Snowflake CEO says IPO is the next step, after a $479 million round

  • Snowflake, a cloud-based warehouse platform, has decided to go public.
  • Currently, the company has raised $479 million in a new funding round.
  • The CEO, Frank Slootman, states that this round was crucial to build good relations with Salesforce Ventures.
Snowflake raises $479 million
https://www.flickr.com/photos/168367085@N05/

Snowflake is a cloud-based warehouse company that doesn’t do small rounds. Last Friday, the company raised $479 million with a $12.4 billion valuation. This is way more than the company’s previous valuation of $3.9 billion in October 2018. Moreover, CEO Frank Slootman has said that the company’s next financial event will be an IPO.  

Dragoneer Investment Group is leading the current funding round along with Salesforce Ventures. Some other investors in the round include Altimeter Capital, Madrona Venture Group, ICONIQ Capital, Sequoia, Sutter Hill Ventures, and Redpoint Ventures. The new round has increased the total money raised by the company to $1.4 billion.  

Salesforce is an investor in Snowflake
https://www.flickr.com/photos/fortunebrainstormdesign/

So, now the question is that when the company will go public. Besides Snowflake, other companies, like Credit Sesame, also have plans to go public.

Slootman has acknowledged that it is going to be the next step in the organization. He said in a statement, “I think that the earliest we could do this is somewhere in summer. However, it isn’t a problem right now because we aren’t getting any pressure from investors.” 

He also added, “The only pressure is that it is quite important for the employees. Therefore, we may go public in 2020; however, we can also go public in 2021.”  

The company’s previous round was in October 2018, when it raised around $450 million. Slootman mentioned that the company didn’t need money. However, it wanted to have a great relationship with Salesforce.   

Slootman said, “We want to give Salesforce access to Snowflake. We think that this relationship will play a key role in the company’s growth.”  

Now, Snowflake has good relations with Microsoft Azure, Google Cloud Platform, and AWS. Moreover, it has a content strategy board to have quality data on the platform. Slootman says that it helps in a network effect. Furthermore, it helps to move data between several could platforms, which is a big concern.   

Slootman states that investors want to get a share in the company because it is solving many data-related issues. Moreover, the company’s growth is attracting new customers at a high rate. Slootman said, “Our previous fiscal year ended last Friday, which makes our revenue growth at 174%. This makes us one of the fastest-growing companies out there in the market.” 

Currently, the company has 3,400 active customers, which are customers who actively used the platform last month. He says that the company has gained around 500 new customers in the previous quarter.  

 

Have a tip we should know? tips@rhd.news

Most Read

  1. ARTS
    With a Vengeance and no Apologies, Art Basel Miami Beach Has Returned
    12 months ago
  2. Food
    Is Faux Turkey Finally Vegan-Approved for Thanksgiving?
    1 year ago
  3. News
    Pandora Papers Financial Leak Shows Us the Secrets of the World’s Rich and Powerful
    1 year ago
  4. Health
    US Supreme Court Rejects J & J TALC Cancer Case Appeal
    1 year ago
  5. Lifestyle
    9 Habits that Drain your Daily Focus and How to Avoid Them
    2 years ago
  6. BUSINESS
    Women’s Demand for Shapewear – the big Trends
    2 years ago
  7. BUSINESS
    Valentino Launches its Cosmetics Line
    2 years ago
  8. Business
    McDonald’s Sales Increase Amid COVID Restrictions
    2 years ago
  9. Health
    US Promises to Share 60 million Doses of AstraZeneca Vaccines
    2 years ago
  10. coronavirus
    UK Offers Aid Amid Surging COVID-19 Cases in India
    2 years ago
  11. Entertainment
    Nomadland Director Chloé Zhao, Wins the Best Director in 2021 Oscar
    2 years ago
  12. Asia
    Pakistan floods: ‘The water came and now everything is gone’
    3 months ago
  13. News
    Iraq: At least 23 dead amid fighting after Moqtada al-Sadr quits
    3 months ago
  14. News
    Pakistan floods are ‘a monsoon on steroids,’warns UN chief
    3 months ago
  15. BREAKING NEWS
    Pakistan floods: Desperation and displacement in Sindh province
    3 months ago
  16. Enviroment
    Climate change: Russia Burns off Gas as Europe’s Energy Bills Rocket
    3 months ago
  17. News
    Ukraine war: Russia railway station strike kills 25, injures dozens
    3 months ago
  18. News
    Sewage in sea: French appeal to EU over UK discharges of waste
    3 months ago

Follow @rushhourdaily: