In today’s competitive world, workplace collaboration is considered an important aspect of any project, and with the rapid strides being made in the advancement of technology, new tools are coming up, which are making collaboration a breeze.
Sharing documents, making checkpoints, keeping tabs on the work done by your teammates, communicating important information, and much more have become part and parcel of an office worker’s life.
The use of collaborative tools is on the rise, and everyone is on the lookout for a platform that is easy-to-use while still fulfilling these not-so-simple daily requirements.
Monday.com is such a platform, one that has grown exponentially over recent years. Its recent raise of $150-million equity funding points not only to the growing market of a collaborative platform but also focuses on the importance of better team management and communication.
Now, evaluated at a grand $1.98-billion, Monday.com has come a long way from its valuation in the initial days. This staggering growth has been helped by investments from Sapphire Ventures, Hamilton Lane, HarbourVest Partners, ION Crossover Partners, and Vintage Investment Partners.
The company’s growing popularity and its rapid expansion have greatly helped it in riling up investors. From 35,000 clients to more than 80,000 in a year, Monday.com has grown and established a firm footing in the market.
Monday.com is being used not only but technology companies but also by companies that are non-technical in nature.
Their notable clients include Carlsberg, Discovery Channel, Philips, Hulu, WeWork, and a number of Fortune 500 companies. Monday.com has greatly been lauded for their ability to retain customers.
Roy Mann, the CEO who co-founded the company with Eran Zinman, believes that the flexibility that Monday.com platform offers has kept it a favourite among workers.
Monday.com’s rising growth has kept it in track for an IPO offering, and the company is planning to go for an IPO in the near future.
Mann has suggested that he considers that the company has a great potential for growth once it hits the public market, and this round of fundraising might be the last one before they go for an IPO. Although a specific timeline isn’t known, it should be in the near future.
While the company gears up for expansion, the team is working on a free tier to attract more customers. Currently, Monday.com doesn’t offer any free tier. It only has a free trial, after which you need to move to the premium version.
A free version can greatly bolster the presence of a loyal consumer base. Apart from that, the team is planning on expanding its language support, and enhance the integration with third-party software. They have set a bold target of working smoothly with more than a thousand third-party applications by the end of 2020.
Monday.com initially started off in 2010 as an internal tool in the Israeli company Wix.com. In February 2012, it separated from Wix to become a separate company named daPulse.
Having grown at a rapid pace, Monday.com now plans to take on the market through advertising and social media outreach. Monday.com’s rise and growth mark an important milestone for productivity software.
There have quite a few tools on the market aimed at helping workers communicate with each other, as well as to better track projects and help in easing division of work.
However, recent times have seen a shift from standalone tools to consolidated work environments, which provide a platform of using multiple tools simultaneously as well as offers integrations with third party services.
Companies like Airtable (now valued at $1.1-billion) and Notion (valued at $800-million), as well as the broad range of project management tools like Jira, Wrike, and Asana, offer stiff competition in the collaborative environment market.
However, Monday.com plans to try working together with these rivals and provide integrations that could ensure better functionality.
The market for collaborative tools is very vast, and Mann believes that even with this stiff competition, there is space for every company in this market. Each tool present has its own specialized area of work, and this allows them to draw in interested customers.
With that said, Monday.com hopes to make a place for itself as a powerful and efficient platform to get an overview of everything that’s happening, with a lower need for communication through chat and no need for technical knowledge to gain understanding.
Sapphire Ventures has high hopes for Monday.com and believe that Monday.com will revolutionize workspace culture.
With its quality and ease of use, Monday.com is expected to be a commonly used tool in the workplace of tomorrow.
This article is sponsored by Cannibals media.
Featured image: Monday.com via Facebook