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Startup Snowflake raised US$479M in Series G Round

Data warehousing startup Snowflake raised US$479M bringing company’s valuation to $12.4 Billion, with Salesforce’s participation.

Snowflake Inc., founded in 2012, is a San Mateo, California-based company founded by Benoit Dageville, Thierry Cruanes, and Marcin Zukowski. Snowflake specializes in cloud-based data storage and analytics service.

The data warehousing startup has raised a US$479 million Series G funding round giving the company a US$12.4 billion valuation, tripling it’s preceding $3.9 billion valuations last 2018. According to PitchBook data, the overall funding is worth $1.4 billion currently.

Dragoneer Investment Group along with Salesforce Venture has led the funding round. Dragoneer is also known for backing Airbnb, Slack, Uber, Spotify, and other company giants. Previous investors such as Altimeter Capital, Madrona Venture Group, Redpoint Venture, Sutter Hill Ventures, ICONIQ Capital have also participated in the round.

In a statement, Frank Slootman, CEO of Snowflakes, 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.”

The Series G funding round is Salesforce Ventures’ first time to participate in Snowflakes fundraising. Slootman stated that the connection of Salesforce Venture will benefit the company on its creation, publication, and governance of useful, usable content.

Slootman has not stated that its next finance will be IPO, however, Slootman has acknowledged that going public is the next logical step.

“I think the earliest that we could actually pull that trigger is probably early- to mid-summer timeframe. But whether we do that or not is a totally different question because we’re not in a hurry, and we’re not getting pressure from investors,” Slootman said in his statement.

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Snowflake Inc. Team (Credits: forbes.com)

To date, the firm has currently 1,400 employees and is ranked 3rd among its competitors. The firm has also more than 3,400 clients in which he claimed as active customers nationwide and has 26 offices worldwide.

Snowflakes’ mission is to enable every organization to be data-driven via its data platform. The firm claims that combining the power of data warehousing, the flexibility of big data platforms and the elasticity of the cloud could be the solution to accessing and analyzing the customers’ data, unlike conventional data warehouses.

So far, Snowflake has connections with Microsoft Azure, AWS, and Google Cloud Platform.

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