Workplace collaboration platform Monday.com has announced it has raised $150 million in Series D funding, led by its new investment partner, Sapphire Ventures.
The company said it is going to use the funding to expand its platform, adding more features and functionalities. Hamilton Lane, HarbourVest Partners, ION Crossover Partners and Vintage Investment Partners also participated in the round, with sources telling TechCrunch that it brings Monday.com’s valuation to $1.9 billion, or nearly four times its valuation when it last raised money a year ago.
The company currently has 80,000 organizations as customers, up from 35,000 a year ago. Its clients span some 200 industry verticals, including Carlsberg, Discovery Channel, Philips, Hulu and WeWork and a number of Fortune 500 companies.
“We have built flexibility into the platform,” said Roy Mann, the CEO who co-founded the company with Eran Zinman. He added that the company is on track to go public in the near future.
“An IPO is something that we are considering for the future,” he said. “We are just at 1 percent of our potential, and we’re in a position for huge growth.”
While Mann wouldn’t give a specific time for an IPO, he did say this latest round could be the last one before a public listing.
In the meantime, the company has plans for a free usage tier, an expansion into other areas and languages, and continuing to develop the integration and automation technology that underpins the product. The goals is to have 200 applications working with Monday.com by the end of this year.
“We’re so excited to be part of a new category of software tools that’s emerging and demanding people expect more from their software. As the market mindset shifts from traditional “problem-based” software, to a “platform-based” approach, the old enterprise tools just aren’t cutting it anymore. From the very foundation of monday.com, our boards, to our newest automation and integration features, the experience is yours to create. Together with our new partners and our new funding, we’re working towards our mission and bringing the platform to even more teams around the world. As per always, we thank you so very much for being along for the ride and we can’t wait to see where this journey takes us,” the company said in a statement.