Israel’s Monday.com gets $6.8 bn tag; Pulsenmore floats Tel Aviv IPO

 Israel’s Monday.com gets $6.8 bn tag; Pulsenmore floats Tel Aviv IPO

Tel-Aviv based work management company monday.com will begin trading on the Nasdaq stock exchange at a valuation of $6.8 billion after floating the biggest initial public offering by any Israeli-origin company till date.

The company had filed for a listing on the Nasdaq last month and raised $574 million via the IPO. Its shares, which have been priced at $155, will begin trading Thursday.

The company was started in 2014 and is led by co-CEOs Roy Mann and Eran Zinman. It offers a centralized platform for project management, sales projections, HR functions, event coordination and other work processes.

The software-as-a-service company counts Sapphire Ventures, Hamilton Lane, HarbourVest Partners, ION Crossover Partners and Vintage Investment Partners among its investors.

It had raised $150 million in a Series D round in 2019 at a valuation of $1.9 billion. The company’s valuation jumped thereafter, thanks in part to remote working in the wake of the coronavirus pandemic.

In May last year, Bloomberg News reported that monday.com was valued at $2.7 billion. A few months later, Israeli media reports said it was likely targeting a valuation of as much as $4 billion.

Pulsenmore IPO

Israeli home ultrasound startup Pulsenmore has raised $40 million via an IPO on the Tel Aviv Stock Exchange (TASE).  The listing values the company at $190 million pre-money.

The company was founded in 2015 by Elazar Sonnenschein, who was also the founder of Medigus, which had developed a treatment for gastroesophageal reflux disease.

The last time Pulsenmore raised money was in March 2020, when it snagged $30 million.

Pulsenmore has developed a product that helps curb the necessity to visit a hospital emergency during pregnancies, when movements of the foetus cannot be detected.

The Capital Quest