Israeli project management firm Monday.com says it is aiming for a valuation of more than $6 billion in its US initial public offering (IPO), according to a regulatory filing with the Securities and Exchange Commission on Tuesday.
The Israeli-founded company is raising up to $518 million with shares at a range of about $125 to $140 per share.
The filing reveals that the investment arm of US cloud-based software giant Salesforce and Zoom Video Communications have signed agreements to buy Monday.com shares worth $75 million of the company’s ordinary shares in a private placement.
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 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).