Snowflake provides a cloud-based data warehouse platform that enables easy data exchange and multi-cloud interoperability. The company has partnerships with AWS, Microsoft Azure and Google Cloud Platform and is building a content strategy to surface quality datasets such as Salesforce data. Snowflake says this content strategy induces network effects by making it easy to exchange data between Snowflake users and across clouds. CEO Frank Slootman indicated an IPO is the next logical step and could be possible as early as early- to mid-summer, though timing is not certain. Financially, Snowflake reported revenue growth of 174% in its most recent fiscal year and had 3,400 active customers, adding 500 in the last quarter. The company has raised significant private capital totaling over $1.4 billion to date. Snowflake provides a cloud data warehouse platform that runs on Amazon Web Services and, more recently, Microsoft Azure. The company has seen rapid customer and revenue growth this year, reporting nearly quadrupled revenue and a tripled customer base. It has added high-profile customers such as Netflix, DoorDash, Office Depot, Netgear, Ebates and Yamaha alongside Capital One, Lionsgate and HubSpot. Headcount has surged from about 350 employees eight months ago to roughly 650 today, with plans to grow to 900–1,000 by end of January. Snowflake says it will use new funding to invest in infrastructure, R&D and an expanded global sales footprint, and is considering support for at least one more cloud platform. Management views an IPO as a mid- to long-term plan but is prioritizing accelerated investment to meet customer-driven demand. Snowflake provides a cloud-based data warehouse and data lake technology that the company positions as a platform for building data applications. CEO Bob Muglia envisions data sharing and third-party businesses built on top of stored data, similar to the Salesforce platform. Snowflake reported rapid growth—tripling or better year-over-year—and said it has over 1,000 customers, up from 450 in April; notable customers include Capital One, Adobe, Nielsen and Rent the Runway. Headcount has risen to 330 employees (from 175 at the prior round) and the company expects to grow to about 600 within a year. Muglia emphasized the need for capital to compete with large incumbents and described an eventual IPO as a mid- to long-term plan. Snowflake provides a data warehouse built for the cloud that combines big data processing, cloud elasticity and live data sharing at a lower cost than traditional solutions. The company offers a VPS edition positioned as its most advanced, secure and compliant solution for regulated enterprises and large financial-services customers. Snowflake is led by CEO Bob Muglia and was founded in 2012. The article reports an additional $5M in Series D financing and states the company has raised a total of $210M since founding. It also reports that the additional $5M brought the Series D-related total to $105M. Snowflake’s product positioning emphasizes enabling regulated customers to derive insights from their data while meeting compliance needs. Snowflake offers a SQL data warehouse delivered as a cloud service that scales to customer needs and bills on a usage-based model tied to data processed. The product is positioned to replace traditional in-house data warehouses without the management overhead. Founded in 2012 and led by Bob Muglia, the company has grown to 175 employees and 450 customers and recently opened an engineering office in Bellevue, Washington. Snowflake intentionally forewent subscription pricing in favor of usage-based billing, a choice Muglia said was uncommon and required defining new operational approaches. The company plans to use new funding to expand into more worldwide markets and to expand its engineering efforts. Snowflake said the new money leaves it in a strong financial position with plenty of cash; valuation was not disclosed.

Total raised

$1.4B

Funding rounds

7

Latest round

Equity

Latest activity

Feb 2020