SimilarWeb announces closing of $120M financing round
SimilarWeb, the world’s leading digital market intelligence company, announced the closing of a $120M investment round. The transaction includes both primary and secondary components, bringing the company’s total funding to $240M to date. The round was co-led by ION Crossover Partners and Viola Growth. 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.
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This funding event coincides with a tremendous period of expansion for the company.
In September, SimilarWeb opened an office in Sydney, Australia, to expand its presence in APAC, and has plans to open multiple offices in both North America and Europe in the coming months. The company also welcomed two new executives, Ron Asher and Kevin Spurway, to the company’s C-suite as CTO and CMO, respectively. Today, the company has just under 600 employees and is hiring for nearly 200 open roles across all offices, with plans to grow global headcount by over 20% by January 2021.
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At the same time, online activity and transacting activity has reached record highs as a result of the global pandemic response. “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,” says Or Offer, CEO and Founder of SimilarWeb. “As digital intelligence and market data become more important to companies, it is clear that our data has never been more valuable.”
“SimilarWeb was always an incredible tool for any digital professional,” said Gili Iohan of ION Crossover Partners. “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.”
