SimilarWeb, the digital marketing business intelligence company, announced news on Tuesday (July 25) that it has raised $47M in growth equity VC (venture capital) funding, raising its valuation to almost $800 million.
In a statement on its blog, the company said that with this investment, SimilarWeb increased its total venture capital funding to date to $112 million and is among one of the fastest growing SaaS companies in the world. The latest round of VC fundraising was led by Viola Growth, a growth equity investor in Israel, in collaboration with Saban Ventures. Additional participating investors included CE Ventures, among others.
“The digital market intelligence space continues to grow exponentially and is increasingly disrupting the $68 billion market research industry as well,” said Or Offer, CEO of SimilarWeb, said in the statement. “SimilarWeb has emerged as the industry standard in market intelligence, redefining the way companies across the spectrum assess and maximize their market share. We are in a strong financial position — doubling revenue over the past 12 month — and with this investment will continue to meet the increasing demand we see for our solutions from brands and agencies around the world.”
According to the company, more than half of the Fortune 100 companies rely on SimilarWeb’s digital marketing business intelligence services, which offer insights on over 80 million websites and three million apps across more than 190 countries. SimilarWeb’s thousands of customers include CMOs, digital marketers, investors, strategy professionals and business analysts at the world’s leading brands, agencies and consulting firms.
SimilarWeb solutions are used to inform business strategy, build user acquisition plans, increase conversions and retain customers, the company said. SimilarWeb said that in an environment where market disruption increases competition between brands, industry veterans are displaced by digital-first newcomers, and as new categories are created daily, businesses are increasingly relying on market intelligence solutions to benchmark internal data in the context of the market landscape.
Market intelligence provides essential insights on competitors, industry and audience that enable companies to capitalize on market opportunity and increase market penetration. As part of the round, SimilarWeb also announced that Bill Macaitis, former CMO of Slack and Zendesk, joins as a member of SimilarWeb’s advisory board.
With the funding, SimilarWeb plans to take on companies like Nielsen by driving global expansion, building next generation solutions and investing in data coverage.