Monday.com, the Israeli-founded work project management tool, filed a registration form on Monday with the Securities and Exchange Commission for a proposed initial public offering of its ordinary shares on the Nasdaq Global Select Market under the ticker symbol “MNDY.”
The number of shares to be offered and the price range for the proposed offering have not yet been determined, the company indicated in a statement. According to Renaissance Capital, an SEC-registered investment adviser, Monday.com plans to raise up to $100 million in an initial public offering but could raise up to $500 million.
Founded in 2014, Monday.com created a fully customizable team management platform that offers project management, HR forecasting, marketing planning, event coordination, and task tracking tools. The company says it currently has 125,000 customers across over 200 industries in more than 190 countries. Major clients include Carlsberg, the Discovery Channel, Glossier, Phillips, and Hulu.
Monday.com has teams in Tel Aviv, New York, San Francisco, Miami, Chicago, London, Kiev and Sydney, and has raised over $200 million to date. The company has been backed by Silicon Valley-based venture capital firm Sapphire Ventures, US-based alternative investment management firm Hamilton Lane, Israeli-based Vintage Investment Partners, and New York-based venture capital firm Insight Partners, the company’s largest shareholder.
Monday.com was last valued at $2.7 billion last year, according to Bloomberg.
“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 recently named among 12 Israeli-founded companies in the Forbes Cloud 100 list, and among 100 tech challengers that have grown into powerful forces in 2020 by US management consulting firm Boston Consulting Group (BCG).