Israeli digital market intelligence startup SimilarWeb, which provides data-driven website traffic analytics insight for enterprises , announced a $120 million mega funding round, led by ION Crossover and Viola Growth. Despite the global crisis, the company is experiencing growth and expansion, with the opening of a Sydney office last month, alongside near future plans of launching more offices in North America and Europe.
ML data analytics
SimilarWeb developed a platform that gathers data from various sources and crosses it with ML algorithms to provide deep analytics of an organization’s digital activity. Most of us are already familiar with the startup’s freebee analytics system, which allows users to run tests on different websites and apps. However, the company has gone on to develop other tools for different communities in the digital world: from a marketing tool to a digital content tool for salespeople, and even suitable for the investing crowd among you. The company was quick to note that among its customer base are market leaders like Adidas, Google, Walmart, and P&G.
In a talk with Geektime SimilarWeb CEO and Founder Or Offer explains that the company wasn’t even planning on fundraising. “We didn’t initiate (the round), they came to us.” Other than the investment, this deal has a secondary component, where options will be purchased from existing investors. “Employees and shareholders will get the opportunity to realize their options, even if their investment was made 11 years ago,” Offer states.
SimilarWeb was founded in 2007 by CEO Or Offer, who originally planned to create an eCommerce jewelry store for his parents. Following a few pivots, the company began providing online user activity analytics. So far SimilarWeb, has acquired 3 companies, including 2 Israeli startups: The first one is Tapdog developed a competitive intelligence platform- that provides enterprises with actionable insight; and the second one Swayy, which also focuses on traffic monitoring and social media recommendations; the final company is U.S.-based Quettra, a mobile intelligence company focusing on personalizing mobile experiences and monetization.
The company’s last round closed in 2017, when Viola led a $47 million funding round. The current mega funding round brings SimilarWeb’s total raised capital to $240 million.
"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."