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Israel workplace management startup monday.com reportedly seeks Nasdaq IPO

Tel Aviv-based company hopes for valuation of at least $3.5 billion to $4 billion, after coronavirus pandemic led to a boost of activity as firms look for work from home solutions

Shoshanna Solomon is The Times of Israel's Startups and Business reporter

The monday.com team, June 2020 (Shlomi Yossef)
The monday.com team, June 2020 (Shlomi Yossef)

Israeli startup monday.com, which has created a workplace collaboration and management platform, is planning an initial public offering of shares on the Nasdaq stock exchange in the first half of 2021, at a valuation of at least $3.5 billion to $4 billion, Calcalist reported on Wednesday.

The firm has requested international investment banks to set up meetings on the plan in November, the report said, though the board of directors hasn’t yet made a final decision on the matter.

With COVID-19 scattering employees to their respective homes, monday.com has seen a boost in activity as working teams try to maintain productivity, ensure accountability and avoid communication breakdowns.

The company has more than 100,000 paying customers across the world and, according to a Bloomberg report in May, saw its valuation jump from $1.9 billion to $2.7 billion during the pandemic.

The firm is expected to post revenues of some $250 million this year, Calcalist said, and by year’s end it is expecting to have over 700 workers, from some 600 today. In 2019 revenues came in at $120 million, and in 2018 they totaled $50 million.

Roy Mann, left and Eran Zinman, the co-founders of monday.com (Shlomi Yossef)

The Tel Aviv-based company was founded in 2012 by Roy Mann and Eran Zinman. The firm’s software enables users to manage all of their work tasks from one centralized hub, including project management, marketing campaigns, customer and sales management projects.

Carlsberg, Discovery Channel, Philips and WeWork are among the company’s customers, the firm said last year.

The startup, which also has offices in New York, has raised some $234 million to date. Investors include Silicon Valley-based VC fund Sapphire Ventures, Hamilton Lane, HarbourVest Partners, ION Crossover Partners, Vintage Investment Partners, and Genesis Partners, an Israeli VC.

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