20VC: Monday.com: Scaling from $6M to $120M in ARR in 3 Years | How Monday Have Built the Best Performance Marketing Engine in SaaS | Going Upmarket, International and Multi-Product; The Biggest Lessons and Mistakes with Eran Zinman
The Twenty Minute VC (20VC): Venture Capital | Startup Funding | The Pitch
The Twenty Minute VC
4.4 • 693 Ratings
🗓️ 17 January 2025
⏱️ 55 minutes
🧾️ Download transcript
Summary
The story of Monday.com is insane, turned down by most VCs, then scaled from $6M to $120M ARR in just three years. Today the company is public with a market cap of $12BN. Joining us in the hotseat today is Monday's Co-Founder and CEO, Eran Zinman.
In Today's Episode with Eran Zinman We Discuss:
03:03 The Role of Video Games in Founders' Success
04:12 The Fail That Taught a $10BN Founder Everything
09:40 Pivoting to a $12BN Company: How, When and Advice on Pivots
14:15 Why 99% of Investors Turned Monday Down: Fundraising Lessons
17:05 Building a Performance Marketing Engine
21:25 How to Scale ACV and Move Upmarket
28:54 What Have Been the Most Effective Marketing Strategies
29:08 How Have Monday Been So Successful with Youtube Ads?
29:43 Biggest Challenges and Lessons in Channel Spend
30:50 Building a Multi-Product Strategy: The Rise of Monday CRM
34:37 Competing in the SaaS Market: Is Competition Good?
39:30 The IPO Journey: Why Then? Pros and Cons of Being Public?
42:38 How a Co-CEO Structure Works
43:55 How to Manage a Board
45:04 Quick-Fire Q&A
Transcript
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| 0:00.0 | It was still hard for us to raise funds back in the days because people didn't get the idea. |
| 0:05.0 | We grew from 6 million of ARR to 18 the year after and then from 18 to 50 and 50 to 120, you know, in three years. |
| 0:13.0 | What I found about founders is that you try to avoid the hardest things in your business. |
| 0:19.0 | If something is very painful, that's the right time to get into it and fix it. |
| 0:23.6 | The story of Monday.com is insane. Turned down by 99% of VCs. The company then scaled from $6 million in ARR to 120 in just three years. |
| 0:35.6 | Today, the company is public with a market cap of $12 billion. |
| 0:41.0 | They have an incredible co-CEO structure, which is very strange. |
| 0:45.4 | Anna Aaron, the guest today, does not use email. I'm so excited to bring this one to you today. |
| 0:51.3 | Joining us in the hot seat, we have Monday's co-founder and co-CEO, Aaron Zinman. |
| 0:55.6 | This is a special one. |
| 0:56.9 | But before we leave you today, Harvard Management Company is constantly seeking out the next generation of great investors and entrepreneurs. |
| 1:03.7 | HMC has managed Harvard University's Endowment for nearly 50 years and was one of the first institutional investors in venture capital. |
| 1:12.3 | Their experience and long-term investment horizon makes them ideal partners to get world-changing ideas on a path to viability and success. |
| 1:18.7 | They work as a true partner, providing insightful perspectives to help managers succeed. I personally |
| 1:24.0 | have had the pleasure of working with the HMC team and can say that they are truly exceptional partners and savvy investors. |
| 1:30.1 | So whether you're launching your first fund or your fifth, HMC welcomes the opportunity to partner with both developing and established managers. |
| 1:37.1 | Have an idea you want to share with the team? |
| 1:38.6 | Just send it over to venture at HMC.harvard.edu. |
| 1:42.8 | And after securing top-tier partnerships, like those with Harvard, the next step is |
| 1:46.9 | building trust with customers, and Secureframe makes that simple and seamless. Secureframe empowers |
| 1:52.1 | businesses to build trust with customers by simplifying information security and compliance through |
| 1:57.5 | AI and automation. Thousands of fast-growing businesses, including NASDA, AngelList, |
... |
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