SimilarWeb, an Israeli digital market intelligence company, announced on Tuesday that it raised $120 million in an investment round 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 $240 million.
SimilarWeb said the capital will be used to accelerate its growth plans and support the expansion of the business through M&A activities.
Founded in 2007 by Or Offer and Nir Cohen, SimilarWeb monitors web and mobile app traffic and provides analytics and digital insights. Its platform is used by businesses, enterprises, marketing professionals, and analysts.
Headquartered in New York, SimilarWeb has offices in Israel, the UK, France, and Japan, and recently opened a location in Australia. The company employs nearly 600 people across the world and said it hopes to grow its headcount by over 20 percent by January 2021.
SimilarWeb said it has seen significant activity this year.
“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,” said Offer, who serves as CEO. “As digital intelligence and market data become more important to companies, it is clear that our data has never been more valuable.”
Gili Iohan of ION Crossover Partners said, “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.”
Harel Beit-On, founder and general partner at Viola Growth, said: “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.”