Thursday , November 26 2020

The data warehousing startup Snowflake confidentially registers for an IPO and could reach a valuation of USD 20 billion

Frank Slootman, CEO of Snowflake. (Snowflake photo)

Cloud computing launch Snowflake computing aims to go public. Bloomberg and the Financial Times reported that the company has confidentially applied to go public with the Securities and Exchange Commission.

Snowflake of San Mateo, California, collected a round of $ 479 million in February with a valuation of $ 12.4 billion. The company could now reach a valuation of up to $ 20 billion, the Financial Times reported.

Snowflake declined to comment when contacted by GeekWire.

Snowflake's data warehouse is a special type of cloud database that was developed for analytical applications. The company has more than 2,000 customers, including Brex, ConAgra Foods, Domino, JetBlue and Nationwide. The company has more than 20 offices worldwide, including a hub in Seattle, and is one of the most valuable private tech startups in the world.

Snowflake is a partner and also competes with other cloud giants such as Amazon Web Services, Microsoft Azure and Google Cloud.

Long-time Microsoft manager Bob Muglia previously led Snowflake as CEO for five years, but stepped down in May 2019. Frank Slootman, who served as Chairman and CEO of ServiceNow from 2011 to 2017, now heads the company.

Dragoneer Investment Group – a supporter of Airbnb, Slack, Spotify, Uber and other giants – led the Series G round in February and Salesforce Ventures participated for the first time. Other investors include the Seattle-based Madrona Venture Group; Altimeter capital; ICONIQ Capital; Redpoint ventures; Redwoodtree; and Sutter Hill Ventures.

The window for IPOs also opens up for the global economy in a fragile time. Bill Gates-supported used car dealer Vroom and Vancouver, Washington-based marketing software startup ZoomInfo both valued stocks above the previous price this month and saw an increase in stocks on the first day of trading.

About Kylo Crowther

Kylo Crowther is a housewife who is fond of social media. She is also a blogger.

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