Monday Joins Revenue Unicorn Club

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Congratulations to Monday as it crosses $1 Billion in annual revenue and joins the software Revenue Unicorns!

Let's see what we can learn from Monday's journey...

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Revenue Growth

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Monday demonstrated consistent and durable revenue growth across all stages on its path to $1 Billion in revenue. Notably, Monday’s revenue growth was greater than the Revenue Unicorn median between $100 Million and $750 Million in revenue.

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Gross Margin

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Monday maintained 85%+ gross margins throughout its journey, a sign of consistency in its operating model and higher than the Revenue Unicorn median across all revenue ranges. ZoomInfo is the only other Revenue Unicorn to also maintain 85%+ gross margins across the journey from $100 Million to $1 Billion+ in revenue.

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Sales & Marketing

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Monday invested heavily in sales and marketing during its path to $1 Billion in annual revenue. Samsara and Okta also invested more than the Revenue Unicorn median for sales and marketing expense as a percentage of revenue across all revenue ranges.

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Research & Development

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Monday invested less in research and development than the median Revenue Unicorn throughout their lifecycle. Monday’s spend on research and development trended in a similar fashion to DocuSign and HubSpot on the path to $1 Billion in annual revenue.

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General & Administrative

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Monday’s general and administrative expense remained below the median Revenue Unicorn on their journey to $1 Billion. Monday’s spend on general and administrative expense was similar to Nutanix and Palo Alto Networks.

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Stock Based Compensation

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Monday had a higher SBC expense as a percentage of revenue from $100 Million to $500 Million compared to the Revenue Unicorn median, and then transitioned to below the median for the rest of their journey to $1 Billion. When viewing SBC expense as a percentage of enterprise value, Monday is at 1.4%, which is lower than the Revenue Unicorn median of 1.8% in the $1 Billion+ revenue range.

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Free Cash Flow

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Monday’s free cash flow margin improved with scale. CrowdStrike delivered a similar trend of improving free cash flow margin with business growth.

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Time to Reach $1 Billion in Revenue

Monday reached $1 Billion in revenue after 12.25 years. This is faster than the median time of 13.50 years it took other Revenue Unicorns to reach the $1 Billion mark. Other Revenue Unicorns that took a similar amount of time to achieve the $1 Billion revenue threshold include Okta (11.50 years) and Veeva (11.75 years).

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Other Revenue Unicorns founded around the same time as Monday (2012 founding) include CrowdStrike (2011), Elastic (2012), and Snowflake (2012). This set of companies took a median of 9.50 years to achieve $1 Billion in revenue (CrowdStrike at 9.50 years, Elastic at 10.00 years, and Snowflake at 8.75 years).

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The Journey to $1 Billion in Revenue

For those of you that love data as much as we do, below is the full data set used for this analysis.

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Again, congratulations to the Monday team! Stay tuned for the next Revenue Unicorn update.

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Note: The complete list of Revenue Unicorns used in the comparison can be found in the presentation here.

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About Monday

Monday was founded in 2012 by Eran Zinman and Roy Mann. As per the Company’s materials, Monday is a platform that democratizes software so organizations can easily build software applications and work management tools that fit their needs. The cloud-based platform is a no-code and low-code framework that consists of modular building blocks to drive core business within an organization. The platform also integrates with other systems and applications, creating a connective layer for organizations that links departments and bridges information silos. On top of the platform, Monday has built a product suite to address the needs of specific industries and use cases including Monday work management, Monday CRM, Monday dev, and Monday service.

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The Company reported $282 Million in first quarter revenue for the period ended March 31, 2025. Combined with results from the preceding quarters, this recent performance boosts Monday across the $1 Billion in annual revenue threshold as measured on a last twelve month basis to become the latest software Revenue Unicorn.

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About The Revenue Unicorn Playbook

The Revenue Unicorn Playbook is an analytical guide that explores the growth of public software companies from $100 Million to $1 Billion in revenue. The goal of the Playbook is to offer founders and company leaders a framework to examine their growth and investments as they scale.

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You can find the original Revenue Unicorn article here and presentation here.