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Snowflake Computing receives $450M in growth funding

Snowflake Computing Inc. raised $450 million in additional growth capital from a group of investors led by private equity and venture capital firm Sequoia Capital.

Existing investors Altimeter Capital Management LP, Capital One Growth Ventures, ICONIQ Capital LLC, Madrona Venture Group LLC, Redpoint Ventures, Sutter Hill Ventures and Wing Venture Partners also participated in the round, as well as newcomer Meritech Capital Partners.

The latest funding brings Snowflake's total capital raised to $923 million, with the cloud-based data warehouse company's pre-money valuation increased to $3.5 billion.

The new capital will allow the company to expand its multicloud strategy, to add to its sales teams across the U.S. and abroad, and to further invest in its data warehouse-as-a-service operations by growing its engineering teams in San Mateo, Calif.; Bellevue, Wash.; and Berlin; and to provide new services such as The Data Sharehouse.