AAA Snowflake packs in $450m

Snowflake packs in $450m

US-based data warehousing technology provider Snowflake Computing completed a $450m funding round today that included Capital One Growth Ventures, the strategic investment subsidiary of financial services firm Capital One.

Venture capital Sequoia Capital led the round, which valued Snowflake at $3.5bn pre-money. Altimeter Capital, Iconiq Capital, Madrona Venture Group, Redpoint Ventures, Sutter Hill Ventures, Meritech Capital and Wing Ventures also invested.

Snowflake has created a data warehousing platform for the cloud that enables businesses to store and manage large quantities of data across multiple clouds. It will put the latest funding toward expanding its engineering and sales teams as it looks to add to its product range.

Bob Muglia, Snowflake’s chief executive, 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 organisations.

“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.”

The round, which took Snowflake’s total funding to $923m, follows a $263m round in January 2018 that valued it at $1.5bn pre-money. It was co-led by Iconiq Capital, Altimeter Capital and Sequoia Capital and backed by Capital One Growth Ventures, Madrona, Redpoint, Sutter Hill and Wing Ventures.

Capital One Growth Ventures had previously invested $5m as part of a $105m series D round that closed in September 2017. Iconiq Capital led that round, which also featured Madrona, Altimeter, Redpoint, Sutter Hill and Wing Ventures.

By Robert Lavine

Robert Lavine is special features editor for Global Venturing.

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