SimilarWeb raises $120 million

SimilarWeb, an Israeli-based internet measurement company, has raised $120 million in its latest fundraising round, bringing its total funding to-date to $240 million.

Our thought bubble: The company was previously reportedly valued at $800 million after its last round in 2017, so presumably it's approaching a valuation that exceeds $1 billion.

Details: The round was co-led by ION Crossover Partners and Viola Growth. The company says the new money will fuel the expansion of its business through merger and acquisition activities as well as brand awareness.

• The company makes money by providing subscription analytics to businesses and individuals globally.
• That business supports its wider mission of also providing free data to users around the world.
• When it comes to web traffic, SimilarWeb data has quickly become the standard for many companies citing web traffic trends.

The big picture: Amid the pandemic, more companies have had to quickly pivot their businesses online, expanding the digital data and analytics market.