SimilarWeb, a market intelligence company that allows users to track traffic on their own sites as well as their competitors’, announced this week it raised $120 million in fresh capital. Co-led by ION Crossover Partners and Viola Growth, this round brings SimilarWeb’s total funding raised to $240 million.
This announcement comes at a time of tremendous growth of SimilarWeb. Last month the Israel-based company opened an office in Sydney, Australia, and it is also in the midst of opening multiple offices in the United States, including in Boston and NYC. In turn, the company hopes to add another 200 new employees to its 600-person headcount in the next year or so.
Like other market intelligence companies like Nielsen or ComScore, SimilarWeb provides a dashboard where companies can glean insights into how many people are going to their websites and apps and what they are doing when they get there. The company also uses its AI tech to figure out why users are coming to the site.
Right now, more than half of today’s Fortune 100 companies use SimilarWeb’s digital insights, including Walmart, Google and P&G.
As the COVID-19 pandemic drives unprecedented levels of traffic onto the web to shop, communicate with one another and work, the service SimilarWeb provides has proven essential for companies trying to stay on top of their online business.
“Digital data is becoming more important than ever to executives around the world as digitization is accelerating exponentially because of COVID-19,” the company’s founder and CEO Or Offer said in a statement. “As digital intelligence and market data become more important to companies, it is clear that our data has never been more powerful.”
