Snowflake Sees a Blizzard of New Funding

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In warm San Mateo, California, startup Snowflake shoveled a ton of new funding.

The cloud data platform announced a $479 million growth investment from several investors. Leading investors are Dragoneer Investment Group and Salesforce Ventures. They join previous investors Redpoint Ventures, Madrona Venture Group, ICONIQ Capital, Altimeter Capital, Sequoia Capital and Sutter Hill Ventures.

Snowflake now has a post money valuation of over $12.4 billion.

“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 in a statement. “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.”

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

Snowflake has been steadily growing since it launched in 2015, adding 3,400 customers to its user base, including Accor, Domino’s, JetBlue, ConAgra Foods, and Nationwide.

Snowflake plans to use the additional funding to further strengthen Snowflake’s market position and accelerate its momentum as the leading cloud data platform.

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