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Monday.com V-ECON

ECONOMIC AUDIT UPDATED 2026-05-27
V-ECON Score 9.00 /10 B Monday.com — BDS-1000 645
V-ECON 9.00

Evidence-only forensic audit. Scoring happens downstream — see the main dossier for the composite assessment.

V-ECON Audit: Monday.com

Supply Chain & Sourcing Relationships

Direct Supplier Relationships No public evidence identified. Monday.com operates as a cloud-based SaaS work management platform (Work OS) and does not maintain physical product supply chains, agricultural imports, or manufactured goods procurement 1.

Importer of Record Structure No public evidence identified. As a software company deriving revenue from subscription fees for software access, Monday.com has no identified importer-of-record entity for physical goods 2.

Seasonal Sourcing Patterns No public evidence identified. Not applicable to the SaaS business model 1.

Third-Party & Indirect Sourcing No public evidence identified. The company’s revenue derives entirely from subscription fees for software access rather than physical goods procurement 1.

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, placing it entirely outside the scope of country-of-origin labeling regimes 13.

Labeling Compliance No public evidence identified. DEFRA country-of-origin labeling requirements apply to physical goods and do not extend to SaaS services 1.

Corporate Labeling Policy No public evidence identified. No publicly stated corporate policy governing the sourcing of goods from occupied territories has been identified 1.

Investment, Capital & Financial Exposure

Foreign Direct Investment in Israel Monday.com’s primary operational investment is its Tel Aviv headquarters at 6 Yitzhak Sadeh Street, Tel Aviv, serving as the global engineering and product development hub 14. The company significantly expanded its Israeli operations in 2022, hiring approximately 1,000 additional employees in Israel 5.

R&D Centres & Innovation Infrastructure Monday.com’s dominant R&D centre is located in Tel Aviv, Israel, functioning as the company’s global hub for engineering, product, and data science 56. Approximately 1,100 employees are based in Israel out of roughly 2,500 global employees based on 2024 data 56.

Israel Innovation Authority (IIA) Grant Exposure No public evidence identified. Search of IIA winner databases and SEC filings did not reveal Monday.com-specific grant disclosures 12.

Preferred Technology Enterprise (PTE) Tax Status No public evidence identified. No confirmation of PTE designation under Israeli tax law was found in public filings or corporate disclosures 12.

Parent & Beneficial Ownership Monday.com Ltd. is an independent publicly listed company with no corporate parent 2. Principal institutional shareholders include index funds such as Vanguard and BlackRock, while Insight Partners reduced holdings to less than 5% by 2024 7. Co-founder Roy Mann holds an 11.2% stake and co-founder Eran Zinman holds a 4.4% stake 5.

DBIO, PAX, and UN OHCHR Database Coverage Monday.com is NOT listed in the UN OHCHR database of business enterprises involved in settlement activity 3. Monday.com is NOT cited in UN A/HRC/59/23 (Albanese 2025 report) 8. Monday.com appears in the Don’t Buy Into Occupation 2025 report among 13 tech companies flagged with “insufficient information” rather than confirmed involvement 9.

Operational Presence & Market Activity

Physical Footprint Monday.com maintains its headquarters and primary R&D facility at 6 Yitzhak Sadeh Street, Tel Aviv, Israel, continuously operated since the company’s founding in 2012 14. The company operates a secondary operational hub in New York, USA for U.S. enterprise sales 2. A EMEA regional office is located in London, UK 10, while an APAC regional office operates in Sydney, Australia 10. The company opened an office in Miami, USA in 2022 for U.S. commercial expansion 2. No offices, sales operations, or retail locations within occupied territories (West Bank, Gaza, or Golan Heights) have been identified 1.

Employment & Tax Contribution Approximately 1,100 employees are based in Israel out of approximately 2,500 global employees according to 2024 data 56. Monday.com is registered as a corporate tax resident in Israel and files corporate tax returns with the Israel Tax Authority 1. Specific Israeli corporate tax contribution figures are not publicly disclosed 1.

Market Positioning SEC 20-F filings report geographic revenue in three segments (Americas, EMEA, and Rest of World) rather than by individual country 1. Israel is subsumed within EMEA and is not separately broken out as a revenue market. Per Calcalist reporting, Israel accounts for approximately 5% of revenue 6. The Israeli market is characterized as the operational and engineering base rather than a primary sales market 1.

Post-October 2023 Operational Continuity Following the October 7, 2023 conflict, Monday.com continued operating its Tel Aviv headquarters without publicly announced interruption 6. One hundred employees were drafted to IDF reserves, representing approximately 7% of the global workforce, during the October 2023 conflict 6. At peak, 200 Israeli employees participated in 360 civilian-led volunteer projects during the conflict 6. No specific corporate statements were found regarding operational continuity following the July 2024 ICJ Advisory Opinion or November 2024 ICC arrest warrants.

Corporate Structure & Foundational Ties

Founding & Incorporation History The company was founded in Tel Aviv, Israel in 2012 as DaPulse Labs Ltd. and rebranded to Monday.com Ltd. in November 2017 4. The company is registered with ICA registrar ID 514744887 4. Monday.com listed on Nasdaq (ticker: MNDY) in June 2021 2.

Headquarters & Domicile The legal domicile is the State of Israel, with operational headquarters located at 6 Yitzhak Sadeh Street, Tel Aviv, Israel 14. No dual-headquarters structure has been identified.

State & Institutional Linkages No Israeli government ownership stake has been identified. No government-appointed board directors appear in publicly disclosed board listings 1. No designation as critical national infrastructure has been identified. No government contracts with the Israeli Defense Ministry were identified prior to December 2024 11. An Israel Ministry of Defense tender for “Monday.com licenses” was published on December 17, 2024 with a deadline of January 1, 2025 11. No award status or contract value has been publicly disclosed.

Controlling Principals Roy Mann serves as Co-Founder and Co-CEO, is an Israeli national and resident based in Tel Aviv, served in IDF Unit 9900 (Intelligence Corps), and holds an 11.2% stake valued at approximately $1.5 billion 5. Eran Zinman serves as Co-Founder and Co-CEO, is an Israeli national and resident based in Tel Aviv, served in IDF Unit 9900 (Intelligence Corps), and holds a 4.4% stake valued at approximately $600 million 5. Jeff Horing serves as Managing Director at Insight Partners and as Chairman of the Monday.com board despite Insight Partners’ reduced stake to less than 5% 5. The founders hold Class B super-voting shares giving them disproportionate voting control 2.

Board Composition The board includes both Israeli and international members 1. No board member has been identified in the UN OHCHR settlement database or in connection with settlement-territory commercial operations 3.

Acquisitions with Israeli Nexus Monday.com acquired OneAI Inc., an Israeli voice AI company, in May 2026 12. Blocks, an Israeli AI startup, received a $10 million seed investment from Monday.com in September 2025 13.

Profit Repatriation & Economic Contribution

Revenue Attribution FY2024 total global revenue was approximately $972 million 14. Geographic revenue is reported in consolidated segments with Israel not separately disclosed 1. Approximately 5% of revenue is attributed to Israel per Calcalist reporting 6.

Profit Flows As an Israeli-incorporated company, profits flow into the Israeli-domiciled holding entity (Monday.com Ltd.) 2. No foreign parent entity exists to which profits are repatriated, as the Israeli entity is the apex of the corporate structure 2. The company achieved GAAP profitability by FY2024 14.

Economic Ecosystem Role Monday.com is cited across Israeli financial and technology press as a prominent Israeli technology sector success story and flagship SaaS company 15. The 2021 Nasdaq IPO valued at over $7 billion was among the largest Israeli tech IPOs that year 2. Monday.com serves as a major employer in the Israeli technology labor market with a dominant share of R&D and product staff in Tel Aviv 5. The company’s continued Tel Aviv operations represent ongoing material economic contribution to the Israeli economy 6.

End Notes

Footnotes

  1. https://www.sec.gov/Archives/edgar/data/1805385/000119312523079034/0001193125-23-079034-index.htm ↩ ↩2 ↩3 ↩4 ↩5 ↩6 ↩7 ↩8 ↩9 ↩10 ↩11 ↩12 ↩13 ↩14 ↩15 ↩16 ↩17 ↩18 ↩19 ↩20

  2. https://www.sec.gov/Archives/edgar/data/1805385/000119312521172641/0001193125-21-172641-index.htm ↩ ↩2 ↩3 ↩4 ↩5 ↩6 ↩7 ↩8 ↩9 ↩10 ↩11

  3. https://www.ohchr.org/en/hr-bodies/hrc/sessions/database-business-enterprises ↩ ↩2 ↩3

  4. https://www.northdata.com/Monday%C2%B7COM%20Ltd%C2%B7,%20Tel%20Aviv%20-%20Yafo/ICA-514744887 ↩ ↩2 ↩3 ↩4 ↩5

  5. https://www.calcalistech.com/ctechnews/article/s1n8cixqjl ↩ ↩2 ↩3 ↩4 ↩5 ↩6 ↩7 ↩8 ↩9 ↩10

  6. https://www.calcalistech.com/ctechnews/article/h15lenent ↩ ↩2 ↩3 ↩4 ↩5 ↩6 ↩7 ↩8 ↩9

  7. https://www.ivc-online.com/Company-Card?id=4AFA2FF7-90B3-E111-BF11-00155D32A408 ↩

  8. https://www.ohchr.org/en/documents/country-reports/ahrc5923-economy-occupation-economy-genocide-report-special-rapporteur ↩

  9. https://dontbuyintooccupation.org/wp-content/uploads/2025/11/2025-DBIO-V-report-1.pdf ↩

  10. https://ir.monday.com/overview/default.aspx ↩ ↩2

  11. https://www.globaltenders.com/latest-tenders/IL01646-ministry-of-defence ↩ ↩2

  12. https://www.marketscreener.com/news/monday-com-ltd-acquired-one-ai-inc-ce7f5bd9d18af021 ↩

  13. https://www.calcalistech.com/ctechnews/article/rypqi11oee ↩

  14. https://ir.monday.com/news-and-events/news-releases/news-details/2025/monday.com-Announces-Fourth-Quarter-and-Fiscal-Year-2024-Results/default.aspx ↩ ↩2