Monday.com Co-Founders & CEO’s Roy Mann and Eran Zinman (Company pic)
Monday.com, an Israeli firm that offers a software platform that empowers teams to manage all their work in one place, has crossed a major financial hurdle by reaching $1 billion in annual recurring revenue (ARR). This milestone comes just ten years after launching their Work OS and eight years after achieving $1 million in ARR.
Founded in 2012, the Tel Aviv based Monday.Com specializes in project management, team management, SaaS, communication, production tracking, team collaboration, and work management. The company offers a team management platform. Monday.com is a cloud-based platform designed to help teams work together more efficiently. It’s essentially a Work OS, which means it provides the tools you need to create custom applications and project management software tailored to your specific needs.
“In 2014, we set out to disrupt traditional work software, and over the last decade, we’ve built a product that has become the core platform for companies worldwide,” says Roy Mann, co-founder and co-CEO at monday.com. “Hitting $1 billion in ARR is an exciting milestone on our journey to take on the immense opportunity in the work software industry. We believe software can be both a platform that people love and an effective way to solve core business challenges in a scalable and robust way. We wouldn’t have achieved this without our dedicated monday.com team, partners, and customers.”
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Launched in 2014, the monday.com Work OS is a no-code, low-code open platform that allows customers, teams, and enterprises to create and shape the tools they need to pave the way for their business success. In the past, companies had very limited options – rigid off-the-shelf point solutions typically designed for small to medium businesses that couldn’t scale or complex enterprise software with massive implementation and maintenance costs.
Monday.com went public in June 2021 with an issue of 3.7 million shares and a raise of $574 million. At the time, shares sold for $155 each, much higher than the originally announced price range of $125 to $140. The company currently has a $9 billion valuation.
“Achieving $1 billion in ARR is a testament to the value we provide for our customers, and we’re committed to continuous evolution to ensure monday.com remains an industry leader,” says Eran Zinman, co-founder and co-CEO at monday.com. “We take pride in how we’ve built our product, our agility, and continued strategic investments in our infrastructure, as demonstrated by the release of mondayDB – all allowing us to adapt to our customers’ evolving needs. Our transition from a single product to a multi-product company, coupled with expansion into mid-market and enterprise markets, lays the foundation for future growth and expansion of our offering.”
