Monday.com surpassed $130M ARR before the remote-work boom – TechCrunch
This member of the $100M ARR club keeps surprising
As efforts to flattenthe spread of COVID-19 pushes employees from their offices, remote work is undergoing a surge in popularity.
Well-known remote-work-friendly companies like Zoom haveseen a rise in usage, while Slack has already reported that it issuccessfully convertingnew users into paying customers, which is pushing up its growth rate.
The pandemic is creating economic and social upheaval, but for aspecific cohort of software companiesthat help distributed teams work together, it’s proven useful in business terms. But even before the outbreak of the novel coronavirus, execs from a standout project management company swung by TechCrunch HQ to chat with the Equity crew about their business and growth: Monday.com.
What does an interview withMonday.com’sEran Zinman(co-founder and CTO) andRoy Mann(CEO) have to dowith COVID-19? Well, if remote-productivity-friendly services Slack and Zoom areseeing usage spikes amidst the changes, Monday.com is likely benefiting from similar gains. And during our chat with the company’s brass, the pair told TechCrunch that their company had crossed the $130 million annual recurring revenue (ARR) mark by mid-February. Add in a COVID-19 usage boost and perhaps Monday.com (which doesn’t have a free tier) is seeing its growth accelerate.
Previously, Monday.com announced that it had reached the $120 million ARR mark, and TechCrunch had inducted it into the $100 million ARR clubearlier this year.
Revenue expansion was not our only topic. We also chatted with the pair of execs about customer acquisition costs and how to a run a SaaS business without terrifying burn. The Monday.com crew had more news up their sleeve, like when they expect the unicorn to become cash-flow positive.
We’ve excised a larger-than-usual chunk of the interview for sharing, as there’s a lot to take in:
After the jump, we dig a bit deeper into the obvious IPO candidate
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