SimilarWeb, an Israel-headquartered web traffic data aggregator backed by internet group Prosus, has filed for a $100m initial public offering on the New York Stock Exchange.
Founded in 2017, SimilarWeb provides customer intelligence services across various digital channels including web user engagement, marketing and sales interaction and transaction data analyses. It logged $93.5m in revenue in 2020, making a net loss of $22m.
The company will use the proceeds from the offering to ramp up its sales and marketing efforts and improve its technology, in addition to acquiring and investing in its businesses, products and services. It is valued between $1.5bn and $2bn, according to Globes.
SimilarWeb’s largest shareholders are Anglo-Peacock Nominees (12.9%), a nominee for an individual named Joshua Jacob Moshe Alliance; investment firm Viola Group (12.7%) and Prosus Ventures (11.2%), the corporate venturing arm of Prosus, which was formed by media and e-commerce group Naspers.
ICP S1 LP, a vehicle backed by Gili Iohan, Gilad Shany, Jonathan Kolber, Jonathan Kolodny, Jonathan Half and Stephen Levy, holds 5.8% of the company’s shares while S-Web SPV LP, a special-purpose vehicle for Kerem Investments, owns 4.3% and private investor Yossi Vardi 3.9%.
SimilarWeb has secured $240m in total funding, having most recently raised $120m in an October 2020 round co-led by Viola’s growth equity arm, Viola Growth, and asset manager Ion Asset Management’s Ion Crossover Partners unit.
Viola Growth had led a $47m round for SimilarWeb in 2017, investing alongside CE Ventures and Saban Ventures at an $800m valuation. The company closed a $25m series E round in 2015 led by Naspers and backed by David Alliance, valuing it at $400m post-money.
Naspers and Alliance had already co-led a $15m series D round in November 2014, after the corporate had supplied $18m seven months earlier.
SimilarWeb had previously received roughly $7m from backers including Van Leer Group Foundation’s Docor International Management vehicle, Omer Kaplan, Moshe Lichtman, Liron Rose and Yossi Vardi.
JP Morgan and Citigroup have been appointed lead underwriters for the offering, and are joined by co-managers Barclays Capital, Jefferies, JMP Securities, Oppenheimer and William Blair & Company.
