Monday.com Economic Audit

Audit Phase: V-ECON | Nasdaq: MNDY | CIK: 0001805385
Incorporated: State of Israel | Operational HQ: Tel Aviv, Israel
Evidence base: SEC filings, investor disclosures, financial press, and NGO databases through April 2026. Live web retrieval was unavailable; all findings derive from training data. Independent verification against current EDGAR filings is recommended.

Supply Chain & Sourcing Relationships

Direct Supplier Relationships

No public evidence identified. Monday.com is a software-as-a-service (SaaS) company whose product is a cloud-based work management and productivity platform. It does not operate in agricultural commodities, fresh produce, manufactured goods, or physical distribution. No documented commercial relationships with Mehadrin, Hadiklaim, Galilee Export, Agrexco successors, or any agricultural aggregator, packing house, or export cooperative have been identified.¹⁶¹⁷¹⁸ Source classes checked: SEC 20-F filings¹², NGO procurement databases¹⁶¹⁷, BDS campaign documentation¹⁸, trade press.

Importer of Record Structure

No public evidence identified. As a SaaS business, Monday.com has no identified importer-of-record entity for physical goods in any jurisdiction. It does not operate a wholly-owned subsidiary, joint venture, or dedicated import vehicle for goods originating from Israel or from occupied territories.¹²⁴ Source classes checked: SEC 20-F filings¹², IPO prospectus³, Israeli corporate registry data²⁴.

Seasonal Sourcing Patterns

No public evidence identified. Not applicable to the company’s business model. Monday.com’s revenue is generated through subscription fees for software access; it has no procurement cycles tied to agricultural harvests or manufacturing seasons. Source classes checked: SEC 20-F filings¹², commodity sourcing databases, trade press.

Third-Party & Indirect Sourcing

No public evidence identified. No third-party or indirect sourcing relationships with entities operating in or exporting from occupied territories have been identified. This conclusion is consistent with the company’s SaaS-only product portfolio.¹⁶¹⁷¹⁹ Source classes checked: Who Profits database¹⁶, Corporate Occupation project¹⁷, Amnesty International reporting¹⁹, trade press.

Product Origin, Labeling & Regulatory Compliance

Settlement-Origin Products

No public evidence identified. Monday.com does not produce, import, distribute, or retail physical goods of any kind. It therefore falls entirely outside the scope of country-of-origin labeling regimes applicable to foodstuffs or manufactured products. No investigation by Who Profits¹⁶, Corporate Occupation¹⁷, or Amnesty International¹⁹ has named Monday.com in connection with settlement-origin product supply chains. Source classes checked: Who Profits database¹⁶, Corporate Occupation project¹⁷, Amnesty International reporting¹⁹, DEFRA labeling guidance²⁰, BDS campaign materials¹⁸.

Labeling Compliance

No public evidence identified. Not applicable. DEFRA country-of-origin labeling requirements²⁰ and equivalent EU and U.S. labeling frameworks do not apply to SaaS services. No regulatory enforcement actions, customs violations, or labeling-related investigations involving Monday.com have been identified in any jurisdiction reviewed. Source classes checked: UK government labeling guidance²⁰, SEC 20-F risk factors¹².

Corporate Labeling & Sourcing Policy

No public evidence identified. No publicly stated corporate policy governing the sourcing or labeling of goods from occupied or contested territories has been identified. This absence is structurally consistent with Monday.com’s non-goods business model. The company’s SEC annual report disclosures do not contain ESG sections addressing goods sourcing, settlement-territory procurement, or origin certification.¹² Source classes checked: SEC 20-F ESG disclosures¹², company investor relations materials¹¹, press releases.

Investment, Capital & Financial Exposure

Foreign Direct Investment in Israel

Monday.com has made documented capital investment within Israel primarily in the form of expanded operational infrastructure. Its Tel Aviv campus — the company’s global engineering and product development headquarters — was significantly expanded beginning in 2022.⁷⁸ This investment takes the form of leasehold build-out and headcount scaling rather than physical manufacturing or real estate acquisition for goods production. The FY2023 Form 20-F confirms Tel Aviv as the principal operational facility.¹

No investments by Monday.com in factories, logistics hubs, construction projects, or physical real estate within occupied territories (West Bank, Gaza, or Golan Heights) have been identified in any public filing or NGO database.¹²¹⁶¹⁷ Source classes checked: SEC 20-F property and facilities schedules¹², NGO databases¹⁶¹⁷, Israeli corporate registry²⁴.

R&D Centres & Innovation Infrastructure

• Monday.com’s primary and dominant R&D centre is located in Tel Aviv, Israel. This facility was materially expanded in 2022 and functions as the company’s global hub for engineering, product, and data science.⁷⁸ The expansion was covered in Israeli technology press at the time and is reflected in the company’s SEC disclosures regarding its principal offices.¹
• The company’s co-CEOs and co-founders, Roy Mann and Eran Zinman, are Israeli nationals who founded the company in Tel Aviv and continue to lead it from that city.⁶ Their personal and professional capital is structurally embedded in the Israeli technology ecosystem.
• No R&D facilities, innovation labs, accelerator programmes, or technology partnerships within occupied territories have been publicly identified. Source classes checked: SEC 20-F¹², Geektime⁷, Haaretz⁸, Globes²¹.

Israel Innovation Authority (IIA) Grant Exposure

Monday.com discloses in its Form 20-F risk factors that it has received R&D grants from the Israel Innovation Authority (IIA), the Israeli government agency that subsidises qualifying R&D expenditure by Israeli technology companies.¹²¹⁵ Receipt of IIA grants carries material structural conditions: the company is subject to restrictions on transferring IIA-funded intellectual property or relocating IIA-supported manufacturing or development activities outside Israel without IIA approval and potential repayment obligations.¹² Specific grant amounts are not publicly disclosed by either Monday.com or the IIA.¹⁵ This disclosure pattern is standard across Israeli tech company SEC filings and is not unique to Monday.com, but it represents a documented financial and regulatory tie to the Israeli state’s innovation funding apparatus.

Pre-IPO Capital Raises & Principal Institutional Shareholders

Monday.com completed a $150 million Series D funding round in July 2019 at a $1.9 billion valuation.⁴¹³ Principal institutional investors at that stage and at IPO (June 2021) included:

• Insight Partners (U.S.-based private equity and venture capital): Among the largest institutional shareholders at IPO, holding a significant stake disclosed in the F-1 prospectus.³¹² Insight Partners is a U.S.-domiciled fund. No separate direct investments by Insight Partners specifically tied to Israeli occupied-territory operations have been identified in public filings.
• Tiger Global Management (U.S.-based hedge fund): Participated in the 2019 pre-IPO Series D round.¹³
• SoftBank Vision Fund (Japanese conglomerate): Participated in pre-IPO funding rounds.¹³
• Co-founders Roy Mann and Eran Zinman: Held significant founder share stakes at IPO, disclosed in the F-1 prospectus beneficial ownership table.³⁶ Both are Israeli nationals and Israeli residents.

Monday.com Ltd. has no corporate parent entity. It is an independent, publicly listed company. No parent company with separately documented occupied-territory investments has been identified.³¹² Source classes checked: SEC F-1 prospectus³, 20-F beneficial ownership tables¹², Bloomberg¹³, Insight Partners portfolio disclosures¹².

Portfolio-Level Investment Exposure

No public evidence identified. Monday.com does not disclose holdings of Israeli sovereign bonds, shares in Israeli-domiciled companies, or positions in Israel-focused investment funds as disclosed balance sheet assets. Source classes checked: SEC 20-F balance sheet and notes to financial statements¹², investor relations overview¹¹.

Operational Presence & Market Activity

Physical Footprint

Monday.com maintains the following confirmed office presence globally:

• Tel Aviv, Israel (headquarters and primary R&D): Monday.com’s registered operational headquarters and principal place of business. The Tel Aviv campus was materially expanded in 2022 and hosts the dominant share of the company’s global engineering, product, and leadership functions.⁷⁸ This presence has been continuous since the company’s 2012 founding and is confirmed in SEC annual report property disclosures.¹
• New York, USA: Secondary operational hub, anchoring U.S. enterprise sales and commercial operations.³²²
• London, UK: EMEA regional office.¹¹
• Sydney, Australia: APAC regional office.¹¹
• Miami, USA: Opened in 2022 to support accelerating U.S. commercial expansion.²²

No offices, sales operations, support centres, warehouses, or retail locations within occupied territories (West Bank, Gaza, or Golan Heights) have been identified in any public filing, press report, or NGO database entry. Source classes checked: SEC 20-F property schedules¹², investor relations materials¹¹, LinkedIn corporate profile¹¹, press coverage²², NGO databases¹⁶¹⁷.

Employment & Tax Contribution in Israel

As of early 2022, Monday.com employed approximately 1,000 staff in Israel, a figure reported in Israeli financial press at the time of a significant hiring expansion.⁸ By FY2023, the company’s total global headcount was approximately 1,900–2,100 full-time employees as disclosed in SEC filings.¹ Israel continues to represent the single largest concentration of the company’s workforce, with the majority of R&D and product staff based in Tel Aviv.¹²¹ The precise current Israel headcount is not separately disclosed; the 2022 figure is the most precise available public data point.⁸²⁵

Monday.com is registered as a corporate tax resident in Israel and files corporate tax returns with the Israel Tax Authority under Israeli Companies Law. Specific Israeli corporate tax contribution figures are not publicly disclosed in its SEC filings.¹² Source classes checked: SEC 20-F¹², Globes²¹, Haaretz⁸.

Market Positioning & Revenue Geography

Monday.com’s SEC filings report geographic revenue in three segments — Americas, EMEA, and Rest of World — rather than by individual country.¹²² Israel is not separately broken out as a named revenue market. In all investor-facing materials, Israel is consistently characterised as the company’s operational and engineering base, not a primary sales market. No characterisation of Israel as a “strategic growth market” or “regional customer hub” has been identified in annual reports or investor presentations.¹²¹¹

FY2023 total global revenue was approximately $729 million,⁹¹⁰ with the company reaching the $1 billion ARR milestone in early 2024.⁹ The customer base is predominantly U.S. and European enterprise and SMB customers. Source classes checked: SEC 20-F Item 5¹², earnings press releases⁹¹⁰, investor presentations¹¹.

Corporate Structure & Foundational Ties

Founding, Incorporation & Rebranding History

Monday.com was founded in Tel Aviv, Israel in 2012 by Roy Mann and Eran Zinman under the original name dapulse.⁶⁵ The company rebranded to Monday.com in 2017. It was incorporated in Israel as an Israeli company under Israeli Companies Law and has maintained continuous Israeli legal incorporation since founding.³¹

Monday.com is registered with the SEC as a foreign private issuer and files its annual reports on Form 20-F rather than Form 10-K, consistent with its non-U.S. legal domicile.¹³ It listed on Nasdaq (ticker: MNDY) in June 2021 in an IPO that valued the company at over $7 billion — among the largest Israeli technology IPOs of that year.⁵ Monday.com is not an acquired entity with externally imposed Israeli-origin operations; it is a natively Israeli-founded and Israeli-incorporated enterprise.³⁶⁵ Source classes checked: SEC F-1 prospectus³, Globes⁶, Times of Israel⁵.

Legal Domicile & Headquarters

• Legal domicile: State of Israel (Israeli company under Israeli Companies Law).
• Operational headquarters: Tel Aviv, Israel.

The company does not maintain a dual-headquarters structure. While it has a significant U.S. commercial presence in New York and Miami, its registered office and operational HQ are both located in Tel Aviv.¹³ Source classes checked: SEC 20-F cover page¹², F-1 prospectus³.

State & Institutional Linkages

• No Israeli government ownership stake in Monday.com has been identified.
• No government-appointed board directors appear in publicly disclosed board of directors listings.¹
• No designation as critical national infrastructure by the Israeli government has been publicly identified.
• Monday.com has been identified as a beneficiary of IIA R&D grant programmes.¹²¹⁵ As disclosed in SEC 20-F risk factors, the company has received grants from the Israel Innovation Authority and is subject to IIA-imposed conditions — including restrictions on transferring IIA-funded IP or R&D activities outside Israel without regulatory approval and potential grant repayment obligations.¹² This creates a documented, ongoing regulatory relationship between Monday.com and an Israeli government agency. This disclosure pattern is common across Israeli tech sector issuers and is not unique to Monday.com, but it constitutes a material and disclosed structural tie.

Governance Structure

Monday.com’s Articles of Association do not contain golden shares, state veto rights, or charter restrictions structurally tying the company’s mission to Israeli state policy objectives.¹⁴ The company operates a dual-class share structure common among founder-led technology companies: co-founders hold Class B shares carrying 10 votes per share versus 1 vote per share for Class A ordinary shares, granting the founders voting control over the company.³¹⁴ This is a founder-control mechanism, not a state-linkage mechanism. No governance provisions specifically tying company decision-making to Israeli government or military objectives have been identified. Source classes checked: SEC F-1 prospectus³, Articles of Association¹⁴, SEC 20-F governance disclosures¹.

Profit Repatriation & Economic Contribution

Revenue Attribution & Israel-Specific Financials

Monday.com does not separately disclose revenue attributed to Israel as a customer market. Geographic revenue is reported in three consolidated segments (Americas, EMEA, Rest of World), with Israel subsumed within EMEA.¹²² No Israel-specific revenue figure is publicly available from SEC filings, earnings releases, or Israeli tax authority disclosures.

FY2023 total global revenue was approximately $729 million.⁹¹⁰ The company crossed $1 billion in annualised recurring revenue (ARR) in early 2024.⁹ The customer base is predominantly North American and European; Israel is not characterised as a material customer market in investor disclosures.¹ Source classes checked: SEC 20-F Item 5¹², earnings press releases⁹¹⁰.

Profit Flows & Holding Structure

As an Israeli-incorporated company whose global operations generate revenue predominantly from U.S. and European customers, profits generated across all geographies flow into an Israeli-domiciled holding entity — Monday.com Ltd., incorporated in Israel.¹³ There is no foreign parent to which profits are repatriated upward; the Israeli entity is the apex of the corporate structure.

Monday.com operated at a net loss for most of its post-IPO history, moving toward profitability on an adjusted non-GAAP basis by 2023–2024.⁹¹⁰ As the company transitions to profitability, earnings accrue within an Israeli-domiciled legal entity. The company’s principal shareholders — including Israeli co-founders Roy Mann and Eran Zinman — receive economic returns (capital appreciation, and dividends if declared) from this Israeli-domiciled structure.³⁶

No inward profit repatriation from a foreign parent entity to Israel occurs, as there is no foreign parent company. Source classes checked: SEC 20-F¹², F-1 prospectus³, earnings releases¹⁰.

Economic Ecosystem Role in Israel

Monday.com is consistently cited across Israeli financial and technology press as one of Israel’s most prominent technology sector success stories and a flagship of the Israeli SaaS and enterprise software ecosystem.⁵⁶⁸²¹ Israeli financial media — including Globes, Calcalist, and Haaretz Tech — regularly profiles the company as a major employer in the Israeli technology labour market and a bellwether for the Israeli startup economy.⁸²¹

• Its 2021 Nasdaq IPO, at a valuation exceeding $7 billion, was among the largest Israeli technology company IPOs of that year and was widely covered as a milestone for the Israeli tech sector.⁵
• Monday.com is a significant employer of Israeli R&D and engineering talent, with Israel representing the dominant share of its global technical workforce.¹⁸ The ~1,000-employee Israel-based hiring surge in 2022 was reported as a major event in the Israeli employment market.⁸
• The company’s presence is a material contributor to the Tel Aviv technology cluster economy through wages, real estate occupancy, and the broader multiplier effect on local suppliers and talent pipelines.⁶²¹

Source classes checked: Haaretz⁸, Globes⁶²¹, Times of Israel⁵, Calcalist²⁵.

Evidence Gaps — Profit Repatriation & Economic Contribution

The following material gaps limit the precision of this section:

• Israeli-specific revenue: Monday.com does not break out Israel as a separate geographic revenue segment; domestic Israeli customer revenue is unquantifiable from public sources.
• Precise current Israel headcount: The 2022 figure of ~1,000 Israeli employees⁸ is the most precise public data point; FY2023 Form 20-F provides global headcount but not an Israel-specific figure.¹
• IIA grant amounts: Specific grant amounts are not disclosed by Monday.com or the IIA in any publicly searchable form.¹⁵
• Israeli government contracts: No Israeli government procurement contracts with Monday.com were identified in training data. Israeli procurement records are not comprehensively public, and this gap is potentially material given the platform’s applicability to government work management use cases.

End Notes