Monday.com raises $50 million to build the “next generation” team collaboration tools

Monday.com, the team and project management tool formerly known as Dapulse, has raised $50 million in a series C round of funding led by Stripes Group, with participation from Insight Venture Partners and Entrée Capital.

Founded out of Tel Aviv in 2012, Monday.com is an all-in-one team communication, planning, and management tool that lets you create and assign tasks, plan workloads, make comments, notify teammates, share files, and visualize everything that everyone is currently working on.

Above: Monday.: Visual timeline

Alongside its funding news today, Monday.com also lifted the lid on a handful of new tools and features, such as Monday Stories, which is basically a community of Monday.com users where use cases and best practices are shared across businesses. And there’s something called “board views,” which serves as a new way to visualize projects and processes.

Above: Monday.com: Board view

Monday.com isn’t alone in trying to enhance workers’ productivity through team planning tools. Asana, which was cocreated by Facebook cofounder Dustin Moskovitz, recently raised $75 million before going on to launch a new timeline tool that helps companies visualize project tasks, similar to what Monday.com offers.

Elsewhere, Atlassian snapped up competing platform Trello last year for $425 million.

What’s in a name?

At its previous $25 million series B raise back in early 2017, the company was still called Dapulse, but later in the year it rebranded to avoid the distractions that its original branding apparently caused. In a self-deprecating video announcing the name change, employees read out tweets posted by the public that questioned the meaning of the company’s name. “Dapulse, really? Wat, we rappers now?” is one such hilarious message.

The company has previously raised more than $34 million in outside funding, and with another $50 million in the bank it will expedite plans to build the “new generation of workplace collaboration tools,” according to a statement.

“We are determined to bring the quality and ease of use typically reserved for consumer products to the enterprise,” said Monday.com cofounder and CEO Roy Mann. “To effectively change how teams work, they must actually love the tools they use, and that is our goal in building Monday.com.”

Monday.com said it tripled its revenues over the past year, reaching into the “tens of millions of dollars,” while also tripling its customer base to 35,000 companies, with big-name clients including Carlsberg, Discovery Channel, McDonald’s, and WeWork.