- Cloud-based data warehousing company Snowflake is raising a $479 million round of funding at a $12.4 billion valuation
Cloud-based data warehousing company Snowflake is raising a $479 million round of funding at a $12.4 billion valuation, according to sources with Alex Konrad at Forbes. This funding round will be led by Dragoneer Investment Group with participation from Salesforce. The funding round is expected to be officially announced on Monday.
At a $12.4 billion valuation, it more than triples the company’s previous valuation of $3.95 billion. Along with having a lot more financial resources, Snowflake’s partnership with Salesforce makes the startup even more powerful. Snowflake essentially acts as a virtual data lake — which is a layer between cloud providers and a company’s apps. With this technology, customers can store and make better use of data across providers.
Snowflake chairman and CEO Frank Slootman has been the head of the company since April 2019. Slootman — who is the former chairman and CEO of ServiceNow — had succeeded Bob Muglia. Muglia led Snowflake for 5 years.
Snowflake was founded by Benoit Dageville, Thierry Cruanes, and Marcin Zukoski in August 2012. And as of October, the company had 2,500 enterprise customers like Adobe, Netflix, Office Depot, and DoorDash.
Some of Snowflake’s other investors include Sequoia Capital, ICONIQ Capital, Capital One Growth Ventures, Madrona Venture Group, Meritech Capital, Redpoint Ventures, Sutter Hill Ventures, Wing Venture Capital, and Altimeter Capital. With this funding round, Snowflake has raised over $1.4 billion.