Monday, February 10, 2020

Snowflake lands $479M for its cloud data platform

Snowflake, a start-up based in San Mateo, California, announced $479 million in new funding for its cloud data platform.

Snowflake’s cloud data platform supports a multi-cloud strategy, including availability on AWS, Azure and Google Cloud Platform. Snowflake offers a common and interchangeable code base that delivers advantages such as global data replication, which means you can move your data to any cloud in any region, without having to re-code your applications. 

Since its general release in mid-2015, Snowflake has gained 3,400 customers, including recent customers include Accor, Brex, CONA Services, ConAgra Foods, Domino's Pizza Enterprises Limited, JetBlue, and Nationwide.

The new funding was co-led by new investors, Dragoneer Investment Group and Salesforce Ventures. Existing Snowflake investors, including Altimeter Capital, ICONIQ Capital, Madrona Venture Group, Redpoint Ventures, Sequoia, and Sutter Hill Ventures, are also participating in the round. This funding round raises Snowflake's post-money valuation to over $12.4 billion. T

“We look forward to Dragoneer’s experience and insights as we continue to serve our customers and grow our business,” Snowflake CEO, Frank Slootman said. “We also welcome our partnership with Salesforce and look forward to the positive impact our technologies and services will deliver to our customers and the broader market.”


Snowflake adds $450 million in funding for data warehousing

Snowflake Computing, a start-up based in San Mateo, California, closed $450 million in additional growth funding led by Sequoia Capital and including existing investors: Altimeter Capital, Capital One Growth Ventures, ICONIQ Capital, Madrona Venture Group, Redpoint Ventures, Sutter Hill Ventures and Wing Ventures. New investor Meritech Capital also joined this round, which raises Snowflake’s pre-money valuation to $3.5 billion.

Earlier this year, Snowflake announced $263 million new venture funding in a round led by ICONIQ Capital, Altimeter Capital and newcomer Sequoia Capital.

This second round brings Snowflake’s total amount raised to $923 million.

Snowflake is headed by Bob Muglia, who previously was president of Microsoft’s $16 billion Server and Tools Business, responsible for products such as Windows Server, SQL Server, System Center and Windows Azure. Snowflake recently announced its availability on Microsoft Azure and its continued support for Amazon Web Services (AWS).

Snowflake has offered data warehousing services since 2015. It claims 1,000 active customers, including Netflix, Office Depot, DoorDash, Netgear, Ebates and Yamaha.

“Learning to be data-driven is an imperative for every organization today, and a data-driven organization must be in control of its data,” Snowflake CEO Bob Muglia said. “Snowflake is the most powerful data warehouse in the world for analytics solutions. That power delivers the security, control and business answers needed to enable data-driven organizations. This is driving spectacular growth for our company, and this latest funding round will provide Snowflake with the resources we need to serve our rapidly growing set of new and existing customers around the world.”

See also