The Israeli company will use the money to bolster its market intelligence solutions, which helps other companies gather and understand insights from their sites and apps.
“We are in a strong financial position - doubling revenue over the past 12 months - and with this investment will continue to meet the increasing demand we see for our solutions from brands and agencies around the world,” said Or Offer, CEO of SimilarWeb.
SimilarWeb will invest the new funds in building new products and expanding its team of analysts. The company plans to open new international offices in addition to its locations in San Francisco, New York, London, Tokyo, and Tel Aviv.
“From a product perspective, it's all about expanding our capabilities so that we can cover every digital touch point that matters regardless of region,” said Nitzan Tamari, VP of marketing. “Additionally, we're constantly looking for new ways to personalize and customize the product and to enable more advanced integrations.”
Former Slack and Zendesk CMO Bill Macaitis has also joined SimilarWeb’s advisory board.