SimilarWeb Just Raised $47 Million In New Funding
SimilarWeb, the Israel-based digital market intelligence company, announced that it has raised $47M in growth equity funding. With this investment, SimilarWeb increased its total funding to date to $112M and has evolved into one of the fastest growing SaaS companies in the world.
The round was led by Viola Growth, a leading growth equity investor in Israel, in collaboration with Saban Ventures. Additional participating investors included CE Ventures, among others.
The company claims that, more than half of the Fortune 100 rely on SimilarWeb’s market intelligence solutions, which offer insights on over 80 million websites and three million apps across more than 190 countries.
SimilarWeb’s customers include CMOs, digital marketers, investors, strategy professionals and business analysts at the world’s leading brands, agencies, and consulting firms. SimilarWeb solutions are used to inform business strategy, build user acquisition plans, increase conversions, and retain customers.
In a statement, SimilarWeb CEO Or Offer said “the digital market intelligence space continues to grow exponentially, and is increasingly disrupting the $68 billion market research industry as well. SimilarWeb has emerged as the industry standard in market intelligence, redefining the way companies across the spectrum assess and maximize their market share. We are in a strong financial position – doubling revenue over the past 12 months – and with this investment will continue to meet the increasing demand we see for our solutions from brands and agencies around the world.”
SimilarWeb plans to use the investment in global expansion and technology:
Drive Global Expansion: Grow its team in San Francisco, New York, London, Tokyo and Tel Aviv, as well as open new international offices to better support and connect with customers worldwide
Build Next Generation Solutions: Expand current offerings with highly customized and integrated products that provide customers with the most actionable and granular insights
Establish Consulting Services: Invest in its team of strategic analysts to help customers increase ROI and solve their most complex business challenges
Invest in Data Coverage: Extend its lead as the highest quality and most comprehensive source of digital market intelligence across platforms