App and web market intelligence firm SimilarWeb has announced raising $47 million in growth equity funding. This funding round was led by Viola Growth, with participation from CE Ventures and Saban Ventures. This brings total financing for SimilarWeb to $112 million.
As part of this investment round, former Slack CMO Bill Macaitis will join SimilarWeb’s advisory board.
“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,” said CEO Or Offer.
The majority of the Fortune 100 are reliant on SimilarWeb and their market intelligence services, which offer insights on more than 80 million websites and three million apps across 190 different countries. Their clients include digital marketers, CMOs, investors, business analysts, and strategy professional at some of the world’s leading agencies, brands, and consulting firms including Microsoft, Pinterest, eBay, Airbnb, and Deloitte.
“The digital market intelligence space continues to grow exponentially, and is increasingly disrupting the $68 billion market research industry as well,” said Offer. “SimilarWeb has emerged as the industry standard in market intelligence, redefining the way companies across the spectrum assess and maximize their market share.”
The company’s tools allow clients to gather insights about their traffic, as well as that of their competitors. Their most popular offering, SimilarWeb Pro, also looks at audience interests, traffic sources, and SEO keywords, while the API lets third-party apps use that data.
Viola Growth is a technology growth capital fund based in Israel that focuses on investments in global companies in an expansion phase. Sectors of specialty include medical devices, software, hardware, e-commerce, Internet, and financial technology. SimilarWeb is the only recorded invest by Viola Growth in 2017.
“We’re excited to lead the round and support SimilarWeb’s growth towards further establishing its presence as a global leader in the market intelligence industry,” said Harel Beit-On, Founder and General Partner of Viola Growth. “SimilarWeb empowers some of the most notable global brands to better understand, grow, and track their digital market share, fueling the rapid adoption of SimilarWeb’s platform globally. With their proven technology, impressive team and a global list of customers, the company is well positioned for accelerated growth and mass market penetration.”
CE Ventures is a venture capital fund providing end-to-end support for its portfolio companies, leveraging a large amount of relationship in China. CE has made investments in eTribez, WeedOut Ltd., and Kaminario.
Saban Ventures is the venture capital investment arm of Saban Capital Group, Inc. They offer early and late stage investments to companies in the digital media space, including SaaS, financial technologies, e-commerce, information, mobile, social, entertainment.
SimilarWeb plans to use the new funding to grow its teams in Tel Aviv, Tokyo, London, San Francisco, and New York. They also plan to open new offices globally and develop new products, expand services, and extend data coverage.