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monday.com Raises $50 Million to Accelerate Building the New Generation of Workplace Collaboration T

Israeli company monday.com, the team management platform on a mission to connect people to workplace processes, announced it raised a $50 million Series C round, bringing total funding to $84.1 million. New York-based growth equity firm, Stripes Group, led the round with participation from existing Series A and B investors, Insight Venture Partners and Entrée Capital.

As monday.com continues along its rapid growth trajectory, the company also secured a strategic line of credit from LeumiTech, the technology banking arm of Bank Leumi, providing the company with additional non-dilutive capital to scale. 

Launched in 2014 with offices in Tel Aviv and New York, monday.com is simple and flexible enough to meet the needs of just two people working together, as well as vastly complex workplace operations of thousands, spanning different departments and time zones. The product’s intuitive design, uniquely flexible structure and exceptional scalability has driven widespread appeal across over 200 business verticals, from tech-savvy to non-tech-savvy alike. Active paying customers include Carlsberg Group, Discovery Channel, McDonalds, and WeWork, among over 35,000 others. “We are determined to bring the quality and ease of use typically reserved for consumer products to the enterprise,” says Roy Mann, co-founder and CEO at monday.com. “To effectively change how teams work, they must actually love the tools they use, and that is our goal in building monday.com. We continue to see incredible results from the change the platform inspires in the workplace and the widespread cross team adoption as a result. We’re delighted to bring on a new partner in Stripes Group to blaze this path together.” In the last year, the fast-growing company tripled revenue into the tens of millions of dollars, tripled its customer base to more than 35,000 paying teams worldwide, and more than doubled overall headcount to 130. The new funding will be used to accelerate monday.com’s ambitious growth strategy, scale international operations, develop further product integrations, and continue to refine vertical-specific customization. “We are thrilled to be partnering with Roy, Eran, and the rest of the monday.com team in their mission to transform the way people work together,” said Ken Fox, Founder and Managing Partner of Stripes Group. “monday.com’s broad applicability across use cases, verticals, and geographies position it well to be the next truly horizontal platform for the enterprise.” In conjunction with the closing of this Series C round, monday.com is launching three transformational new product offerings today that will further expand the platform’s ability to manage the core of any business and eliminate silos in the workplace. The new features will enable users to further customize the perfect workflow for their team without an arduous development process. 

#Fundraising #Israel #startup

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