- SimilarWeb — one of the world’s leading digital market intelligence companies — announced it has raised $120 million in funding. These are the details.
SimilarWeb — one of the world’s leading digital market intelligence companies — announced it has raised $120 million in funding. This funding round includes both primary and secondary components and it brings the company’s total funding to $240 million to date. This round of funding was co-led by ION Crossover Partners and Viola Growth. And this latest investment will be used to accelerate SimilarWeb’s aggressive growth plans, expand brand awareness, and support expansion of the business through M&A activities.
The funding round coincides with a tremendous period of expansion for the company.
Last month, SimilarWeb opened an office in Sydney, Australia, to expand its presence in APAC. And the company has plans to open multiple offices in both North America and Europe in the coming months. SimilarWeb also welcomed two new executives Ron Asher and Kevin Spurway to the company’s C-suite as CTO and CMO, respectively. Now the company has just under 600 employees and is hiring for nearly 200 open roles across all offices, with plans to grow global headcount by over 20% by January 2021.
Over half of the Fortune 100 rely on SimilarWeb for digital insights, including companies like Walmart, P&G, Adidas, Google, etc.
KEY QUOTES:
“At the peak of the lockdowns, we saw time spent online increase dramatically around the world. Digital data is becoming more important than ever to executives around the world as digitalization is accelerating exponentially because of COVID-19. As digital intelligence and market data become more important to companies, it is clear that our data has never been more valuable.”
— Or Offer, CEO and Founder of SimilarWeb
“SimilarWeb was always an incredible tool for any digital professional. But over the last few months it has become apparent that traffic intelligence — the unparalleled data and digital insight that SimilarWeb offers — is an absolute essential for any company that wants to win in the digital world.”
— Gili Iohan of ION Crossover Partners
“Since we joined the company three years ago, SimilarWeb has executed a strategic transformation from a general-purpose measurement platform to vertical-based solutions, which has significantly expanded its market opportunity and generated immense customer value. With a stellar management team of accomplished executives, we believe this round positions the company to own the digital intelligence category, and capitalize on the acceleration of the digital era.”
— Harel Beit-On, Founder and General Partner at Viola Growth
