Monday.com raises $150M more in equity funding: Here's an in-depth look into their $12M ad spend.
Formerly known as Dapulse, Monday.com is a team management platform that was founded in 2012 by Roy Mann (former C-level Executive at Wix) and Eran Zinman (former R&D Manager at Conduit Mobile). Based in Tel Aviv, Israel, the company raised a $1.5 million in a seed funding round to build a “next-generation” collaboration tool that allows you to create tasks, share files, plan workloads, and ultimately, visualize projects and processes that your team is collectively working on.Aside from word-of-mouth, Monday’com’s initial growth was a direct result of hyper-targeting their target audience across social channels like Facebook and Instagram. In order to maximize their success, the company leveraged Facebook’s lookalike feature to upload a pixel of their existing customer database, in an attempt to find more people with similar personas. “Unlike the traditional B2B approach, [where we] target conventional decision-makers like CEOs and senior managers, [Monday.com] did something different and created a direct response advertising funnel,” explains Rotem Shay, Adwords Team Leader responsible for performance marketing campaigns on Facebook and Instagram. “Our target decision-maker [was] basically anyone [with] a computer [who] works with a team. Some might say that we hacked B2B to become B2C, but I say that our marketing approach has always been H2H—human to human.”After bagging $25 million in a Series B (2017) led by Venture partners, the company decided to move beyond Facebook, and ramp up their Adwords by targeting specific industries and verticals. In fact, 70% of their users came from the non-tech sector, like, construction, wedding planners, breweries, and even churches, amongst others. Since Monday.com is available in several different languages, the campaigns were tailored to reach prospects outside of the English-speaking market.Around the same time, the company also changed their name to Monday.com from Dapulse, that was “a big part of a maturity phase” according to Mann. “For billions of people all around the world, Monday means work. All that is good, all that is hard, and all that is real about work,” he wrote on the company’s blog. They even released a fun, light-hearted video announcing the rebranding, where they poked fun at their “dead name” and went over the unusual, yet hilarious reactions they’ve received for the same since inception. ...