Web analytics firm SimilarWeb raises €102.1M to fund aggressive growth plans & business expansion via M&A

SimilarWeb

In this digital era, it’s imperative to have a robust digital marketing plan in place from day one, for any business to grow. Reportedly, despite the business impact from COVID-19, the global digital intelligence platform market is expected to have positive and superior growth.

The report also suggests that the market size has the potential to grow by $ 10.11B (approx €8.6B) during 2020-2024, and the growth momentum will accelerate during the forecast period.

Digital market intelligence provides essential insights on competitors, industry, and audiences that enable companies to capitalise on market opportunity and increase market penetration.

Digital market intelligence company raises €102.1M

In a recent development, an Israeli-based digital market intelligence company, SimilarWeb, has raised $ 120M (approx €102.1M) in a fresh round of funding co-led by ION Crossover Partners and Viola Growth.

The deal includes both primary and secondary components and brings the company’s total funding to date to $ 240M (approx €204.4M).

The raised capital will be used to accelerate SimilarWeb’s growth plans, expand brand awareness, and support the expansion of the business through M&A activities.

The company also appointed two new executives, Ron Asher and Kevin Spurway as CTO and CMO, respectively.

About SimilarWeb

Founded in 2007 by Or Offer and Nir Cohen, SimilarWeb offers an AI-based market intelligence platform that helps monitor web and mobile app traffic, as well as provide analytics and digital insights. The platform is used by businesses, enterprises, marketing professionals, and analysts.

According to the company, it provides reliable data as per the industry standard for measuring online behavior. Its proprietary technology aggregates hundreds of sources which is then coupled with machine learning algorithms to understand the digital activity.

SimilarWeb has offices in Israel, New York, the UK, France, Japan, and Australia. Currently, the company has about 600 employees and is looking to hire 200 open roles across all offices, with plans to grow global headcount by over 20% by January 2021.

“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 digitalisation 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,” says Or Offer, CEO and founder of SimilarWeb.

According to the company, more than half of the Fortune 100 companies rely on SimilarWeb for digital insights, including companies such as Walmart, P&G, Adidas, and Google, among others.

Previous acquisitions

Back in December 2015, the Israeli web analytics and traffic measurement startup had acquired Quettra, a provider of mobile analytics and measurement tools, to move deeper into Mobile Analytics and big data.

Prior to that, in July 2015, SimilarWeb acquired Tel Aviv-based content discovery platform Swayy. The deal was aimed at acquiring the Swayy’s talent and expertise to aid with the development of SimilarWeb’s own content recognition algorithms.

Image credit: SimilarWeb

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