Monday is our New Favorite Day: Why monday.com and Sapphire Chose to Partner
We’re excited to lead monday.com’s Series D financing round and work with Roy Mann, Eran Zinman and the rest of the very special team on building the next generational SaaS business. We thought we’d take a moment to share why both Sapphire Ventures and monday.com are excited to be working together.
Why is Sapphire Ventures partnering with monday.com?
We’ve known Roy and Eran for many years now and ultimately chose to partner with them on this journey for a few reasons:
- First, execution. Roy and Eran shared with us their ambitious financial plan and product roadmap two years ago and, given how much they wanted to do in such a short time, we had a hard time believing it! Fast forward two years and they, together with the broader monday.com team, have executed to the precise goals set out during our first conversation.
- Second, product. Even more remarkable than the ARR growth and the capital efficiency of the overall business has been the significant product advancements in what we think could be one of the largest software application markets today. Even though we’re later stage investors, we moonlight as product managers and we marveled at how the monday.com team’s consumer DNA built a product that uniquely combines best-in-class design and ease-of-use with the flexibility and power of large-scale enterprise applications. While monday.com may be considered a best-in-class team management application, we see it as more of a platform that – through automations and integrations enabled via a natural language interface – can power a multitude of business processes and applications to improve productivity across any organization. And because a significant portion of these business processes are not standardized, they happen through email and spreadsheets – which indicates a simply gigantic market opportunity.
- Three, the people. Sapphire Ventures has made numerous investments in Israel including the likes of JFrog and Kaltura. We’ve visited Roy, Eran, Lior and the rest of the team multiple times and felt an unparalleled level of energy, commitment, and consistency across every individual in the organization that is unique to the most generational companies we’ve partnered with over the years.
Why is monday.com partnering with Sapphire Ventures?
Roy Mann and Erin Zinman
We are really excited to partner with Sapphire Ventures on our Series D round for a few reasons. Above all, the team truly understood our product and our vision. We had amazing conversations with them about the things we can achieve together and the different places we can expand our platform to. Although they carefully evaluated our metrics and performance, they cared most about the product, and maintained that the product lead to our continued success.
Sapphire recognizes the huge opportunity we have to build a tech giant, as they have tremendous knowledge in our market. They have an amazing portfolio of other SaaS companies across a variety of dimensions with experience in being the best of the best. Sapphire offers us great support as we continue to target large enterprises and we are deeply aligned in our vision of growing monday.com into a central hub for work and the main operating system for any company.
More than anything, and what we value most in an investment partner, is that we connected to the people – Nino Marakovic, Rajeev Dham, Rami Branitzky, and the rest of the team. Having them visit our office in Tel Aviv on two occasions made it possible to see that there is genuine chemistry between us. This extra special effort was truly appreciated and we’re so excited to continue this journey together.
We’re thrilled to match their infectious enthusiasm to build a true Company of Consequence.
Disclaimer: Nothing presented within this article is intended to constitute investment advice, and under no circumstances should any information provided herein be used or considered as an offer to sell or a solicitation of an offer to buy an interest in any investment fund managed by Sapphire Ventures. Information provided reflects Sapphire Ventures’ views as of a time, whereby such views are subject to change at any point and Sapphire Ventures shall not be obligated to provide notice of any change. Companies mentioned in this article are a representative sample of portfolio companies in which Sapphire Ventures has invested in which the author believes such companies fit the objective criteria stated in commentary, which do not reflect all investments made by Sapphire. A complete alphabetical list of Sapphire’s investments made by its direct growth investing funds is available here. No assumptions should be made that investments listed above were or will be profitable. Due to various risks and uncertainties, actual events, results or the actual experience may differ materially from those reflected or contemplated in these statements. Nothing contained in this article may be relied upon as a guarantee or assurance as to the future success of any particular company. Past performance is not indicative of future results.