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Snowflake Announces $479 Million in Funding, Raising the Company's Valuation to $12.4B
[February 10, 2020]

Snowflake Announces $479 Million in Funding, Raising the Company's Valuation to $12.4B


Snowflake, the cloud data platform, 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. 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'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 (News - Alert) 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.

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About Snowflake

Snowflake's cloud data platform shatters the barriers that have prevented organizations of all sizes from unleashing the true value from their data. More than 2,000 customers deploy Snowflake to advance their businesses beyond what was once possible by deriving all the insights from all their data by all their business users. Snowflake equips organizations with a single, integrated platform that offers the data warehouse built for the cloud; instant, secure and governed access to their entire network of data; and a core architecture to enable many types of data workloads, including a single platform for developing modern data applications. Snowflake: Data without limits. Find out more at Snowflake.com.


About Dragoneer

Dragoneer is a San Francisco-based, growth-oriented investment firm with over $8.5 billion in long-duration capital from many of the world's leading endowments, foundations, sovereign wealth funds, and family offices. Dragoneer has a history of partnering with management teams growing exceptional companies characterized by sustainable differentiation and superior economic models. The firm's track record includes public and private investments across industries and geographies, with a particular focus on technology-enabled businesses. Dragoneer has been an investor in companies such as Airbnb, AmWINS, AppFolio, Datadog, Etsy, MercadoLibre, PointClickCare, Procore, ServiceNow, Slack, Spotify (News - Alert), Square, Twilio, Uber, and others.

Salesforce Ventures

Salesforce is the global leader in Customer Relationship Management (CRM), bringing companies closer to their customers in the digital age. Salesforce Ventures, the global investment arm of Salesforce, invests in the next generation of enterprise technology that extends the power of the Salesforce Platform. Salesforce Ventures is building the world's largest ecosystem of enterprise cloud companies and extending that technology to customers. Portfolio companies receive funding, strategic advisory and operating support, and can easily join Pledge 1% to make giving back part of their business model. Salesforce Ventures has invested in more than 375 companies, including DocuSign, GoCardless, Guild Education, nCino, Twilio (News - Alert), Zoom and others across 22 countries since 2009. For more information, please visit www.salesforce.com/ventures.


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