SimilarWeb Gets $120m

Israel-based digital market intelligence company SimilarWeb has raised $120m in a new round of funding, and says it will open offices in North America and Europe, expand through merger and acquisitions, and increase headcount.

SimilarWeb, which also has an office in Sydney, Australia, offers a platform for understanding online behavior, using a proprietary algorithm which produces traffic and engagement statistics, taking into account the behavior of visitors to similar kinds of sites. Its technology aggregates hundreds of sources, which, when combined with advanced machine learning algorithms, help understand digital activity.

New funding has been co-led by ION Crossover Partners and Viola Growth, and includes both primary and secondary components, bringing the company's total funding to $240m to date. SimilarWeb currently has just under 600 employees, and part of the funding will be used to hire for nearly 200 roles across all offices, with plans to grow global headcount by more than 20% by next January.

Harel Beit-On, founder and General Partner at Viola Growth, comments: '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.'

The firm, which is led by CEO and founder Or Offer (pictured), is online at: www.similarweb.com .

All articles 2006-23 written and edited by Mel Crowther and/or Nick Thomas, 2024- by Nick Thomas, unless otherwise stated.