September 17, 2021

Online Israel News

Online Israel News and Updates

Monday.com Files for IPO with the SEC

2 min read

In recent news, Monday.com, a team management software provider based in Israel, has made a confidential filing with the US Securities and Exchange Commission for its Initial Public Offering (IPO) on Wall Street. According to sources, Monday.com has joined hands with the Goldman Sachs Group to receive assistance with the listing. 

Someone familiar with the matter revealed that the IPO is being planned to take place in the current quarter of this year. However, the timings chosen by Monday.com are not final yet and several details of the listing could potentially change. 

As of now, Goldman Sachs and Monday.com have declined to provide any comment on the matter. 

The team management software provider was founded back in the year 2012 by two people. The co-CEOs, Eran Zinman and Roy Mann worked hard on Monday.com and their determination bore fruit when the ‘Globes’ chose it as its most promising startup in the year 2017. 

Moreover, the coronavirus crisis has provided a vital boost to the team management platform of the company. Remote working, as well, has allowed the company to raise its valuation from $1.9 billion to $2.7 billion in the previous year. This especially increased soon after Monday.com decided to pull in $150 million through a financing round in the year 2019. 

The Israeli company has offices located in New York and Tel Aviv amongst others. It has managed to raise $234 million by appealing to investors, such as Entrée Capital, ION Crossover Partners, Sapphire Ventures, Vintage Investment Partners, and HarbourVest Partners. 

In other news, Fiverr International, an Israel-based freelance platform developer, has recorded a revenue of $683 million that it earned in the first quarter of this year. This comes as good news as the new figure is up by 100% of the earnings in the corresponding quarter of the previous year.

The GAAP net loss recorded in the first quarter of the year was $17.8 million, with each share going for $0.49. This was a significant change, as compared to the first quarter of the previous year when each share was going for $0.19, and the loss recorded was $6.2 million.

On the other hand, the Non-GAAP net loss recorded at the end of March in 2020 was $2.6 million, when each share was going for $0.08. However, by the end of the first quarter of 2021, the net loss recorded was $300,000 and each share had been valued at $0.01. 

Micha Kaufman, the CEO, and co-founder of Fiverr stated that the country is focusing on capitalizing on the digital transformation that the world is going through on account of the coronavirus pandemic. He expressed joy at the fact that the company delivered one of the strongest quarters in its history and presented impressive results overall. 

Kaufman went on to assure that the business momentum of Fiverr is as resilient and strong as ever. He added that the leading companies operating in this new world are receiving assistance from the platform, as it scales at accelerating levels. 

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