Web watcher SimilarWeb raises $47M to expand its online reach
Enterprise marketing teams require a great deal of data for their work. That includes information not only about their own operations but also those of the competition, which is where providers such as SimilarWeb Ltd. come into the picture.
The San Francisco-based startup operates a market intelligence platform that tracks some 80 million websites and 3 million apps. After doubling revenues over the past 12 months, SimilarWeb said today it has secured a late-stage $47 million investment led by Israeli fund Viola Growth to launch the next phase of its growth effort. The plan centers on its two commercial offerings.
SimilarWeb Pro, the first service, enables companies to compare how their digital presence shapes up against other players. A centralized analytics dashboard provides the ability to quickly check a competitor’s website traffic, how many people are using its mobile apps and all the related metrics that marketers use to assess online traction. From there, the data can be narrowed down to the specific factors that contribute to popularity.
A retailer might check what sites drive the most traffic to a rival online store, while marketing agencies could use the service to find user interests that present advertising opportunities. Web Digital Insights, the startup’s other offering, lets companies dig even deeper to uncover what lies behind each metric.
The service can be used to measure brand loyalty, spot retention issues and map out the steps that lead up to a purchase in a given website or app. SimilarWeb said that looking at the data from the right angle can help companies find new growth avenues. An electronics manufacturer eyeing the U.S. market, for example, might analyze traffic trends in North America to find fast-growing online retailers with which to partner.
SimilarWeb will use today’s funding to expand the breadth of the data available through its services. The startup also plans to launch new tools and consulting services for helping marketers take advantage of that information, which should help maintain its revenue growth.
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