10 February 2020:
Snowflake has raised $479 million in a funding round co-led by Dragoneer Investment Group and Salesforce Ventures. Existing Snowflake investors, including Altimeter Capital, ICONIQ Capital, Madrona Venture Group, Redpoint Ventures, Sequoia, and Sutter Hill Ventures also participated in the funding round.
This funding round raises Snowflake’s post-money valuation to over $12.4 billion. The company will use the fresh capital to further strengthen it’s market position and accelerate its momentum as the leading cloud data platform.
Marc Stad, Founder and Managing Partner of Dragoneer, said, “Snowflake’s rapid growth and ability to unlock real value for customers have been impressive,. We are confident Snowflake’s innovative and evolving technology, and its customer-first approach, will continue to drive sustainable momentum over the long-term.”
Frank Slootman, CEO, Snowflake, said, “We look forward to Dragoneer’s experience and insights as we continue to serve our customers and grow our business. 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.”
Details of the partnership with Salesforce will be announced at Snowflake’s annual user conference, Snowflake Summit. The conference takes place at the Aria Resort in Las Vegas, from June 1-4, 2020.
(Image – Snowflake)