This web analytics superstar plans rapid growth to meet expansion goals
Israel-based SimilarWeb announced on Monday that they have raised a whopping $25 million in their latest funding round. Leading the charge for this round was the Internet and media group Naspers. Previous investor Lord David Alliance also took part in the effort that brought SimilarWeb’s total funding to an impressive $65 million.
SimilarWeb’s latest funding comes nearly a year after they closed their Series D with a $15 million haul, which also came from this round’s current investors as noted above.
The company was co-founded by CEO Or Offer and CTO Nir Cohen, launching their first product in 2009. Since then, they have grown to a team of more than 250 people spread out across four continents including a new office in New York.
Analyzing the competition
When SimilarWeb started their operations in 2009, it was with a simple service that found users websites that were, well, similar to the ones that they were already familiar with. Since then, they have launched their pro version and a variety of products for analyzing other sites on the web. More recently, they have included features that can gauge user engagement on mobile apps as well.
The company now says that they are monitoring and producing analytical data on over 80 million websites and 3 million mobile apps from over 190 countries around the world.
SimilarWeb’s competitive analysis reports have evolved to become an indispensable tool for any company looking to research their competition and develop a winning strategy.
“SimilarWeb enables businesses to make better decisions in today’s dynamic online and mobile world. Its products are uniquely capable of providing the insights necessary to create value for businesses of all sizes, from SMB to enterprise” said Larry Illg, CEO of New Ventures, Naspers.
Naspers has grown its portfolio in recent years with a number of big name investments from 130 countries throughout the globe. Their list of companies include names like Tencent, Flipkart, and Mail.ru.
How do they stack up to the competition?
In speaking with people working in the industry about SimilarWeb, they are generally described as setting the new industry standard. That said, they are facing strong competition from others in the field, albeit spread out in the different areas that they are working in.
When it comes to tracking mobile, the Tel Aviv team is facing off against the app data tracking giants at App Annie. Both companies offer some serious punches when it comes to tracking a competitor’s app. However by tracking mobile browsing and desktop web data, and not just what is going on inside the mobile app, SimilarWeb seems to provide a more holistic solution than Annie.
In looking at how a site ranks based on its SEO score, a website’s Alexa score still holds some serious weight. As a response, SimilarWeb’s product aims to provide data on both web and mobile data based on traffic as well as user engagement, which can often be far more valuable when judging where a competitor’s site really stands.
For the general SEO analytics, the company has been compared to big players like Moz and KISSMetrics. While there is some crossover with these two solid companies in some of their activities, SimilarWeb brings to the table a much stronger focus on measuring competitors’ growth, negating the need for any real comparison between them.
Moving forward post-round
With the close of this round, SimilarWeb is finishing the year with substantially deeper pockets to fund their expansion.
“We aim to bring a new level of digital visibility to the entire online ecosystem,” said Or Offer, CEO and Founder of SimilarWeb in their statement to the press. “This investment allows us to scale up our activities so that we can continue to provide the highest quality product in the market and deliver the most accurate picture of the digital landscape.
In addition to their new office in New York City, they have told Geektime that they want to become more involved in other locations where they have already established a presence. These locations include places like Brazil, the UK, Japan, and Russia.
They have also stated to Geektime that they intend to grow their R&D teams, both in Israel as well as in other locations.
Along with these developments, the company has said that they are looking to add 100 employees by the end of next year, bringing them to an impressive 350 team members.
As they continue to grow their global reach, the company can be expected to increase their marketing and sales departments, both in Israel as well as their international offices.
In tracking their rapid growth over the past few years, SimilarWeb has been constantly evolving as they surprise the industry with new innovations.
They have succeeded in staying ahead of the curve with their mobile solutions, providing deep insights on the key metrics that their users care about.
With an expanded budget, we can expect to see the crew at SimilarWeb keep rolling out new features, backed by a solid support team. It is not very often that a tech blog is able to follow a company through their Series E, and their continued growth and ability to attract funding (from their original investors no less) are signs of confidence that they are on the right track.
As 2015 nears its end, this will be a great company to watch as they flourish in 2016.