Sapphire Ventures headed the new investment, with support from Hamilton Lane, HarbourVest Partners, ION Crossover Partners and Vintage Investment Partners. Monday.com will use the funds to expand internationally, refine localizations and language offerings, and develop more platform integrations to reach its goal of 200 in-platform apps by the year's end.
The fresh capital comes as the startup has nearly tripled revenue in the past year to tens of millions of dollars. Monday.com counts around 80,000 paying teams as customers, including WeWork, Carlsberg and Hulu. Since its founding in 2014, the business has received more than $234 million in total funding.
The market for project management tools has become a hotspot for VC investors, as demonstrated by the high levels of funding received by startups in the sector. Asana brought in a $50 million Series E in November, valuing the San Francisco-based business at $1.5 billion and bringing its total amount of capital raised to over $213 million. And one of the most well-known companies in the sector, Slack, landed a whopping $427 million last August at a $7.1 billion valuation before going public via a direct listing last month. On its first trading day, the messaging platform provider saw its shares close nearly 49% higher than the $26 reference price advised by the NYSE.
Part of Monday.com's success may also be attributed to geography. As one of the most technologically influential hubs in the world and with strong links to the US, Israel has experienced a massive boost in VC activity over the last five years, with nearly 300 companies raising a record €2.4 billion in 2018, per the PitchBook Platform.
So far in 2019, the country has seen investors pour more than €1.7 billion into 123 deals. The largest transaction in Israel this year comes courtesy of Gett, a ridehailing app developer that raised $200 million worth of debt and equity in May. Other noteworthy deals include LiDAR sensor developer Innoviz Technologies' Series C, which closed on a total of $170 million in June.
Featured image courtesy of Monday.com
Related read: Who are Israel's most active VCs?