SimilarWeb, a renowned digital market intelligence firm, has reportedly raised $120 million from a funding round jointly led by Viola Growth and ION Crossover Partners. The investment comprises both secondary and primary components, increasing the firm’s overall funding to $240 million. The company will use the newly raised funding to expand brand awareness, boost its aggressive growth plans, as well as assist the expansion of the company via M&A activities.
The American firm opened a new office in Sydney, Australia in September, to expand its business across APAC. The company also aims to start new offices in Europe and North America in the coming months. The firm also hired Ron Asher as the new CTO and Kevin Spurway as its new CMO. Currently, about 600 people work for the company, while 200 more job opportunities have been opened across all its offices, with plans to expand the worldwide headcount by more than 20% by January 2021.
Or Offer, Founder and CEO of SimilarWeb stated that the company witnessed a drastic rise in the time spent online during the peak of the COVID-19 lockdowns. Digital data is gaining immense importance in present times among executives globally as digitalization is growing rapidly due to coronavirus.
Offer further added that with digital intelligence and market data gaining significant importance among firms, it is clearly evident that the company’s data currently has the highest value than ever.
Gili Iohan, General Partner at ION Crossover Partners, stated that SimilarWeb has always been a highly useful tool for digital professionals. But one thing has become more evident over the course of the past few months, traffic intelligence; the unparalleled digital insight and data offered by SimilarWeb, is highly important for any firm that hopes to succeed in the digital world.