monday.com was founded in 2012 by Roy Mann, Eran Kampf, and Eran Zinman in Tel Aviv, Israel. The company originated as an internal tool at Wix.com, the website builder, where the founders worked. They developed the tool to address communication and transparency challenges as Wix scaled rapidly.
Recognizing the broader potential of their solution, the founders spun off the tool as a separate startup in 2012 under the name Dapulse, with Wix becoming their first customer. The company raised $1.5 million in seed funding in 2012 and commercially launched the product in 2014.
Dapulse experienced rapid growth through the mid-2010s, raising successive funding rounds: $7.6 million in Series A (2016), $25 million in Series B (2017), and $50 million in Series C (2018). In November 2017, the company rebranded from Dapulse to monday.com, a name chosen to evoke the start of the work week.
In July 2019, monday.com raised $150 million in Series D funding at a $1.9 billion valuation, achieving unicorn status. The company raised an additional $150 million in July 2020 at a $2.7 billion valuation.
monday.com went public on NASDAQ on June 10, 2021, raising over $500 million in its IPO at a valuation of approximately $6.8 billion. The IPO was one of the largest Israeli technology IPOs at the time.
Following its IPO, monday.com expanded its platform beyond project management into a broader Work OS, launching monday Sales CRM, monday Dev (software development management), and monday Service (IT service management). The company also made acquisitions to expand its capabilities.
For fiscal year 2024, monday.com reported revenue of approximately $1.07 billion, representing approximately 32% year-over-year growth, and surpassed $1 billion in annual revenue for the first time.