SimilarWeb, the leading digital market intelligence company, announced that it has raised $ 47 M in growth equity funding. With this investment, SimilarWeb increased its total funding to date to $ 112 M 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.
More than half of the Fortune 100 rely on SimilarWeb’s market intelligence solutions, which offer industry-leading insights on over 80 million websites and three million apps across more than 190 countries. SimilarWeb’s thousands of customers include CMOs, digital marketers, investors, strategy professionals and business analysts at the world’s leading brands, agencies, and consulting firms. SimilarWeb’s market intelligence solutions provide essential insights on competitors, industry, and audience that enable companies to capitalize on market opportunities and increase market penetration.
“The digital market intelligence space continues to grow exponentially, and is increasingly disrupting the $68 billion market research industry as well,” said Or Offer, CEO of SimilarWeb. “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 will leverage the investment to build on its rapid success and:
- 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
“We’re excited to lead the round and support SimilarWeb’s growth towards further establishing its presence as global leader in the market intelligence industry,” said Harel Beit-On, Founder and General Partner of Viola Growth. “SimilarWeb empowers some of the most notable global brands to better understand, grow, and track their digital market share, fueling the rapid adoption of SimilarWeb’s platform globally. With their proven technology, impressive team and global list of customers, the company is well positioned for accelerated growth and mass market penetration.”
As part of the round, SimilarWeb also announced that Bill Macaitis, former CMO of Slack and Zendesk, joins as a member of SimilarWeb’s advisory board. Bill will share go-to-market knowledge and best practices for hyper-growth and customer success based on his experience as a senior executive at three of the world’s five fastest growing SaaS companies – Slack, Zendesk and Salesforce.