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This popular SEO tool raised millions to transform into a data giant

(Image credit: Shutterstock)

Israeli SEO start-up SimilarWeb has announced that it has raised $120 million in funding.

The funding round, which SimilarWeb says it will use to invest in more R&D and expand its operations, was co-led by ION Crossover Partners and Viola Growth, and takes SimilarWeb's total investment to $240 million thus far. 

At the moment, the company is not publicly revealing a valuation, but it was worth $800 million at the time of its last equity round in 2017.

"Since we joined the company three years ago, SimilarWeb has executed a strategic transformation from a general-purpose measurement platform to vertical-based solutions, which has significantly expanded its market opportunity and generated immense customer value,” Harel Beit-On, Founder and General Partner at Viola Growth, said.

“With a stellar management team of accomplished executives, we believe this round positions the company to own the digital intelligence category, and capitalize on the acceleration of the digital era."

Expansion plans

SimilarWeb has managed to acquire big-name customers like Walmart, Adidas and Google by providing innovative traffic intelligence solutions that enable businesses to track their competitors’ performance. The platform estimates total traffic for different websites and enables firms to see their rivals’ top sources of traffic.

With the coronavirus pandemic resulting in a marked increase in online activity worldwide, digital data has become more important to businesses. At the same time, SimilarWeb is keen to grow its operations. In September, the company opened a new office in Sydney, Australia to expand its presence in the Asia Pacific region, with plans already afoot to open offices in North America and Europe.

In addition, SimilarWeb will use its newly acquired funding to make strategic acquisitions and expand its workforce, with 200 positions to be filled by January.

Via TechCrunch