SimilarWeb, a US-based market intelligence platform developed backed by e-commerce and media group Naspers, secured $47m yesterday in a round led by growth equity firm Viola Growth.
The round, which a source close to the company told TechCrunch was closed at a valuation approaching $1bn, also featured Saban Ventures, the venture capital arm of investment firm Saban Capital, and VC fund CE Ventures.
SimilarWeb is the creator of a market intelligence platform that analyses activity for more than 80 million websites and 3 million apps across 190 countries.
The capital will support hiring at the company’s San Francisco, New York, London, Tokyo and Tel Aviv offices, and the opening of new offices as SimilarWeb looks to expand globally.
The company also plans to expand its strategic analyst team as it expands data coverage and increases the range of offerings it provides, with consulting services one of the areas in which it intends to move.
Or Offer, SimilarWeb’s chief executive, said: “SimilarWeb has emerged as the industry standard in market intelligence, redefining the way companies across the spectrum assess and maximise 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 has now raised a total of $112m, it said in a statement. Its last funding came in a $25m series E round in late 2015 that was led by Naspers and backed by private investor David Alliance. It valued the company at $400m, according to TechCrunch.
Naspers had previously invested $18m in SimilarWeb in February 2014, before co-leading its $15m series D round with David Alliance in November the same year.