SimilarWeb, an Israel-headquartered digital market intelligence provider backed by media and e-commerce group Naspers, completed a $120m funding round on Tuesday.
The round was co-led by Viola Growth, the growth equity arm of investment group Viola, and Ion Crossover Partners, a branch of Ion Asset Management. It doubled the company’s overall funding to $240m.
Founded in 2017, SimilarWeb offers clients detailed consumer intelligence that spans a range of digital device types. It opened an office in Australia in September this year and intends to expand its 600-strong workforce by 20% in the next three months.
Or Offer, SimilarWeb’s founder and chief executive, said: “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 digitalisation is accelerating exponentially because of covid-19. As digital intelligence and market data become more important to companies, it is clear that our data has never been more valuable.”
The company’s last funding came in a $47m round in 2017 that was led by Viola Growth and backed by Saban Ventures and CE Ventures at a valuation the company told TechCrunch was $800m.
Naspers had led the company’s $25m series E round two years earlier, investing together with David Alliance at a $400m valuation. It had provided $18m for it in February 2014 before co-leading a $15m series D round with Alliance nine months later.
SimilarWeb had previously secured about $7m from investors including Van Leer Group Foundation’s Docor International Management vehicle, Moshe Lichtman, Yossi Vardi, Liron Rose and Omer Kaplan.
