Datawarehouse startup Snowflake raises massive $479 million in funding at $12.4 billion valuation

Snowflake, the San Mateo, Calif.-based data warehousing cloud service provider Snowflake Computing, today announced $479 million in additional 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.

This funding round raises Snowflake’s post-money valuation to over $12.4 billion. Just two years, the company was valued at $1.5 billion when it raised a whopping $263 million this January 2018. This additional funding, and 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. Snowflake is currently beating tech giant Oracle in the $15 billion data warehousing market.

Founded in 2012 by Benoit Dageville, Marcin Zukowski, Thierry Cruanes, Snowflake Computing is the only data warehouse built for the cloud. Its technology combines the power of data warehousing, the flexibility of big data platforms and the elasticity of the cloud at a fraction of the cost of traditional solutions

“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.”

Details of the partnership with Salesforce will be announced at Snowflake’s annual user conference, Snowflake Summit. The conference takes place at the Aria Resort in Las Vegas, from June 1-4, 2020.

Since its general release in mid-2015, Snowflake has earned the trust of more than 3,400 customers and continues to grow rapidly. Some of Snowflake’s most recent customers include Accor, Brex, CONA Services, ConAgra Foods, Domino’s Pizza Enterprises Limited, JetBlue, and Nationwide.