Snowflake Computing, a data warehouse built for the cloud, is closing $450 million in additional growth funding led by Sequoia Capital to help Snowflake execute new and existing strategies.
The remainder of Snowflake’s existing investors also participated: Altimeter Capital, Capital One Growth Ventures, ICONIQ Capital, Madrona Venture Group, Redpoint Ventures, Sutter Hill Ventures and Wing Ventures.
New investor Meritech Capital also joined this round, which raises Snowflake’s pre-money valuation to $3.5 billion.
This is the company’s second financing announcement in 2018, bringing Snowflake’s total amount raised to $923 million.
This latest funding round will allow Snowflake to:
- Continue to expand its multi-cloud strategy. With Snowflake now available on Microsoft Azure and AWS, customers can choose Snowflake and the cloud infrastructure platform(s) that best fit their needs.
- Grow Snowflake’s sales teams across the US and around the world to meet the increasing demand for the only cloud-built data warehouse.
- Invest further in Snowflake’s data warehouse-as-a-service by growing the company’s world-class engineering team, located at its San Mateo, California headquarters in the heart of Silicon Valley, at Snowflake’s engineering office in Bellevue, Washington, and at the company’s newest engineering location planned for Berlin, Germany.
- Continue to solve customers’ biggest data challenges by delivering innovations such as Snowflake Data Sharing, also known as The Data Sharehouse™, which further expands Snowflake’s lead over legacy cloud and on-premise solutions.
In addition, Snowflake recently announced its availability on Microsoft Azure and its continued support for Amazon Web Services (AWS).
Providing multiple options for customers continues to increase Snowflake’s market opportunity for organizations that prefer a specific cloud provider, or require a cloud-built data warehouse for a multi-cloud strategy.
“Learning to be data-driven is an imperative for every organization today, and a data-driven organization must be in control of its data,” Snowflake CEO Bob Muglia 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 organizations. 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.”
For more information about this news, visit www.snowflake.com.