US-based data analysis software provider Snowflake secured $479m today in a series G round co-led by enterprise software producer Salesforce’s corporate venturing arm, Salesforce Ventures, and investment firm Dragoneer.
The round was backed by Altimeter Capital, Redpoint Ventures, Sequoia Capital, Iconiq Capital, Madrona Venture Group and Sutter Hill Ventures.
Founded in 2012, Snowflake has created a cloud-based platform that allows users to search for data from both their own internal applications and cloud services providers. It also enables users to create their own data exchange, allowing them to securely share data with others.
Salesforce invested through a strategic partnership that will allow Snowflake’s users, which include Capital One, JetBlue, Sainsbury’s and Adobe, to access Salesforce data automatically on the platform.
Snowflake has now raised more than $1.3bn altogether and has begun preparing to go public, according to CEO Frank Slootman. The latest round valued the company at more than $12.4bn, more than three times the $3.95bn post-money valuation at which it raised $450m in late 2018.
The 2018 round was led by Sequoia Capital and included Capital One Growth Ventures, a subsidiary of financial services firm Capital One, as well as Altimeter Capital, Sutter Hill Ventures, Meritech Capital, Iconiq Capital, Madrona Venture Group, Redpoint Ventures and Wing Ventures.
Capital One Growth Ventures first invested in Snowflake through its $105m series D round in 2017, which was led by Iconiq Capital and backed by Madrona Venture Group, Redpoint Ventures, Altimeter Capital, Sutter Hill Ventures and Wing Ventures.
Altimeter Capital, Iconiq Capital and Sequoia Capital and subsequently co-led a $263m round for the company in early 2018 that also featured Capital One Growth Ventures, Sutter Hill Ventures, Madrona Venture Group, Redpoint Ventures and Wing Ventures at a $1.5bn valuation.
