monday.com

“Monday.com went from -10% operating margins to almost 20% in one year.”

“And I was on, you know, I did this catch up with the monday.com founders the other day and they showed me the pitch email they sent me. It was the worst ever when they were starting. It had a different name. It was terrible. It's like, We're thinking about doi…”

“I'll tell you that the next 10 investments that were successful didn't equate to the gain on Monday.”

“Since the beginning of Monday, we invested approximately fifteen million dollars. The distribution from that was over one and a half billion dollars.”

“The first eight, nine months of Monday, we didn't have product market fit. I remember we had like six customers and we had six months of cash left and then there was the breakthrough of hitting product market fit.”

“In retrospect, we should have gone off to the enterprise maybe a year earlier than we did”

“I don't do investments. I focus on a hundred percent of the company and I always try to set my own priorities because I think all those tools really distract you.”

“I give a lot of credit to our board members specifically. You mentioned Avi you know, I would say the typical investor seeing that a company spent 80% of their seed round and didn't reach, like, product market fit, you know, maybe would kind of give up on the …”

“I think our customers has been the biggest investor of Monday. More money than we ever raised from investors.”

“So we initially thought that it will be more focused around communication and collaboration, but one thing that we found is that a lot of those tools are under the category of You know, yeah, we can use it, but it's a nice to have tool. It's not something that…”

“We're very efficient in terms of cash flow, you know, over 25% free cash flow positive.”

“So we actually managed to turn five million of money raised from investors into a 15,000,001 five performance marketing budget. So we built a very efficient machine that recycles money and kind of reinvested that back into the business.”

“We raised 1.4 million for at I think it was two million pre. So that, yeah, that's back in the days. Good times. Yeah. For investors. Yeah. 30% of the company.”

“I think it was around a hundred million pre.”

“Maybe one lesson is it's not just about the product itself. Go to market is as important and every product has a very different go to market. It's unbelievable. It's so different. Different buying dynamics, different buyer, different decision process, differen…”

“I don't remember exactly, but I would say around probably three or four million of ARR.”

“Yeah. Something like that. A little bit less, but around that.”

“We didn't build a work management or project management tool from day one. You know, the equivalent, we built the equivalent of force.com. Which is for Salesforce. We built a generic platform, not about work management, not about CRM, just the building blocks.”

“And up until today, 70% of our customers are actually non-tech companies and that, that's amazing because it just opens up the TAM and the audience of the company so much.”

“I think when we raised that round, we had like seven million of ARR.”

“Yeah, that's exactly how we think about this. We have different business units dedicated for each product. Every product is in different phase. So, you know, CRM is more mature and then dev and then service and obviously work management is kind of the most mat…”

“It wouldn't disclose this on a quarterly basis, but the last invested investor day which was last year it was growing from almost zero to twenty five million in, in one year.”

“Everyone, every, every stage now. I've never done it before. It's a new experience for me.”

“Actually, one of the things we built into BigBrain is I don't know if Avi told you, but we used to send every day, like a daily SMS of the company performance every day to our board members. Whether it was good or bad, it was automatic.”

“We built an amazing sales team, you know, going forward to today where we have more than a thousand people in our sales team, but it was not obvious back in the days.”

“And, you know, after you know, we kind of spend like 70 or 80% of our seed round, we sat down and said to ourselves, look, something is not working.”

“When we had, like, the initial version of the collaboration tool, we had about three or four paying customers. One of them was Wix.”

“When we got to 50, we built a dashboard. Of the road to, we call it the road to one billion. We built it like a vertical TV in the office showing that we want to reach one billion by the year of twenty-twenty-three. We actually missed it by one year”

“Because after 14 months working on that product, people gave me feedback that if I've shown them like a mock-up or like an earlier version, I would get the same feedback and I would be in a totally different place today.”

“I think it was 40 or fifty million, maybe even 60 that we kind of added the sales team.”

“I don't know what's the best way to manage a team or a group of people or, you know, a business, but I can give people the tools to do it and they know what's best for their business. So from day one, we said we don't know exactly what's the solution for every…”

“We got a lot of no's. I was, I would tell you that in our A, B and C rounds.”

“Eventually I see, definitely see a future We're accompanied by several tools and consolidate on Monday for the core business use cases, whether it's CRM, work management, that service, and the compound value of using several of those tools, the flow of data, a…”

“Like I built a product and I worked at it for about 14 or 15 months before launching it. And after 14 or 15 months, I didn't raise any money. I just felt I wasn't ready. It was a big failure. Like I ran out of money, personal money and ran out of energy.”

“You know, the CRM today is growing faster than what Monday did back in the days.”

“We actually, we walk home every day, like walking. We live in Tel Aviv, so we walk every day. We spend hours just to think and talk about things.”

“Facebook was amazing for us because I think it just changed the trajectory of the company.”

“They own inside on 43% of Monday when it IPO.”

“Dude, I bought the shit out of it. I'm going to be honest.”

“Monday has been under a ton of pressure too, and it's growing much more quickly, right? It's not growing peak rates. It's still growing over a 30% trading at five times revenue.”

“The Mondays will churn faster than HubSpot, right? And HubSpot will churn faster than Salesforce. It's just delayed churn, right? That, that's the thing is, you know, ServiceNow takes you 10 years to get off that platform.”

“10 times cash flow for something growing sustainably at 20% is wildly cheap.”

“But the way I look at this today is maybe this is our biggest opportunity as a company. Maybe we waited for that moment. And if we did the right things, we can reaccelerate the company and even grow much larger than what we could have become as a company.”

“And we want to make Monday the default place for people to build agents and to collaborate between agents and people. So essentially you'll build Monday, you build agents on the top of Monday. Those agents will output tables, docs, files. People will go over i…”

“We built some AI features, but like you said, I call it we sprinkled some AI dust on top of our product. So essentially we didn't know what to build. So we built a way for people to be, build formulas using AI. We built AI blocks, AI columns, but essentially i…”

“On one hand, we see increase in personal productivity, but again, there's new bottlenecks you find each time you increase one of those productivities, and basically we're on a journey to increase more and more the output of our R&D team.”

“Yeah, so first of all, I think there's like five Doomeday scenarios I'm familiar with, so that's one of them. But, you know, I'll just take you back a little bit in time, but first of all, it was everything about people will Vibe code their own apps. That was …”

“Not myself or my partner Roy, Or the rest of the leadership team is selling shares. I, in my 10 B five, I have you know, a number I'm not willing to go below in terms of selling shares. And I can say the price now is much, much lower than that number. So I'm n…”

“If you look at the earning calls and how business operate, everything is, is kind of normal. Some companies are even exceeded expectations and businesses are working great, but at the same time, The sentiment has shifted drastically, like I've never seen befor…”

“I think AI can potentially do 70, 80% of the work, and not 10, 20%, like it used to be before AI was brought into our lives.”

“Well, we are we announced a buyback program of eight hundred and seventy million. And we said we're gonna spend it over the last, next two, three years. We already done some buyback in Q four.”

“I think if anything, we're going to see an excess of software being built on top of the LLMs, not less, exponentially more because the opportunity is so massive and the time is so huge.”

“If you haven't built an agent on Monday, you're not using the product properly. And that's a major shift. The boards, the dashboards are going to be more in the background and the agents more in the forefront.”

“If I need to bet the whole company future on an acquisition of a startup, I'm not doing my job as a CEO.”

“It was about 10% of our acquisition in terms of new ARR but again, Google is very transactional, so people usually, when they're searching for something, they're willing to buy at this point because the intent is very high, so we lost some of the more transact…”

“It used to take, on average, 24 hours to get back to a customer. Now it takes three minutes.”

“We generate 27% of free cash flow.”

“Roughly, let's say, 1.5 billion in the bank cash. No debt. So the enterprise value is two billion. We have like, Again, I don't want to disclose specific numbers. Let's say over a 1.3 billion of ARR. So it's like 1.5 multiple.”

“It's the biggest pivot moment for us in the history of the company.”

“And if you ask me today how I feel great because as I told you, we hit the bottom or maybe close to the bottom. And from here we can only grow and focus on execution.”

“I see the retention rate highest ever, gross retention highest ever.”

“So today we have about 3000 people and gonna be when? ... My gut feeling is, is probably we're not gonna grow substantially.”

“And if you think about any company, even Monday itself, 90% of the context is not documented anywhere. Nobody knows it.”

“I remember when our stock went, went up to 400. After we IPO'd and one of our investors told me something, Ken Fox from Stripes. He told me something which was brilliant. He told me, isn't it great that the stock is going up without the revenue going up? And I…”

“Since the IPO, I still hold again, I don't know the exact number, but probably 80 something percent of my share. So I sold less than 20%. 14 years in this journey.”

“No. I don't see a reason. No. Look, I think at the end of the day, you know, you can be private, you can be public. The question is, do you need to raise more money? And we don't. We generate 27% of free cash flow. We don't need to raise more money. We have ev…”

“With close to 1.3 billion in revenue, they're valued today at just 3.9 billion dollars in the public markets.”

“I don't think that you know, if we reduce ad count dramatically, it will change you know, investor perception about Monday. I don't, I just don't think that's the essence of what we're seeing in the market.”

“One, in terms of our horizontal platform, we're going all in agents and humans working together. We're shifting the product a hundred percent, the pricing, the go-to-market, the product. We have two vertical offerings, the CRM and service. For that, we're buil…”

“In the last earning call, we said it's going to be mid teens. And I think there's also potential, you know, we might even take it lower.”

“Well, eventually I think it's gonna be more consumption and then entirely consumption going forward. So I think there's also be a transition, but now it's gonna be hybrid, and eventually it's gonna be a hundred percent consumption.”

“We had a team of about a hundred SDRs and we now doing, doing it with agents. A hundred percent is being done with agents. We move those SDRs to do outbound.”

“90% of the work was done outside of the tool.”

“On one hand, I see people excited about private companies because they build tools in the AI era that kind of captured the, what I've referred to as doing the work, but I'll tell you a secret. You know, public companies will do it as well. We're going to do it…”

“What the market is saying to me is, the company is worth zero.”

“I think one thing that I think we can do better is to tell a story in a better way. I think Roy, myself, we're not even though we do great marketing for our product, I don't think we tell the story good enough for the company, and definitely that's something t…”

“Monday probably has a score of one, I think. They have a workflow mode. I'm not sure if they have the other modes. So you're right. Monday, in theory, has a much weaker score, I guess, than Atlassian on this.”