Workplace management firm files for Nasdaq IPO

In SEC filing on Monday, Tel Aviv-based startup says annual revenue in 2020 totaled $616.1 million, up 106% from previous year

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

The team, June 2020 (Shlomi Yossef)
The team, June 2020 (Shlomi Yossef)

Israel’s, the developer of a workplace collaboration and management platform, has made public its plan to list shares in an initial public offering on the Nasdaq in the US.

The company did not disclose how many shares it plans to sell, and at what price, but previous press reports have indicated that the firm is seeking an IPO valuation of at least $3.5 to $4 billion. The shares will be traded under the symbol MNDY.

According to a Bloomberg report in May, the firm saw its valuation jump from $1.9 billion to $2.7 billion during the pandemic, as employees who moved toward working from home due to the COVID-19 pandemic turned to the firm’s platform to help maintain productivity, ensure accountability and avoid communication breakdowns.

In a prospectus with the US Securities and Exchange Commission filed on May 17, the firm said that as of end March 2021, it served 127,974 customers in 200 industries in more than 190 countries.

An illustration of the software of in action (YouTube screenshot)

The cloud-based software developed by the company provides customers with “modular building blocks” that allows them to create their own applications and work management tools.

Customers typically use the software to build business-critical applications, build work management tools and act as a connective layer to form a unified workplace and integrate applications used across the organization, the filing said.

Since the launch of its product in 2014, has “experienced rapid growth,” the filing said. Annual revenue totaled $616.1 million in December 2020, up 106% from 2019. First quarter revenue surged 85% to $59 million.

The firm, however, is still losing money. Net loss in 2020 widened to $152.2 million from $91.6 million in 2019, and to $39 million in the first quarter of the year compared to some $20 million in the same quarter a year earlier. Operating expenses in 2020 surged to $289.2 million from some $159 million in 2019.

“We believe we are at the center of generational shifts in technology and the way people work that create significant opportunities for our business,” the filing said.

These include more and more organizations digitizing their processes; work is more distributed across geographical areas and more reliant on software, and a greater number of repetitive job functions are becoming automated.

Customers come from a variety of sectors including healthcare, consumer goods, software, broadcasting, real estate, transportation, and retail and commerce, and include Universal Music Group, Bayer AG, Mars, Inc, BBC Studios and Nielsen.

The company said it plans to use proceeds from the offering to boost operations and acquire or invest in businesses.

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

The history of net losses, with the anticipation of increased operating expenses in the future, are among the risk factors mentioned by the firm, along with the fact that the company has “limited operating history” at the current scale, which makes it difficult to predict revenue and evaluate business and future prospects. The company also said that competition for highly qualified personnel was “intense,” especially for engineers, and an inability to attract and retain highly skilled employees could harm the business.

In addition, the filing said, the markets the firm operates in “are extremely competitive, fragmented and subject to rapidly changing technology, shifting user and customer needs, new market entrants and frequent introductions of new products and services. Moreover, we expect competition to increase in the future both from our existing competitors and from new market entrants.”

The Tel Aviv-based company employed 799 workers as of the end of March. It was founded in 2012 by Roy Mann and Eran Zinman. has raised some $234.1 million to date. Investors include Silicon Valley-based VC fund Sapphire Ventures, Hamilton Lane, HarbourVest Partners, ION Crossover Partners, Vintage Investment Partners, Genesis Partners and Entrée Capital, Israeli VCs.

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