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

TOPICS
Desire Athow
Managing Editor, TechRadar Pro

Désiré has been musing and writing about technology during a career spanning four decades. He dabbled in website builders and web hosting when DHTML and frames were in vogue and started narrating about the impact of technology on society just before the start of the Y2K hysteria at the turn of the last millennium.

Latest in Software & Services
TinEye website
I like this reverse image search service the most
A person in a wheelchair working at a computer.
Here’s a free way to find long lost relatives and friends
A white woman with long brown hair in a ponytail looks down at her computer in a distressed manner. She is holding her forehead with one hand and a credit card with the other
This people search finder covers all the bases, but it's not perfect
That's Them home page
Is That's Them worth it? My honest review
woman listening to computer
AWS vs Azure: choosing the right platform to maximize your company's investment
A person at a desktop computer working on spreadsheet tables.
Trello vs Jira: which project management solution is best for you?
Latest in News
Nintendo Switch 2 Joy-Con up-close from app store
Nintendo's new app gave us another look at the Switch 2, and there's something different with the Joy-Con
cheap Nintendo Switch game deals sales
Nintendo didn't anticipate that Mario Kart 8 Deluxe was 'going to be the juggernaut' for the Nintendo Switch when it was ported to the console, according to former employees
Three angles of the Apple MacBook Air 15-inch M4 laptop above a desk
Apple MacBook Air 15-inch (M4) review roundup – should you buy Apple's new lightweight laptop?
Witchbrook
Witchbrook, the life-sim I've been waiting years for, finally has a release window and it's sooner than you think
Amazon Echo Smart Speaker
Amazon is experimenting with renaming Echo speakers to Alexa speakers, and it's about time
Shigeru Miyamoto presents Nintendo Today app
Nintendo Today smartphone app is out now on iOS and Android devices – and here's what it does