Snowflake, a California-based cloud data platform, announced raising $479 million in funding that gives the company a whopping $12.4-billion valuation.
The funding round was led by Dragoneer Investment Group, a backer of Airbnb, Slack, Spotify, Uber, and other tech giants, and Salesforce Ventures.
Existing investors, including Altimeter Capital, ICONIQ Capital, Seattle-based Madrona Venture Group, Redpoint Ventures, Sequoia, and Sutter Hill Ventures also participated in the round.
The new funding, a new strategic partnership with Salesforce, is expected to further strengthen Snowflake’s market position and accelerate its momentum as the leading cloud data platform, the firm said.
Details of the partnership with Salesforce will be announced at Snowflake Summit at the Aria Resort in Las Vegas from June 1-4, 2020. The firm previously raised a $450-million funding round in October 2018 at a $3.9 billion valuation.
Snowflake’s cloud data platform shatters the barriers that have prevented organizations of all sizes from unleashing the true value from their data.
The company has earned the trust of more than 3,400 customers, including Accor, Brex, CONA Services, ConAgra Foods, Domino’s Pizza Enterprises Limited, JetBlue, and Nationwide. It has 26 offices worldwide, including a Seattle hub, and is now one of the most valuable private tech startups in the world.
Dragoneer, the lead investor, is a San Francisco-based, growth-oriented investment firm with over $8.5 billion in long-duration capital from many of the world’s leading endowments, foundations, sovereign wealth funds, and family offices.
Dragoneer has been an investor in companies such as Airbnb, AmWINS, AppFolio, Datadog, Etsy, MercadoLibre, PointClickCare, Procore, ServiceNow, Slack, Spotify, Square, Twilio, Uber, and others.
“We look forward to Dragoneer’s experience and insights as we continue to serve our customers and grow our business,” said Snowflake CEO Frank Slootman.
Snowflake partners and also competes with other cloud giants such as Amazon Web Services, Microsoft Azure, and Google Cloud.
