Israel based firm, Taboola, which points users to related content on the Internet, said it raised $117 million in a private funding round led by the investment adviser of mutual fund company Fidelity.
The fund raising brings in new investors who include Advance Publications, the parent of the Conde Nast group, as well as Comcast Ventures, Italian businessman Carlo De Benedetti, LVMH- controlling shareholder Groupe Arnault and Yahoo! Japan.
Taboola will use the money to focus on technological innovations and further global expansion, it said on Wednesday.
Founded in 2007, Taboola developed a “content you may also like” widget. Usually at the bottom of web pages, it allows people to click to other articles or videos and lets publishers, marketing companies and agencies leverage Taboola to retain users on their site and monetise their traffic.
According to Taboola, which has raised $157 million in funding to date and is estimated to have a value of more than $1 billion, it serves more than 550 million users every month.
In November, Taboola rival Outbrain, another Israeli firm, said it sought approval for a possible New York listing at a value of $1 billion.
“We don’t rule out an IPO but now, we chose to take this path,” Adam Singolda, founder and CEO of Taboola, told Reuters, who added that half of the company’s revenue comes from mobile sites.
“This round will help us fuel growth, and launch next generation personalisation technology to further connect consumers with information they may like and never knew existed.”
In addition to Fidelity Management and Research, existing investors Market LLC and Steadfast Capital participated in the Taboola funding round.
Credit Suisse acted as the exclusive private placement agent to Taboola.