Economic Audit: Monday.com

Supply Chain & Sourcing Relationships

monday.com is a business software company that sells a subscription-based “Work OS” / project-management SaaS platform; it is not a retailer, food distributor, or agricultural importer, and its public filings describe no physical-goods supply chain ¹². No public evidence identified of direct supplier relationships with Israeli agricultural exporters, produce packers, or settlement-linked growers (e.g., firms comparable to Mehadrin, Hadiklaim, or Galilee Export). No public evidence identified of an importer-of-record structure, seasonal sourcing patterns, or third-party/indirect sourcing arrangements tied to Israeli settlement production, consistent with the company’s software-only business model ²³.

Product Origin, Labeling & Regulatory Compliance

monday.com does not manufacture, package, or distribute tangible goods; its sole commercial product is cloud-hosted software delivered by subscription ¹². No public evidence identified of settlement-origin products, country-of-origin or “Made in Israel”-type labeling obligations, or a corporate product-labeling policy, as these regulatory categories do not apply to the company’s business model.

Investment, Capital & Financial Exposure

monday.com reported Israel-located property and equipment valued at $76.4 million as of June 30, 2024, per SEC Form 6-K disclosure ⁴, and in January 2025 announced a $200 million, 11,000-square-metre Tel Aviv office lease (Azouri EcoTower) alongside its existing 22,000-square-metre TOU Towers footprint ⁵. In June 2026 the company formally launched “monday Ventures,” a corporate venture arm with capacity of up to $200 million and an initial $50 million deployed, led by Aviel Ichai and explicitly described in company materials as “Israel-anchored, globally relevant,” targeting enterprise AI, workflow automation, cybersecurity, and data-infrastructure startups with $1–5 million check sizes ⁶⁷⁸. Prior to the vehicle’s formal launch, monday.com/monday Ventures led a $10 million seed round in Israeli startup Blocks.diy in March 2026 ⁹, and in May 2026 monday.com acquired Tel Aviv-headquartered voice-AI company OneAI Inc. to add voice-agent capability to its AI Work Platform, though the purchase price was not publicly disclosed ^10111213. This pattern of Israel-directed capital deployment - office expansion (January 2025), a startup investment (March 2026), an acquisition (May 2026), and the formal venture-fund launch (June 2026) - is documented as continuing and expanding through mid-2026, with no identified reduction, wind-down, or divestment of Israel-based investment activity in the intervening period ^567981011. Tel Aviv is documented as monday.com’s primary engineering and product-development hub, hosting the majority of the company’s approximately 1,500 Israel-based staff as of January 2025 ²⁵. monday.com has no controlling corporate parent; it has been an independent Nasdaq-listed company since its June 2021 IPO ¹⁴¹⁵. Its largest institutional shareholder, Insight Partners (whose Managing Director Jeff Horing chairs monday.com’s board), separately maintains an extensive portfolio of over 150 Israeli technology investments, but this is an independent fund-level exposure not attributable to monday.com’s own balance sheet ¹⁶¹⁷. monday.com has held Preferred Technological Enterprise (PTE) status under Israel’s Law for the Encouragement of Capital Investments since 2019, subjecting qualifying income to a reduced 7.5%–12% rate versus the standard 23% statutory corporate rate, with a 20% withholding tax applied to dividends distributed from PTE-derived income ¹⁸¹⁹. No public evidence identified of monday.com underwriting or lead-arranging Israeli sovereign debt or “war bonds,” selling Israel Bonds/Development Corporation for Israel securities, or holding third-party Israeli equity or fund portfolios beyond its own direct venture investments and acquisitions, based on review of BankTrack’s war-bond underwriter and “Don’t Buy Into Occupation” reporting and Norges Bank/KLP exclusion decisions, none of which name monday.com ^20212223.

Operational Presence & Market Activity

monday.com’s headquarters and principal executive offices are located at 6 Yitzhak Sadeh St., Tel Aviv, Israel, comprising roughly 22,000 square metres across 17 floors at the TOU Towers complex, with an additional 11,000-square-metre expansion into the Azouri EcoTower planned for occupancy by late 2025 ²⁵²⁴. Other global offices are located in New York, Denver, London, Warsaw, Paris, Munich, São Paulo, Sydney, Melbourne, and Singapore ²⁴. No public evidence identified of monday.com offices, sales operations, or distribution activity in West Bank, East Jerusalem, or Golan Heights settlements. As of January 2025, roughly 1,500 of the company’s approximately 2,500 global employees (about 60%) were based in Israel, with 400 additional open Israel-based roles forming part of a planned 20% Israel headcount increase ⁵; secondary reporting indicates Israel-based headcount had contracted during 2023 layoffs before this 2025 expansion ⁵. The company has maintained Israeli PTE tax registration since 2019 ¹⁸¹⁹. monday.com does not break out Israel as a separate revenue geography in SEC disclosures, which instead report United States, EMEA, United Kingdom, and Rest of World segments ²⁵; a 2023 press report cited company commentary that Israel represented “about 5%” of revenue at that time, with no more recent public breakout identified ²⁶. On authoritative human-rights and financial-exclusion registries, monday.com does not appear on the OHCHR business-and-settlements database, Who Profits’ dedicated company-profile list, Amnesty International’s December 2024 list of firms linked to unlawful occupation, or the Norges Bank GPFG and KLP exclusion decisions targeting Israeli-settlement-linked companies; the only related hit is a passing reference to “Monday” as a business partner on Who Profits’ separate Matrix IT company page, not a dedicated monday.com profile ^272822293023. monday.com does appear on independent, non-official BDS-aligned consumer boycott-guide websites (palestiniangenocide.org and masjidalaqsa.com), which cite the company’s general contribution to the Israeli economy and tax base rather than documented settlement-specific activity, and one such source explicitly states monday.com has “no documented military or surveillance applications” ³¹³²³³. No public evidence identified of monday.com holding a direct Israeli Ministry of Defense or IDF supply/services contract.

Corporate Structure & Foundational Ties

monday.com was founded in Tel Aviv in 2012 as daPulse Labs Ltd. by Roy Mann, Eran Zinman, and Eran Kampf, originating as an internal tool built at Wix.com, and was renamed monday.com Ltd. in December 2017 ¹³⁴. The company remains “a company limited by shares organized under the laws of the State of Israel,” with its principal executive offices in Tel Aviv per its SEC Form 20-F filings ²¹⁴; it trades on Nasdaq under ticker MNDY and files periodic reports including annual Form 20-F filings with the SEC ²³¹⁵. Co-founders and Co-CEOs Roy Mann and Eran Zinman both served in IDF Unit 9900, the Military Intelligence Directorate’s satellite/visual-intelligence unit, where they met before founding the company ³⁴; Roy Mann remains the single largest individual shareholder, holding approximately 9.41% of shares ¹⁷. The founders retain a “founder shares” governance mechanism carrying board veto rights, which lapses upon transfer, termination of employment, or if the founders’ combined ownership falls below 33% of ordinary shares and vested options ³⁵. Other identified board members include Chairperson Jeff Horing of Insight Partners ¹⁶³⁶¹⁷; Gili Iohan, a partner at Israeli fund ION Crossover Partners and at Cato Networks, who also sits on the boards of several other Israeli-founded technology companies ³⁷; Ronen Faier, former CFO of SolarEdge Technologies ³⁷; Aviad Eyal, co-founder of early monday.com investor Entree Capital ³⁷; and Avishai Abrahami, co-founder/CEO of Wix.com, the company from which monday.com originally spun out ¹⁶. monday.com’s own marketing materials include a case study describing use of its platform by an Israeli government “National COVID-19 Control Center,” stating the system connected multiple government agencies and referencing coordination across “civilian and military agencies,” ministries, hospitals, and laboratories ³⁸, and a separate customer story describing a partnership between NGO MAGNUS and Israel’s Ministry of Foreign Affairs for pandemic-era repatriation coordination ³⁹. In January 2025, Ireland’s Residential Tenancy Board terminated its internal vendor relationship with monday.com following staff objections that cited this case-study material referencing “Benjamin Netanyahu’s government” ⁴⁰. Following the October 7, 2023 war’s onset, monday.com’s official corporate LinkedIn account publicly stated the company “unequivocally stand[s] with Israel and its people” ⁴¹, and Israeli and U.S. press reported the company’s tools were adopted for civilian volunteer-coordination efforts while the company continued to grow profitability during the conflict ²⁶⁴². No public evidence identified of an Israeli government ownership stake in monday.com, a government board appointee, or a formal “critical national infrastructure” designation.

Profit Repatriation & Economic Contribution

Because monday.com is an Israeli-incorporated parent entity rather than a foreign company operating an Israeli subsidiary, globally generated revenue flows into an Israeli-domiciled corporate structure subject to Israeli PTE taxation on qualifying income and a 20% withholding tax on PTE-derived dividend distributions ¹⁸¹⁹. SEC disclosures do not separately report Israel as a revenue geography, instead grouping results into United States, EMEA, United Kingdom, and Rest of World categories ²⁵, though a 2023 press report cited company commentary placing Israel at roughly 5% of revenue at that time, with no more recent breakout identified ²⁶. Israeli business press consistently characterizes monday.com as a flagship domestic SaaS “unicorn” and a major Tel Aviv technology-sector employer undergoing continued headcount and office-footprint expansion ⁴³⁵³⁴. No public evidence identified of an official Israeli government “anchor employer” or comparable state economic-designation classification for monday.com, as distinct from press characterization.

End Notes