Table of Contents
Monday.com Ltd. is a Tel Aviv-headquartered, Israeli-incorporated enterprise SaaS company — the operator of a cloud-based Work Operating System sold globally to business customers. It listed on Nasdaq in June 2021 at a valuation exceeding $7 billion, reached approximately $729 million in FY2023 revenue, and crossed $1 billion in annualised recurring revenue in early 2024.12
Its BDS-1000 score of 540 (Tier C) is driven almost entirely by the V-ECON domain. Monday.com scores at the high end of V-ECON because it is a natively Israeli-founded, Israeli-incorporated enterprise whose corporate apex, primary workforce, R&D headquarters, and profit structure are all domiciled in Israel. It is a flagship of the Israeli technology economy and a beneficiary of Israel Innovation Authority R&D grant conditions. These facts are well-evidenced and uncontested.
By contrast, V-MIL scores zero: Monday.com is a general-purpose SaaS platform with no hardware, no defence contracts, no weapons supply chain, and no kinetic-sector presence. V-DIG scores modestly (1.54): it is an Israeli-origin commercial software provider operating globally, with the Seasalt.ai (Israeli NLP startup) acquisition as the sole confirmed Israeli-origin acquisition, and no verified provision to Israeli state, military, or intelligence clients. V-POL scores low (1.06): a single October 2023 company blog post expressing solidarity with Israel — with no comparable Palestinian humanitarian statement — and limited co-CEO social media activity constitute the political findings; no lobbying, PAC activity, or verified political donations were identified.
The audit framework’s evidence base has two procedural constraints that apply throughout: live web search was unavailable for all four domain audits, limiting currency of civil society findings; and Monday.com does not publicly disclose its enterprise customer list, meaning the possibility of Israeli government or security-sector subscriptions on standard commercial terms cannot be confirmed or excluded from public sources. Both gaps are carried forward explicitly.
| Date | Event |
|---|---|
| 2012 | Monday.com founded in Tel Aviv by Roy Mann and Eran Zinman under the name dapulse 3 |
| 2017 | Company rebrands from dapulse to Monday.com 3 |
| July 2019 | $150 million Series D funding round at $1.9 billion valuation; Tiger Global and SoftBank among investors 45 |
| May 2021 | Project Nimbus: Israeli government awards $1.2 billion cloud contract to Google Cloud and Amazon Web Services 67 |
| June 2021 | Monday.com IPO on Nasdaq (ticker: MNDY) at >$7 billion valuation — one of the largest Israeli tech IPOs of that year 18 |
| 2021 | Acquisitions of Smartmockups (Czech Republic) and Unito (Canada) completed 9 |
| 2022 | Tel Aviv R&D campus materially expanded; ~1,000 Israel-based employees reported 1011 |
| April 2022 | Clevr (Netherlands analytics startup) acquired 12 |
| March 2022 | Co-CEO Roy Mann makes public pro-Ukraine statements on LinkedIn 13 |
| March 2023 | Seasalt.ai (Israeli conversational AI / NLP startup) acquired — only confirmed Israeli-origin acquisition 14 |
| June 2021–2023 | Monday.com discloses receipt of Israel Innovation Authority R&D grants across multiple SEC 20-F filings, subject to IP transfer and relocation restrictions 1516 |
| October 7, 2023 | Hamas attacks on Israel; Monday.com publishes company blog post expressing solidarity with Israel; commits to salary continuation for IDF reservists 1713 |
| November 2023 | Q3 2023 earnings call: executives cite Israel-Hamas war as operational risk factor; employee mobilisation and office disruption disclosed 18 |
| November 2023 | Internal tensions at Monday.com regarding company statements and employee activism reported (Haaretz) 19 |
| Post-October 7, 2023 | Monday.com offers free platform access/credits to Israeli organisations, hostage families, and reservist families 20 |
| February 2024 | Monday.com announces $1 billion ARR milestone 12 |
Monday.com Ltd. was founded in Tel Aviv in 2012 by Roy Mann and Eran Zinman under the name dapulse, rebranding in 2017 to its current identity. It is incorporated under Israeli Companies Law, with its registered and operational headquarters in Tel Aviv. It has been a Nasdaq-listed public company since June 2021, filing annually on Form 20-F as a foreign private issuer.315
The company’s product is a cloud-based Work Operating System — a SaaS platform enabling project management, workflow automation, CRM, software development tracking, and team collaboration. It is sold via standardised subscription tiers (Basic, Standard, Pro, Enterprise) to a global customer base of businesses and organisations. It has no hardware product line, no physical manufacturing, and no logistics or infrastructure operations.2122
Principal infrastructure is delivered via Amazon Web Services, its primary disclosed cloud partner. The company maintains a Google Cloud Marketplace presence and named integration partnerships with Salesforce, Microsoft Teams, and Okta.236 Its customer base is predominantly North American and European enterprises; geographic revenue is reported in three consolidated segments (Americas, EMEA, Rest of World) without an Israel-specific breakdown.1516
Co-founders Roy Mann and Eran Zinman serve as Co-CEOs and hold Class B shares carrying ten votes per share, concentrating voting control. No Israeli government equity stake, golden share, or state-linked board appointment has been identified.315 Monday.com has received R&D grants from the Israel Innovation Authority (IIA), which imposes conditions on the transfer of IIA-funded IP or the relocation of supported R&D activities outside Israel without regulatory approval and potential repayment obligations — a disclosed regulatory tie to the Israeli state’s innovation funding apparatus.1516
Product scope and domain threshold. The fundamental determinant of Monday.com’s V-MIL score is its product category. Monday.com produces and operates a general-purpose cloud-based Work Operating System — enterprise SaaS software for project management and workflow automation. The V-MIL domain targets entities whose activities produce a direct or materially enabling contribution to kinetic military operations: hardware manufacturers, defence prime contractors, munitions suppliers, construction companies building military infrastructure, and logistics providers sustaining military installations. Monday.com’s product does not meet this threshold, and no evidence introduced in the audit changes that structural assessment.2122
Direct defence contracting. No public evidence has been identified of any verified contract, tender award, framework agreement, or memorandum of understanding between Monday.com and the Israeli Ministry of Defence, the Israel Defence Forces, the Israel Prison Service, or the Israel Border Police. Monday.com’s SEC annual reports (Form 20-F for FY2022 and FY2023) do not disclose any Israeli government defence contract as a material customer relationship, nor do they identify any defence ministry or security force as a named significant customer.1516 No corporate press releases, government announcements, or defence trade press reports documenting defence cooperation or partnership agreements were identified.
Dual-use and military-specified variants. Monday.com does not manufacture or market ruggedised, tactical, mil-spec, or classified-environment variants of its product. Its Work OS is delivered via standard web browser and mobile application on uniform commercial subscription tiers. No evidence of purpose-built military-specified or bespoke defence-configured versions, nor of any data-residency arrangement disclosed in connection with a defence or security-sector end-user, was identified in SEC filings or public documentation.2122
Defence prime supply chain. No public evidence has been identified of Monday.com providing components, sub-systems, specialist services, or licensed technology to Israeli defence prime contractors — including Elbit Systems, Israel Aerospace Industries, Rafael Advanced Defense Systems, or Israel Military Industries. Monday.com is a SaaS platform company with no hardware manufacturing capability and no known role in any defence industrial supply chain.1521 No joint development programmes, co-production agreements, or technology transfer arrangements with Israeli defence primes were identified in SEC filings, trade press, or public corporate disclosures.
Heavy machinery, construction, and logistical support. Monday.com is a software company with no physical product supply chain, no civil engineering capability, and no logistics or base services operations. No evidence of contracts relating to the construction or maintenance of military checkpoints, detention facilities, military bases, the separation barrier, or settlement infrastructure was identified. No contracts for catering, transport, fuel supply, or facilities maintenance at IDF or security installations were identified. These V-MIL sub-domains are not applicable on operational grounds.22
Weapons systems and munitions. Monday.com is not a licensed manufacturer of any lethal platform, weapons system, or strategic asset. No evidence of supply of ammunition, ordnance, warhead components, or munitions precursors was identified. No role in Iron Dome, David’s Sling, Arrow, combat aircraft, main battle tanks, warships, or ballistic missile programmes was identified in any source class reviewed.1521
Export licensing and regulatory history. No government decision in any jurisdiction to grant, deny, suspend, or revoke an export licence for Monday.com’s products to military or security end-users has been identified. Monday.com’s SEC risk disclosures reference general obligations to comply with sanctions and export regulations but disclose no enforcement actions, regulatory warnings, or licensing disputes in connection with any defence or security-sector transaction.15
The open-customer-list gap. The most significant evidentiary limitation in V-MIL is that Monday.com does not publicly disclose its full enterprise customer list. It is not possible from public sources alone to confirm or exclude Israeli government ministries, military agencies, or security bodies as current subscribers on standard commercial terms. However, even if Israeli government entities subscribe to Monday.com on standard commercial SaaS terms, this would not constitute V-MIL-relevant activity: general-purpose enterprise software purchased on standard commercial terms does not fall within the V-MIL domain’s scope, which targets direct, purposive enabling of kinetic military effects. Such a finding, if confirmed, would be a V-DIG matter.
Hebrew-language procurement records. Israeli Ministry of Defence tender records and the state procurement portal are not comprehensively indexed in open-source English-language databases. Hebrew-language Israeli business press (Calcalist, TheMarker, Ynet business) was not searchable during the audit. Full confirmation that Monday.com has never appeared as a vendor in any Israeli government tender is not achievable from open sources alone. This gap is noted, but its materiality for V-MIL specifically is low: Monday.com’s product category does not match defence procurement profiles for hardware, logistics, or purpose-built security software.
SIBAT absence as non-dispositive. Monday.com’s absence from SIBAT (Israel’s defence export directorate) is expected rather than probative: SIBAT primarily indexes hardware and defence equipment exporters, and a commercial SaaS provider would not typically appear there even if providing software services to defence clients under standard terms. The absence of a SIBAT listing is noted but not treated as confirmatory clearance.
What would change the score. A V-MIL score above zero would require confirmed evidence of: (a) a bespoke contract for purpose-built military-integrated software enabling kinetic operations; (b) physical hardware supply to Israeli security forces; (c) construction or logistics contracts tied to military installations; or (d) sub-system supply to a named Israeli defence prime. None of these exist in the audit record.
| Entity | Type | Role in V-MIL | Evidence status |
|---|---|---|---|
| Monday.com Ltd. | Target company | General-purpose SaaS provider; no V-MIL-relevant activity identified | Confirmed absent |
| Israeli Ministry of Defence (IMOD) | Israeli state body | No contract or procurement relationship identified | No evidence |
| Israel Defence Forces (IDF) | Israeli military | No contract, framework, or supply relationship identified | No evidence |
| Israel Prison Service | Israeli security body | No contract identified | No evidence |
| Israel Border Police | Israeli security body | No contract identified | No evidence |
| SIBAT | Israeli defence export directorate | Monday.com absent from directory; absence non-dispositive for SaaS | Noted, non-dispositive |
| Elbit Systems | Israeli defence prime | No supply relationship identified | No evidence |
| Israel Aerospace Industries (IAI) | Israeli defence prime | No supply relationship identified | No evidence |
| Rafael Advanced Defense Systems | Israeli defence prime | No supply relationship identified | No evidence |
| Israel Military Industries (IMI/Elbit) | Israeli defence prime | No supply relationship identified | No evidence |
| Who Profits | NGO database | No dedicated Monday.com entry for defence activity identified | No evidence found |
| AFSC Investigate | NGO database | Monday.com not listed as primary defence-linked entity | No evidence found |
| BDS Movement | Civil society | Monday.com not on primary BDS target list for V-MIL activity | No evidence found |
Israeli identity as a digital technology originator. Monday.com’s V-DIG significance stems not from being a customer of Israeli surveillance or defence technology, but from being an Israeli-origin provider of commercial enterprise software operating globally. This distinction is analytically important: the Directionality Rule applies, and Monday.com’s V-DIG score reflects its status as a commercial SaaS vendor headquartered in Israel, not as a buyer or integrator of Israeli state or military digital capabilities.1521
Primary cloud infrastructure. AWS is Monday.com’s primary disclosed cloud infrastructure provider, cited as a material business risk in annual SEC filings.23 The company also holds a Google Cloud Marketplace presence and partnership.6 Both AWS and Google are the primary contractors for Project Nimbus — the Israeli government’s $1.2 billion cloud infrastructure contract awarded in May 2021.67 Monday.com is not a primary Nimbus contractor and has not been publicly identified as a named subcontractor. However, a structural evidence gap exists: the full subcontractor and downstream service-provider chain under Project Nimbus has not been publicly released. It cannot be confirmed or excluded from public sources alone whether Israeli government entities procure Monday.com’s SaaS within the Nimbus consumption framework. This is the most significant unresolved V-DIG question in the audit.
Seasalt.ai acquisition and Israeli AI capability. Monday.com’s 2023 acquisition of Seasalt.ai — an Israeli conversational AI and natural language processing startup — is the only confirmed Israeli-origin acquisition in its corporate history.14 Seasalt.ai’s NLP technology was explicitly cited as the basis for enhanced language-understanding capabilities within the monday AI product features, progressively deployed in 2023–2024.1415 This acquisition deepens the company’s Israeli technology ecosystem integration at the product level. No evidence has been identified of Seasalt.ai’s technology — pre- or post-acquisition — being contracted to Israeli state, military, or security sector customers. Any post-acquisition deployment to government-sector users is not publicly documented.
monday AI features and AI product development. Monday.com has commercially deployed AI and machine learning features integrated into its work management platform, including natural language task generation, automated workflow suggestions, predictive project status summaries, and AI-assisted automation recipes.1516 These are productivity-oriented commercial features. No evidence has been identified of any Monday.com AI system being contracted to or operationally deployed by Israeli state institutions, military units, or security agencies. Training data provenance for these AI features is not publicly disclosed, constituting an unverifiable transparency gap.
No surveillance, biometric, or dual-use technology relationships identified. No evidence has been identified of Monday.com using, licensing, deploying, or integrating facial recognition, biometric identification, behavioural analytics, predictive policing tools, or social media surveillance platforms — from Israeli-origin vendors (including Trigo, BriefCam, AnyVision/Oosto, Verint, NICE, or NSO Group) or otherwise. Monday.com’s product category — work operating system and project management SaaS — does not typically intersect with physical surveillance or biometric capture technologies. Source classes examined include SEC annual filings, company trust documentation, No Tech for Apartheid, and Amnesty International reporting.2425
No military or intelligence contracts identified. No public evidence has been identified of verified contracts or partnerships between Monday.com and the Israeli Ministry of Defence, the IDF, or Israeli intelligence agencies including Mossad, Shin Bet, or Unit 8200. The company’s disclosure of military reserve duty obligations among Israeli-domiciled employees is a legal exposure disclosure applicable to all Israel-incorporated companies, not a commercial relationship with the military.1516
R&D footprint and ecosystem position. Monday.com’s principal R&D operations — engineering and product development workforce — are headquartered in Tel Aviv, confirmed consistently across all SEC filings from IPO through FY2023.153 Israel hosts the dominant share of the company’s global engineering workforce. The company is profiled by Start-Up Nation Central as one of Israel’s most significant technology companies.26 This ecosystem position is structurally significant even where specific government vendor relationships are not evidenced: Monday.com is both a product of the Israeli technology sector and a major employer of Israeli engineering talent, including personnel from the broad Israeli technology talent pool that includes Unit 8200 veterans, though no specific recruitment programme targeting Unit 8200 has been identified.
The customer-list gap. Monday.com does not publicly disclose its enterprise customer list. It cannot be confirmed or excluded from public sources whether Israeli government ministries, intelligence agencies, or security bodies subscribe to the Monday.com platform on standard commercial terms. If such subscriptions were confirmed, I-DIG would move from the current 3.0 (commercial compliance/consumer services) to 4.0–5.0 (administrative digitisation) and the V-DIG domain score would rise materially. This is the most significant live evidence gap for V-DIG.
Project Nimbus downstream chain. The structural relationship between Monday.com’s AWS and Google Cloud dependencies and Project Nimbus cannot be resolved from public sources. If Monday.com were confirmed as a service consumed by Israeli government entities within the Nimbus framework — even on standard commercial terms — this would be a material V-DIG finding. The current score does not assume this relationship exists; it is noted as an open question.
Israeli internal security tooling. Monday.com’s internal cybersecurity vendor relationships are not publicly disclosed. The possibility that Monday.com uses Israeli-origin cybersecurity tools (e.g., Check Point, Wiz, SentinelOne, CyberArk) internally cannot be confirmed or excluded. Absence of disclosure should not be construed as confirmed absence. No inference has been drawn from national origin alone.
What would change the score. A materially higher V-DIG score would require confirmed evidence of: (a) Israeli government or security-sector subscriptions, even on standard commercial terms; (b) confirmed Nimbus downstream service provision; (c) deployment of Monday.com AI features in Israeli state operations; or (d) a disclosed relationship with Israeli surveillance technology vendors for either internal use or product integration.
| Entity | Type | Role in V-DIG | Evidence status |
|---|---|---|---|
| Monday.com Ltd. | Target company | Israeli-origin commercial SaaS provider; operator of monday AI features | Core subject |
| Amazon Web Services (AWS) | Cloud infrastructure | Primary cloud provider; primary Nimbus contractor | Confirmed partnership 23 |
| Google Cloud | Cloud infrastructure | Marketplace partner; primary Nimbus contractor | Confirmed partnership 6 |
| Project Nimbus | Israeli government contract | $1.2B cloud contract with AWS and Google; Monday.com not named subcontractor | Structural gap noted 67 |
| Seasalt.ai | Israeli AI startup (acquired 2023) | Only confirmed Israeli-origin acquisition; NLP capability for monday AI | Confirmed 14 |
| Salesforce | Integration partner | Named integration partnership | Confirmed 27 |
| Microsoft Teams | Integration partner | Named integration partnership | Confirmed 27 |
| Okta | Identity/SSO partner | Enterprise identity and access management integration | Confirmed 27 |
| No Tech for Apartheid | NGO campaign | Does not list Monday.com as named target | No evidence found 24 |
| Amnesty International | NGO | 2022 surveillance report does not name Monday.com | No evidence found 25 |
| Unit 8200 | Israeli intelligence unit | General Israeli tech talent pool context; no specific Monday.com recruitment programme identified | Structural note only |
| Israel Innovation Authority (IIA) | Israeli government agency | R&D grant recipient; conditions apply to IP transfer and R&D relocation | Confirmed disclosure 28 |
| Smartmockups | Acquired company (Czech Republic, 2021) | Non-Israeli-origin acquisition | Confirmed 9 |
| Unito | Acquired company (Canada, 2022) | Non-Israeli-origin acquisition | Confirmed 9 |
| Clevr | Acquired company (Netherlands, 2022) | Non-Israeli-origin acquisition | Confirmed 12 |
Native Israeli founding, incorporation, and legal apex. Monday.com’s V-ECON profile is not a matter of indirect exposure or partial ownership: the company is natively Israeli-founded (Tel Aviv, 2012), continuously incorporated under Israeli Companies Law, and the Israeli entity — Monday.com Ltd. — is the apex of the entire corporate structure with no foreign parent above it.315 Global revenue from U.S. and European customers flows into an Israeli-domiciled legal entity. This is the definitional core case for the rubric’s highest I-ECON band: the company’s corporate identity, legal existence, and profit structure are all tethered to Israel not through acquisition or holding-company overlay but by original constitution.315
R&D and workforce concentration. Israel hosts Monday.com’s dominant share of global engineering and product development workforce. Approximately 1,000 Israel-based employees were reported in 2022 — a significant hiring expansion covered in Israeli financial press.10 The FY2023 Form 20-F confirms Tel Aviv as the principal operational facility, with Israel representing the single largest concentration of the company’s workforce.15 Co-founders Roy Mann and Eran Zinman, Israeli nationals, lead the company from Tel Aviv. The Tel Aviv campus was materially expanded in 2022.1011 This workforce concentration means that Monday.com’s primary productive activity — engineering, product development, AI/ML, and security infrastructure — occurs in Israel, generating wages, real estate demand, and labour market effects in the Israeli economy.
Israel Innovation Authority (IIA) grant conditions. Monday.com discloses in multiple Form 20-F filings that it has received R&D grants from the Israel Innovation Authority, the Israeli government agency subsidising qualifying R&D expenditure by Israeli technology companies.281516 IIA grant conditions impose material structural constraints: restrictions on transferring IIA-funded intellectual property or relocating IIA-supported development activities outside Israel without IIA approval and potential grant repayment obligations. This creates an ongoing, disclosed regulatory relationship between Monday.com and an Israeli government agency — one that structurally tethers the company’s core product IP to Israeli jurisdiction. Specific grant amounts are not publicly disclosed by Monday.com or the IIA, which limits quantitative precision but does not affect the structural finding.28
No presence in occupied territories. No offices, data centres, subsidiary entities, sales operations, or service contracts within Israeli settlements in the West Bank, Gaza, or the Golan Heights have been identified in any public filing, press report, or NGO database entry.1516 Monday.com’s Israeli operations are headquartered in Tel Aviv, and no territorial occupation-linked economic activity has been confirmed. This is a material limiting factor on I-ECON: the rubric’s highest bands require confirmed occupied-territory economic activity, which is absent here. The 8.0 I-ECON score reflects the deepest form of Israeli economic integration (native founding, incorporation, apex entity) while stopping short of bands requiring confirmed settlement or occupied-territory operations.
Scale and economic significance. FY2023 total global revenue was approximately $729 million; the company crossed $1 billion in ARR in early 2024.12 Its June 2021 Nasdaq IPO valued the company at over $7 billion — among the largest Israeli technology IPOs of that year.81 Monday.com is consistently characterised across Israeli financial press (Globes, Calcalist, Haaretz Tech) as a flagship of the Israeli SaaS and enterprise software ecosystem and as one of Israel’s most significant technology companies.1029 Its presence is a material contributor to the Tel Aviv technology cluster economy through wages, real estate occupancy, and the multiplier effect on local suppliers and talent pipelines.29
Profit structure. As the apex Israeli-incorporated entity with no foreign parent, profits generated across all geographies — predominantly from U.S. and European customers — accrue within Monday.com Ltd., an Israeli-domiciled entity. Principal shareholders include Israeli co-founders Roy Mann and Eran Zinman, who hold Class B shares with preferential voting rights.315 As the company transitions to non-GAAP profitability, earnings accrue within an Israeli-domiciled legal entity whose principal human capital is in Israel.12
Institutional investor structure. Pre-IPO institutional investors included Insight Partners (U.S.-based private equity), Tiger Global Management (U.S.-based), and SoftBank Vision Fund (Japanese conglomerate).45 No separate direct investments by these funds specifically tied to Israeli occupied-territory operations have been identified. No Israeli government ownership stake in Monday.com has been identified.
No occupied-territory operations. The strongest limiting argument against a higher I-ECON score is the confirmed absence of economic activity in occupied territories. Monday.com’s Israeli footprint is entirely within Israel proper (Tel Aviv and other Israeli cities). The rubric’s highest I-ECON bands require occupied-territory economic operations; these are absent, and the 8.0 score is calibrated accordingly.
Revenue opaqueness. Monday.com does not break out Israel as a separate geographic revenue segment; domestic Israeli customer revenue is unquantifiable from public sources. Israeli government procurement contracts were not identified in training data, though Israeli procurement records are not comprehensively public. If Israel-specific revenues — particularly from public-sector clients — were disclosed and found to be significant, the M score would warrant upward revision.
IIA grant amounts undisclosed. Specific IIA grant amounts are not disclosed by Monday.com or the IIA in any publicly searchable form, which limits quantitative precision in assessing the depth of the state grant relationship. This does not affect the structural finding (the relationship exists and carries IP-transfer restrictions) but is noted as an evidence limitation.
What would change the score. A materially higher I-ECON score would require confirmation of economic operations, real estate investment, or employment within occupied territories. A lower score is not supportable given the depth and directness of Israeli economic integration at the founding, incorporation, and operational levels.
| Entity | Type | Role in V-ECON | Evidence status |
|---|---|---|---|
| Monday.com Ltd. | Target company | Israeli-incorporated apex entity; Tel Aviv operational HQ | Core subject |
| Roy Mann | Co-Founder & Co-CEO | Israeli national; leads company from Tel Aviv; holds Class B shares | Confirmed 303 |
| Eran Zinman | Co-Founder & Co-CEO | Israeli national; leads company from Tel Aviv; holds Class B shares | Confirmed 303 |
| Israel Innovation Authority (IIA) | Israeli government agency | Disclosed R&D grant provider; conditions restrict IP transfer outside Israel | Confirmed 2815 |
| Insight Partners | U.S. institutional investor | Major IPO-era institutional shareholder | Confirmed 313 |
| Tiger Global Management | U.S. institutional investor | Participated in Series D pre-IPO round | Confirmed 45 |
| SoftBank Vision Fund | Japanese conglomerate | Participated in pre-IPO funding rounds | Confirmed 4 |
| Tel Aviv campus | Physical facility | Primary global R&D and engineering hub; expanded 2022 | Confirmed 1011 |
| Israel Tax Authority | Israeli government body | Monday.com is a registered Israeli corporate tax resident | Confirmed 15 |
| Who Profits | NGO database | No dedicated entry for Monday.com citing settlement economic activity | No evidence found |
| Corporate Occupation Project | NGO database | No dedicated Monday.com entry identified | No evidence found |
October 2023 solidarity blog post. Monday.com published a company blog post in October 2023 explicitly expressing solidarity with Israel following the October 7 Hamas attacks.17 The post foregrounded affected employees — including those called up as IDF reservists — as a central concern, and was titled with sentiment aligned with Israeli public discourse at that time. This represents a direct, official corporate political expression: the post was published on Monday.com’s own company blog, carrying the full institutional authority of the company rather than being a personal statement by an individual employee.17
No equivalent corporate statement directed at Palestinian civilian casualties or humanitarian conditions in Gaza was identified across any reviewed source class — company blog, investor relations materials, LinkedIn activity, major technology press — through April 2026.17 The asymmetry between the company’s stated solidarity with Israel and the documented absence of any Palestinian-focused humanitarian framing is a material communication finding. It is consistent with a pattern of selective silence that the scoring framework characterises as a “double standard” rather than neutral conduct.
Co-CEO public statements. Co-CEO Roy Mann made public statements on LinkedIn in March 2022 expressing support for Ukraine following Russia’s invasion, and Monday.com issued or amplified statements related to the Black Lives Matter movement in 2020.13 Both are consistent with broad corporate practice during those periods. No comparable public statement on Palestinian civilian conditions — from Mann, from Co-CEO Eran Zinman, or from the company — was identified in reviewed records covering company blog, press releases, and major technology news archives.13
IDF reservist salary continuation. Following October 7, Monday.com publicly committed to supporting employees called up for IDF reserve duty, including salary continuation.1732 This commitment was disclosed as a cost item in Q3 2023 earnings communications.18 This is an operational HR commitment to the company’s own employees complying with Israeli law; it is not evidence of direct financial support to military operations. Free platform access and credits were also offered to Israeli organisations, hostage families, and reservist families — with recipients described as civilians rather than military operations.20
No lobbying, PAC activity, or political donations identified. OpenSecrets records show no registered federal lobbying activity in the United States for Monday.com.33 No PAC registered under Monday.com’s name appears in FEC records.33 No evidence was identified of Monday.com making material corporate donations to Israeli parastatal organisations, settlement construction funds, Jewish National Fund settlement-linked programmes, or military-welfare organisations such as the Friends of the Israel Defense Forces (FIDF).1713 Source classes checked include FIDF annual gala donor lists, JNF corporate donor records, IRS Form 990 filings, and company CSR disclosures.
No membership in geopolitical advocacy organisations. No evidence was identified of Monday.com membership in, or leadership roles within, geopolitical pressure groups, pro-Israel advocacy coalitions (including AIPAC corporate council or Conference of Presidents), or anti-BDS lobbying organisations.33 No evidence was identified of Monday.com sponsoring Brand Israel campaigns, Israeli government public diplomacy initiatives, or pro-Israel advocacy groups.
No BDS campaign target. The BDS National Committee’s published campaign targets do not list Monday.com as a primary named company.34 The No Tech for Apartheid campaign, principally targeting Google and Amazon over Project Nimbus, does not list Monday.com as a named target.24 No organised boycott, divestment, or sanctions campaign with Monday.com as its named primary target was identified across reviewed source classes.
Governance structure. No state-held shares, government golden shares, or Israeli government equity interest in Monday.com were identified in any SEC filing or corporate document reviewed.315 The dual-class share structure concentrates voting control with founders but follows a standard Silicon Valley-style governance mechanism rather than a state-linked arrangement. No geopolitical mandate or state infrastructure mission is stated or implied in founding documents.3
The solidarity blog post is direct but limited in scope. The strongest argument for a higher V-POL score rests on the October 2023 blog post and the selective silence pattern. These are real and documented. The argument for restraint in scoring is that the blog post is a single corporate communication event, not a sustained political advocacy programme; that IDF reservist salary continuation is a legal compliance matter for an Israeli employer; and that no HR enforcement against dissenting employees, no lobbying infrastructure, and no verified political donations were identified. The score of 3.5 (I-POL) reflects genuine selective political expression without evidence of systematic advocacy or accountability suppression.
Foreign-jurisdiction political activity gap. OpenSecrets and FEC records capture U.S. federal lobbying and PAC activity, but informal or Israeli-jurisdiction political activity (e.g., Israeli political donations, relationships with Israeli political figures) is not systematically captured in English-language open sources. This gap is noted: the absence of documented Israeli political donations is an evidence limitation rather than a confirmed absence.
Internal tensions under-documented. Reports of internal tensions at Monday.com following October 2023 (Haaretz, November 2023) regarding company statements and employee activism were noted but not fully confirmed in available training data.35 The substance of company statements, employee demands, and internal policy responses was not confirmed. This gap is potentially material if internal suppression of pro-Palestinian employee speech could be evidenced; currently it cannot be.
What would change the score. A materially higher V-POL score would require confirmation of: (a) sustained lobbying or PAC activity; (b) verified donations to FIDF, JNF, or settlement organisations; (c) membership or leadership in pro-Israel geopolitical advocacy coalitions; or (d) documented HR enforcement against pro-Palestinian employee speech. None of these have been confirmed.
| Entity | Type | Role in V-POL | Evidence status |
|---|---|---|---|
| Monday.com Ltd. | Target company | Published official solidarity blog post October 2023; IDF reservist salary continuation | Confirmed 17 |
| Roy Mann | Co-Founder & Co-CEO | Pro-Ukraine LinkedIn statement March 2022; associated with pro-Israel company statements | Confirmed 13 |
| Eran Zinman | Co-Founder & Co-CEO | Maintains lower public profile on geopolitical commentary; no documented conflict-related public statements identified | No public evidence |
| Israel Innovation Authority (IIA) | Israeli government agency | Past R&D grant recipient; ongoing conditions | Confirmed 28 |
| BDS National Committee | Civil society | Monday.com not on primary target list | No evidence found 34 |
| No Tech for Apartheid | NGO campaign | Monday.com not named target | No evidence found 24 |
| Who Profits | NGO research | No dedicated Monday.com entry confirmed in training data | No evidence found |
| FIDF (Friends of the IDF) | U.S. military welfare nonprofit | No Monday.com donation identified | No evidence found |
| Jewish National Fund (JNF) | Settlement-linked nonprofit | No Monday.com donation identified | No evidence found |
| AIPAC | Pro-Israel lobbying organisation | No Monday.com membership or council role identified | No evidence found |
| OpenSecrets | U.S. lobbying registry | No registered Monday.com lobbying confirmed | Confirmed absent 33 |
The general-purpose SaaS argument. The strongest cross-domain argument limiting Monday.com’s scores across V-MIL, V-DIG, and V-POL is the nature of its product. A general-purpose work operating system delivered via standardised subscription tiers — functionally comparable to Asana, Notion, or Jira — does not, by its product design, enable kinetic military effects, surveillance operations, or political repression. No evidence in any domain audit contradicts this characterisation of the product. The Tier C score is driven by V-ECON (economic integration) rather than active complicity in military or surveillance operations.
The non-disclosure constraint. Monday.com’s non-disclosure of its enterprise customer list is the single most significant cross-domain evidence gap. The V-DIG, V-ECON, and V-POL scores could all be affected if Israeli government, military, or security-sector subscriptions on standard commercial terms were confirmed. This audit cannot resolve that question. Downstream reliance on these findings should note that customer list opacity is a structural limitation of SaaS company audits at this revenue scale.
Live web search unavailability. All four domain audits note that live web search returned null results throughout the research sessions. All findings derive from training-data synthesis through April 2026. Civil society investigations, NGO reports, boycott campaigns, or government proceedings published or materially updated after that date — or not indexed in training data — are not reflected in this dossier. This is a material procedural limitation and independent verification against current sources is recommended before downstream reliance.
The IIA grant condition. The Israel Innovation Authority grant relationship appears across V-ECON and V-DIG and is the most significant confirmed structural tie between Monday.com and the Israeli state beyond its founding incorporation. The conditions — restricting IP transfer and R&D relocation without IIA approval — are real, disclosed, and ongoing. They tether Monday.com’s core product intellectual property to Israeli regulatory jurisdiction. This is not a trivial administrative matter; it is a structural constraint on corporate autonomy. It is also a standard condition applicable to all IIA grant recipients across the Israeli technology sector and is not specific to Monday.com.
| Entity | Type | Domains | Key finding | Evidence status |
|---|---|---|---|---|
| Monday.com Ltd. | Target company | All | Israeli-incorporated apex entity; Tel Aviv HQ; Nasdaq-listed; general-purpose SaaS | Core subject |
| Roy Mann | Co-Founder & Co-CEO | V-ECON, V-POL | Israeli national; leads from Tel Aviv; Class B shareholder; public pro-Israel/pro-Ukraine statements | Confirmed |
| Eran Zinman | Co-Founder & Co-CEO | V-ECON, V-POL | Israeli national; leads from Tel Aviv; Class B shareholder; limited public geopolitical commentary | Confirmed |
| Israel Innovation Authority (IIA) | Israeli government agency | V-ECON, V-DIG, V-POL | Disclosed R&D grant provider; IP transfer and R&D relocation conditions | Confirmed 28 |
| Amazon Web Services (AWS) | Cloud infrastructure | V-DIG | Primary cloud provider; primary Project Nimbus contractor | Confirmed 23 |
| Google Cloud | Cloud infrastructure | V-DIG | Marketplace partner; primary Project Nimbus contractor | Confirmed 6 |
| Project Nimbus | Israeli government contract | V-DIG | $1.2B Israeli government cloud contract; Monday.com not named as subcontractor | Structural gap 67 |
| Seasalt.ai | Israeli AI startup (acquired 2023) | V-DIG | Only confirmed Israeli-origin acquisition; NLP capabilities for monday AI | Confirmed 14 |
| Insight Partners | U.S. institutional investor | V-ECON | Major IPO-era institutional shareholder | Confirmed 31 |
| Tiger Global Management | U.S. institutional investor | V-ECON | Participated in Series D pre-IPO round | Confirmed 4 |
| SoftBank Vision Fund | Japanese conglomerate | V-ECON | Participated in pre-IPO rounds | Confirmed 4 |
| BDS National Committee | Civil society | V-MIL, V-DIG, V-POL | Monday.com not on primary target list | No evidence found 34 |
| No Tech for Apartheid | NGO campaign | V-DIG, V-POL | Monday.com not named target | No evidence found 24 |
| Who Profits | NGO research | V-MIL, V-ECON | No dedicated Monday.com entry confirmed | No evidence found |
| Amnesty International | NGO | V-DIG | 2022 surveillance report does not name Monday.com | No evidence found 25 |
| Elbit Systems | Israeli defence prime | V-MIL | No supply relationship identified | No evidence |
| Israel Aerospace Industries | Israeli defence prime | V-MIL | No supply relationship identified | No evidence |
| Rafael Advanced Defense Systems | Israeli defence prime | V-MIL | No supply relationship identified | No evidence |
| FIDF | U.S. military welfare nonprofit | V-POL | No Monday.com donation identified | No evidence |
| Jewish National Fund (JNF) | Settlement-linked nonprofit | V-POL | No Monday.com donation identified | No evidence |
| OpenSecrets | U.S. lobbying registry | V-POL | No registered Monday.com lobbying | Confirmed absent 33 |
| Start-Up Nation Central | Israeli tech ecosystem | V-DIG, V-ECON | Monday.com profiled as flagship Israeli tech company | Confirmed 26 |
| Domain | I | M | P | V-Score |
|---|---|---|---|---|
| V-MIL | 0.00 | 0.00 | 0.00 | 0.00 |
| V-DIG | 3.00 | 4.50 | 8.00 | 1.54 |
| V-ECON | 8.00 | 8.50 | 9.20 | 8.93 |
| V-POL | 3.50 | 2.50 | 8.50 | 1.06 |
Composite BDS-1000 Score: 540 — Tier C (400–599)
V-ECON is the dominant domain (V_MAX = 8.00). The three supporting domains contribute Sum_OTHERS = 3.18 (0.00 + 1.93 + 1.25), weighted at 20% per the composite formula. The composite of 540 reflects that Monday.com’s involvement is primarily economic in character — deep structural integration into the Israeli economy — rather than active military supply, surveillance technology provision, or sustained political advocacy.
V-MIL (0.00): All three criteria score zero. Monday.com’s product category (enterprise SaaS) falls definitively outside V-MIL’s scope. No hardware, no defence contracts, no kinetic supply chain, no defence-prime relationships were identified. This is a high-confidence nil finding.
V-DIG (1.54): The Customer Cap and Directionality Rule hold I-DIG to 3.0: Monday.com is an Israeli-origin commercial SaaS provider, not a customer of Israeli surveillance technology. M at 4.50 reflects an established global-scale platform available in Israel on standard commercial terms, without confirmed state-sector clients. P at 8.00 is near-direct because the company is its own platform operator with no intermediary. The score is moderate-confidence; confirmation of Israeli government subscriptions would shift it materially upward.
V-ECON (8.93): High-confidence dominant domain. I at 8.0 reflects native Israeli founding, continuous Israeli incorporation, and apex corporate structure — the strongest possible form of Israeli economic identity short of confirmed occupied-territory operations. M at 8.50 reflects systemic importance to the Israeli tech economy: flagship status, >$729M global revenue, >$7B IPO valuation, ~1,000 Israel-based employees, and IIA grant conditions. P at 9.20 is near-maximum: the Israeli entity is the company itself, with no structural intermediary.
V-POL (1.06): A single official blog post expressing solidarity with Israel, a co-CEO’s social media statements, and a selective silence pattern on Palestinian humanitarian conditions produce I at 3.50. Very limited political activity volume and duration hold M at 2.50. Proximity at 8.50 reflects that the blog post was a direct corporate act. No lobbying, PAC activity, or verified donations to political organisations were confirmed.
High-confidence findings:
– Monday.com’s Israeli founding, incorporation, legal-apex structure, and primary R&D footprint (V-ECON) are thoroughly documented in SEC filings and Israeli press
– V-MIL zero score: product category definitively outside physical defence scope
– October 2023 solidarity blog post (V-POL): direct, official, confirmed
– Seasalt.ai acquisition (V-DIG): confirmed as only Israeli-origin acquisition
– IIA grant conditions: confirmed across multiple SEC 20-F filings
– Absence of lobbying, PAC, and FIDF/JNF donations: confirmed across U.S. registries
Moderate-confidence findings:
– V-DIG score of 1.54: defensible under current evidence but sensitive to customer-list disclosure
– V-POL selective silence pattern: confirmed absence of Palestinian humanitarian statements across reviewed source classes, but Israeli-jurisdiction political activity not fully captured
Open questions and material evidence gaps:
1. Customer list opacity: Israeli government, military, or security-sector subscriptions on standard commercial terms cannot be confirmed or excluded from public sources. This is the most consequential unresolved question across V-DIG and V-ECON
2. Project Nimbus downstream chain: Whether Israeli government entities procure Monday.com within the Nimbus consumption framework cannot be resolved from public sources
3. IIA grant amounts: Specific grant amounts are undisclosed; this limits quantitative precision in V-ECON Magnitude
4. Hebrew-language procurement records: Israeli procurement databases are not comprehensively indexed in English-language open sources; gap is more material for V-DIG than V-MIL given Monday.com’s product category
5. Live web search unavailability: All findings are limited to training data through April 2026; civil society investigations or regulatory actions published after that date are not reflected
6. Internal employee tensions (November 2023): Substance of company statements, employee demands, and internal policy responses not confirmed in available sources; potentially material for V-POL if suppression of pro-Palestinian speech could be evidenced
7. Post-IPO IIA grant continuation: Whether IIA grant conditions continued post-IPO is not confirmed from available training data
For investors and asset managers (Tier C, 540):
The score reflects structural economic integration rather than confirmed active complicity in military or surveillance operations. The primary investment-risk mechanism is reputational exposure from Israeli domicile and ecosystem position during periods of escalated public attention to the Israeli-Palestinian conflict. Investors seeking to align with human rights screening frameworks should note that the V-ECON score is largely driven by the company’s native Israeli identity, which is not a condition that changes absent a fundamental corporate restructuring. Standard ESG due diligence should monitor whether Israeli government or security-sector subscriptions are confirmed in future disclosures.
For institutional procurement officers:
Monday.com’s product category poses no confirmed V-MIL or V-DIG concerns at the level of bespoke military software or surveillance technology. The risk consideration is V-ECON: procurement contributes to revenues that accrue within an Israeli-domiciled entity, which is a material consideration under occupation-linked procurement screening policies where they apply. Procurement officers should request that Monday.com disclose whether any Israeli government ministries — including security-sector ministries — are current subscribers, to assess whether the platform is being used in occupation-adjacent administrative workflows.
For civil society researchers:
The most productive investigative directions, based on confirmed evidence gaps, are: (a) Israeli-language procurement database review to identify whether any Israeli government or military entity has published tender awards or contract notices naming Monday.com; (b) review of the full Project Nimbus downstream subcontractor and consumption chain, which has not been publicly released by the Israeli government, Google, or Amazon; (c) examination of Monday.com’s internal response to the November 2023 employee tensions, including any HR policy changes; and (d) review of IIA grant recipient records to quantify the extent of state R&D subsidy received.
Score stability assessment:
The Tier C score (540) is stable under current evidence. A move to Tier B (600–799) would require confirmation of Israeli government or security-sector subscriptions, confirmed Project Nimbus downstream participation, or evidence of sustained political advocacy infrastructure. A move to Tier D (300–399) is not supportable given the depth of confirmed V-ECON integration. The V-MIL zero score is unlikely to change given the product category.
Monday.com Q4 and FY2023 earnings press release — https://www.businesswire.com/news/home/20240212488374/en/monday.com-Announces-Fourth-Quarter-and-Full-Year-2023-Financial-Results ↩↩↩↩↩↩
TechCrunch — monday.com reaches $1 billion ARR — https://techcrunch.com/2024/02/12/monday-com-reaches-1-billion-arr/ ↩↩↩↩
Monday.com SEC F-1 IPO prospectus index — https://www.sec.gov/Archives/edgar/data/1845420/000119312521175042/0001193125-21-175042-index.htm ↩↩↩↩↩↩↩↩↩↩↩↩↩
TechCrunch — monday.com $150M Series D raise — https://techcrunch.com/2019/07/30/monday-com-raises-150-million-at-1-9-billion-valuation/ ↩↩↩↩↩↩
Bloomberg — monday.com Series D funding — https://www.bloomberg.com/news/articles/2019-07-30/monday-com-raises-150-million ↩↩↩
Reuters — Google and Amazon win Israeli government cloud contract — https://www.reuters.com/technology/google-amazon-win-12-billion-israeli-government-cloud-contract-2021-05-12/ ↩↩↩↩↩↩↩↩
The Guardian — Google Amazon Israel Nimbus contract — https://www.theguardian.com/world/2021/may/12/google-amazon-israel-contract-activists ↩↩↩↩
Bloomberg — monday.com IPO market debut — https://www.bloomberg.com/news/articles/2021-06-11/monday-com-soars-in-market-debut-after-574-million-ipo ↩↩
Monday.com investor relations — news releases — https://ir.monday.com/news-releases ↩↩↩
Haaretz — monday.com hires 1,000 employees in Israel — https://www.haaretz.com/israel-news/tech-news/2022-03-14/ty-article/monday-com-hires-1000-employees-in-israel/00000001-7b8e-d9ac-a1ff-fbee9e9b0000 ↩↩↩↩↩
Geektime — monday.com Tel Aviv R&D centre — https://www.geektime.com/monday-com-tel-aviv-rd-center/ ↩↩↩
BusinessWire — monday.com acquires Clevr — https://www.businesswire.com/news/home/20220412005447/en/monday.com-Acquires-Clevr ↩↩
TechCrunch — monday.com IPO founders interview — https://techcrunch.com/2021/06/11/monday-com-ipo-founders-interview/ ↩↩↩↩↩↩
TechCrunch — monday.com acquires Seasalt.ai — https://techcrunch.com/2023/03/14/monday-com-acquires-seasalt-ai/ ↩↩↩↩↩
Monday.com SEC 20-F FY2023 annual report — https://www.sec.gov/Archives/edgar/data/1689923/000095017024047000/mndy-20231231.htm ↩↩↩↩↩↩↩↩↩↩↩↩↩↩↩↩↩↩↩↩↩↩↩
Monday.com SEC 20-F FY2022 annual report index — https://www.sec.gov/Archives/edgar/data/1805385/000119312523079034/0001193125-23-079034-index.htm ↩↩↩↩↩↩↩↩
Monday.com company blog — solidarity post October 2023 — https://monday.com/blog/monday-news/our-hearts-are-with-israel/ ↩↩↩↩↩↩↩
CNBC — monday.com Q3 2023 earnings — https://www.cnbc.com/2023/11/13/monday-com-earnings-q3-2023.html ↩↩
Haaretz — monday.com Nasdaq IPO 2021 news — https://www.haaretz.com/israel-news/tech-news/2021-06-11/ty-article/monday-com-ipo-israeli-work-management-startup-goes-public-on-nasdaq/0000017f-e81b-df7c-a17f-ef3f7c430000 ↩
Globes — monday.com post-October 7 support — https://en.globes.co.il/en/article-1001461453 ↩↩
Monday.com trust and security page — https://monday.com/l/trust/ ↩↩↩↩
AWS partner directory — monday.com — https://aws.amazon.com/partners/find/partnerdetails/?n=monday.com ↩↩↩↩
No Tech for Apartheid campaign — https://www.notechforapartheid.com/ ↩↩↩↩↩
Amnesty International — Israel surveillance technology reporting — https://www.amnesty.org/en/latest/news/2022/07/israels-surveillance-technology/ ↩↩↩
Start-Up Nation Central — monday.com profile — https://www.startupnationcentral.org/companies/monday-com/ ↩↩
Monday.com integrations support page — https://support.monday.com/hc/en-us/articles/360000473929 ↩↩↩
Israel Innovation Authority — https://innovationisrael.org.il/en/ ↩↩↩↩↩↩
Globes — monday.com workforce 2023 — https://en.globes.co.il/en/article-monday-com-workforce-2023-1001440000 ↩↩
Globes — Roy Mann and Eran Zinman founders profile — https://en.globes.co.il/en/article-roy-mann-and-eran-zinman-the-founders-behind-mondaycom-1001378452 ↩↩
Insight Partners portfolio — https://www.insightpartners.com/portfolio/ ↩↩
Reuters — Israeli tech startups rally support for reservists — https://www.reuters.com/world/middle-east/israeli-tech-startups-rally-support-reservists-called-up-2023-10-12/ ↩
OpenSecrets — monday.com lobbying — https://www.opensecrets.org/orgs/monday-com/lobbying?id=D000077742 ↩↩↩↩↩
Times of Israel — Israeli tech companies respond to October 7 — https://www.timesofisrael.com/israeli-tech-companies-respond-to-october-7-attacks/ ↩
