SimilarWeb Closes $120 Million Funding Round

SimilarWeb Closes $120 Million Funding Round

by  @lauriesullivan, October 27, 2020

SimilarWeb Closes $120 Million Funding Round | DeviceDaily.com

SimilarWeb announced Tuesday closing a $120 million investment round, bringing the company’s total funding to $240 million.

ION Crossover Partners and Viola Growth led the round. This latest investment will be used to accelerate SimilarWeb’s aggressive growth plans, expand brand awareness, and support expansion of the business through merger and acquisition activities.

Harel Beit-On, founder and general partner at Viola Growth, believes that since joining the company three years ago, SimilarWeb has transformed from a general-purpose measurement platform to vertical-based solutions.

At the peak of lockdowns, SimilarWeb saw time spent online increase dramatically worldwide.

Or Offer, SimilarWeb CEO and founder, believes digital data and the intelligences that comes from it will become increasingly significant as the world accelerates shifts to online.

The funding overlaps with the company’s expansion in September, opening offices in Sydney, Australia, to expand its presence in APAC. The company also has plans to open multiple offices in North America and Europe in the coming months.

In September, SimilarWeb announced the appointment of Kevin Spurway to CMO and Ron Asher to CTO. Both join the leadership team. Today, the company has just under 600 employees and is hiring another 200 across all offices, with plans to grow global headcount by over 20% by January 2021.

SimilarWeb supports Fortune 100 companies such as Walmart, P&G, Adidas, Google, and others.

MediaPost.com: Search & Performance Marketing Daily

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