Digital intelligence co SimilarWeb raises $120m

Or Offer

The financing round in the Israeli company was led by ION Crossover Partners and Viola Growth.

Israeli digital market intelligence company SimilarWeb today announced the closing of a $120 million financing round co-led by ION Crossover Partners and Viola Growth. The company declined to say how much of the financing round was for the sale of existing shares in the company and how much will enter as new investment funds.

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. This round brings to $240 million the amount raised by the company.

The Tel Aviv based company, which was founded in 2007, has developed a platform for understanding online behavior by monitoring traffic on the web and mobile apps, and which is used by millions of people for digital insights, including more than half of the Fortune 500 companies.

The latest financing round comes as the company is undergoing rapid expansion. In September, SimilarWeb opened an office in Sydney, Australia, to expand its presence in APAC, and has plans to open many offices in both North America and Europe in the coming months. The company has hired two new senior executives, Ron Asher and Kevin Spurway, to serve as CTO and CMO respectively. The company currently has just under 600 employees including 160 hired since the start of 2020, and plans to increase its workforce by 30% by March 2021.

SimilarWeb CEO and founder Or Offer said, "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."

Published by Globes, Israel business news - en.globes.co.il - on October 27, 2020

© Copyright of Globes Publisher Itonut (1983) Ltd. 2020

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