A hot tech startup from Israel has initiated actions for a listing on the US public markets. That startup is Monday.com, a project management and collaboration tool for enterprises.

• Monday.com has filed an F-1 document with the US SEC as required for foreign companies looking to list on the US markets. As expected, the F-1 provides great insight into the company’s business with information not publicly known before.

• We’ve written up on important bits from Monday.com’s F-1 filing below.

Revenue stats:

• Monday.com’s F-1 shows that of a fast-growing company in regards to sales but one also having serious net losses. It posted $161mn in revenue in 2020, compared to $79mn in 2019. 

• In 2019, Monday.com’s net loss of $92mn was more than its revenue of $79mn in that year while its net loss of $152mn in 2020 was very close to its revenue of $161mn.

• Though with solid gross profit margins, over 80% both in 2020 and 2019, very high sales and marketing spend eat up into Monday.com’s gross margins and makes it post serious net losses. It spent $119mn and $191mn on that end in 2019 and 2020 respectively.

• Monday.com will list on the Nasdaq stock exchange under the “MNDY” ticker symbol. A target valuation or date for its trading debut is yet to be disclosed.

• Monday.com has a whole lot of rivals in its industry and made sure it highlighted that as a major risk factor in its F-1 filing. The world of project management and collaboration software is filled with many companies fighting tooth and nail for dominance, with some highlighted rivals by Monday.com including Asana, Notion, Zendesk, Citrix, and Freshworks.

• “Some of our larger competitors have substantially broader product offerings and leverage their relationships based on other products or incorporate functionality into existing products to gain business in a manner that discourages users from purchasing our Work OS,” Monday.com highlighted, referring to the likes of Google and Microsoft which bundle rivals tools to its own into its customers’ software suite at a lower cost.

• Monday.com’s intense rivalry is pointed out accurately by its very high marketing spend just to convince users to adopt its product. It’s a major risk if the company lowers its high spend on that end as it may majorly drag down its growth.

• Monday.com is one of Israel’s foremost tech startups. It’s raised over $230mn in venture funding and was valued at $1.9bn from its last financing round in 2019.

• Major Monday.com shareholders poised to get rich from its IPO include co-founder and CEO Roy Mann with a 15.3% stake, Stripes with a 7.8% stake, and Insight Partners with a 42.7% stake.