Snowflake Scoops Up $479 Million Investment

SAN MATEO  Snowflake, which operates a cloud data platform,has scored $479 million in growth funding co-led by new investors, Dragoneer Investment Group and Salesforce Ventures. Existing Snowflake investors, including Altimeter Capital, ICONIQ Capital, Madrona Venture Group, Redpoint Ventures, Sequoia, and Sutter Hill Ventures, are also participating in the round. The new funding values Snowflake at over $12.4 billion.

“Snowflake’s rapid growth and ability to unlock real value for customers have been impressive,” said Marc Stad, Founder and Managing Partner of Dragoneer. “We are confident Snowflake’s innovative and evolving technology, and its customer-first approach, will continue to drive sustainable momentum over the long-term.”

“We look forward to Dragoneer’s experience and insights as we continue to serve our customers and grow our business,” Snowflake CEO, Frank Slootman said. “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.”

Since its general release in mid-2015, Snowflake says it has signed up more than 3,400 customers. Some of Snowflake’s most recent customers include Accor, Brex, CONA Services, ConAgra Foods, Domino’s Pizza Enterprises Limited, JetBlue, and Nationwide.