking on another round of fundraising, shortly after last, is the company’s great success and opportunities in the market. In 50 promising startups, Calcalist reported that Monday finished the year 2017 with revenue of $50 million, and 2018 with more than $100 million.
62,000 companies currently use Mondy’s software, including Uber, WeWork, Carlsberg, McDonald’s and Discovery. The company has 230 employees in Israel and the United States.