Israel’s Monday.com said Tuesday it raised $150 million in a late-stage financing round that sources close to the work management platform startup said valued the company at $1.9 billion.
That would put Monday.com into the rarefied universe of unicorns, startup companies that are worth more than $1 billion.
Another Israel-related startup, Compass, meanwhile, announced it had raised $370 million. It became a unicorn long before Tuesday, but sources said the latest round was at a sharply increased valuation from $4.4 billion a year ago to $6.4 billion.
With offices in Tel Aviv and New York and 260 employees, Monday.com is a centralized hub for enterprise work processes ranging from project management to tracking tasks, projecting sales and event coordination.
Monday.com’s customers include Carlsberg, Discovery Channel, WeWork and Hulu. The latest round brings the total capital it has raised to $234.1 million since it was formed in 2014 by Roy Mann and Eran Zinman. The Silicon Valley-based venture capital firm Sapphire Ventures led the financing round with participation from Hamilton Lane, HarbourVest Partners, ION Crossover Partners and Vintage Investment Partners.
Most of the capital raised will remain within the company as against buying shares from existing investors, Zinman said. The new funding will be used to accelerate growth, expand international operations and develop more platform integrations, he added. Its payroll will grow to 300 employees by the end of the year, Zinman said.
In the last year, the company said it has nearly tripled its revenue into the tens of millions of dollars and doubled its customer base to more than 80,000 paying teams. It recently launched its service in German, French and Portuguese.
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Meanwhile, Compass, a New York-based real estate platform cofounded by Israeli Ori Allon, said its latest fundraising round came from previous investors - Canada Pension Plan Investment Board, Dragoneer Investment Group and SoftBank Vision Fund.
Compass’ platform helps home buyers, sellers and renters find properties throughout the United States, and provides data and analytics to agents. More than serving as an online marketplace, Compass helps users with pricing, timing sales and how to position the property to make it more attractive.
Allon, who had been director of engineering at Twitter’s New York office, founded the company with Robert Reffkin, a former Goldman Sachs executive, in 2012 as Urban Compass. They are chairman and CEO, respectively. Compass has raised $1.5 billion to date.
The company employs 15,000 people, 12,000 them agents employed directly by the company. It has 300 engineers and works in 200 U.S. cities and 24 countries out of headquarters in New York. It has no research and development or sales operations in Israel.
TechCrunch, the high-tech news site, said Compass was eyeing an inital public offering within the next 24 months.