Project management platform Monday.com, formerly known as DaPulse, has raised a $50 million Series C. The round is led by Stripes Group, with prior investors Entree Capital and Insight Venture Partners also making an appearance. The round brings total known funding for the startup to $84.1 million, according to Crunchbase.
The Israel-based startup, which also has offices in New York, faces stiff competition in the project management and to-do app space. However, it seems to have found a sweet spot in the industry. Monday.com counts 35,000 teams as subscribers, including WeWork, McDonald’s, and the Discovery Channel, as noted on its press release.
Of course, when raising from VCs, growth is the goal. Monday.com is using its latest round to bolster its product offerings, increase its international presence, and create solutions for specific industries like real estate and construction. In pursuit of those goals, the company has launched remarketing campaigns on social media platforms, a customer acquisition strategy that Monday.com’s co-founder and CEO Roy Mann described as a “greenfield opportunity.”
The round also serves as an announcement of new features. Monday.com is launching a community for users to share how they get the most out of the platform. More tactically, it is also introducing new functionality, such as time tracking, through an app store-like experience called column center. Eran Zinman, Monday.com’s CTO, told Crunchbase News it might expand the column center the third-party developers. The startup is also launching board views, which will let teams turn their spreadsheet-like boards into more visual formats, such as a calendar.
However, Mann noted that the two startups are following divergent paths despite the similarities. Instead of focusing on being a database or replacing excel, Monday.com aims to facilitate effective communication and team transparency. Now it has a good sum of money to put behind that effort.