Venture Funding

Snowflake Closes Massive $450 Million Round

Thierry Cruanes, Bob Muglia, Benoit Dageville, Marcin Zukowski

SAN MATEOSnowflake Computing, which bills itself as the only data warehouse built for the cloud, has closed $450 million in growth funding led by Sequoia Capital. Other existing investors also participated: 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.

This is the company’s second financing announcement in 2018, bringing Snowflake’s total amount raised to $923 million.

Since launching its services in mid-2015, Snowflake has signed on more than 1,000 active customers. New customers in 2018 include leading brands such as Netflix, Office Depot, DoorDash, Netgear, Ebates and Yamaha. The power, performance, flexibility and infinite elasticity enabled by Snowflake’s cloud-built architecture will continue to drive the company’s growth and equip Snowflake to meet the many use cases that a cloud-built data warehouse offers.

In addition, Snowflake recently announced its availability on Microsoft Azure and its continued support for Amazon Web Services (AWS). Providing multiple options for customers continues to increase Snowflake’s market opportunity for organizations that prefer a specific cloud provider, or require a cloud-built data warehouse for a multi-cloud strategy.

“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.”

“Snowflake is a key enterprise solution for the public cloud. The company’s flexible, cloud-built data warehouse enables customers to quickly derive deep insights from their data without the hassle and costs of other, legacy solutions,” Sequoia partner Carl Eschenbach said. “Snowflake has truly disrupted the data warehouse market but the best is yet to come. We are confident Snowflake’s customer-first approach and focus on innovation will continue to drive the company’s growth.”