- Daily Zen
Tel Aviv-based work management company monday.com plans to make a blockbuster debut on the NASDAQ this year.
The COVID-19 crisis has spurred triumphant success for many remote working startups across the globe. Among these is an Israeli work management company monday.com that plans to make a grand debut on the NASDAQ.
The company, with backers including Silicon Valley-based venture capital firm Sapphire Ventures and US-based investment manager Hamilton Lane, Israeli-based Vintage Investment Partners, and New York-based venture capital firm Insight Partners, plans to sell 3.7 million shares for $125 to $140 apiece, raising up to about $518 million.
Salesforce’s investment arm and Zoom have each agreed to buy $75 million of the work management company’s shares in a private placement, the company said.
monday.com was valued at $2.7 billion in its most recent funding round, according to Bloomberg News.
According to Renaissance Capital, an SEC-registered investment advisor, monday.com plans to raise up to $100 million in its IPO but could easily raise up to $500 million.
Founded in 2014, monday.com is co-led by Roy Mann and Eran Zinmann. The startup creates a fully customizable team management platform that handles work processes ranging from project management and tracking tasks to event coordination and projecting sales.
The startup has 125,000 customers across over 200 industries in more than 190 countries. Its client roster is filled with bigwigs including Phillips, Carlsberg, the Discovery Channel, Glossier and Hulu.
“We see the future of software in the workplace as a seamless connection of cloud-based tools and our goal in building monday.com is to create the best platform we can to serve as the hub for those tools,” said Roy Mann, CEO and co-founder of Monday.com, in 2019 after the company raised a $150 million Series D round.
monday.com was listed among the 12 Israeli-founded companies in Forbes Cloud 100, and among 100 tech challengers in 2020 by Boston Consulting Group.
Allen & Co and Jefferies, JP Morgan and Goldman Sachs are among the underwriters for Monday.com’s IPO plans. It will list on NASDAQ under the “MNDY” ticker.