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SimilarWeb files for IPO

Neudata News
21 Apr 2021

SimilarWeb filed a prospectus for an initial public offering with the US Securities and Exchange Commission late last week.

The clickstream data provider hasn’t offered a valuation or determined the number of shares it will offer yet, but market players are estimating a valuation of between USD 1.5bn and 2bn after it goes public.

The firm has already raised USD 240m since its founding in 2007, including a USD 120m capital raise last October, which it said would use to fund platform growth through acquisitions and internal R&D efforts.

The newly filed prospectus shows that SimilarWeb’s revenue grew 32% in 2020 to USD 93.5m, down from a 37% increase in 2019 to USD 70.6m.

At the end of 2020, the company reported an 11% increase in the number of paying customers to 2,718, including seven of the top 10 financial services organisations. Nearly half of its revenue, however, came from 187 of those customers.

 

Photo by JJ Ying on Unsplash